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

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

| Title of each class | Name of each exchange on which registered |
|---------------------|-------------------------------------------|
| None                | None                                      |

| UNITS OF LIMITED PARTNERSHIP INTEREST(Title of Class)      |
|-------------------------------------------------------------------------------------|

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----

----

----

|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                              | Date                                                                                                                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
| Properties owned by                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                              | Interest                                                                                                             |
| Local Limited Partnerships                                                    |              Location                         | Acquired                   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                              |                                                                                                                 |
| Strathern Park/Lorne Park (1) (2)                                                                                                                                                                                                                                                                                                            | Los Angeles, CA                                                                                                                                                                                                                   | 07/05/90                                                                                                             |
| Park Caton (2)                                                                                                                                                                                                                                                                                                                               | Catonsville, MD                                                                                                                                                                                                                   | 08/17/90                                                                                                             |
| Cedar Lane I (2)                                                                                                                                                                                                                                                                                                                             | London, KY                                                                                                                                                                                                                        | 09/10/90                                                                                                             |
| Silver Creek II (2)                                                                                                                                                                                                                                                                                                                          | Berea, KY                                                                                                                                                                                                                         | 08/15/90                                                                                                             |
| Rosecliff (2)                                                                                                                                                                                                                                                                                                                                | Sanford, FL                                                                                                                                                                                                                       | 09/18/90                                                                                                             |
| Brookwood (2)                                                                                                                                                                                                                                                                                                                                | Ypsilanti, MI                                                                                                                                                                                                                     | 10/01/90                                                                                                             |
| Oaks of Dunlop (2)                                                                                                                                                                                                                                                                                                                           | Colonial Heights, VA                                                                                                                                                                                                              | 01/01/91                                                                                                             |
| Water Oak (2)                                                                                                                                                                                                                                                                                                                                | Orange City, FL                                                                                                                                                                                                                   | 01/01/91                                                                                                             |
| Yester Oaks (2)                                                                                                                                                                                                                                                                                                                              | Lafayette, GA                                                                                                                                                                                                                     | 01/01/91                                                                                                             |
| Ocean View (2)                                                                                                                                                                                                                                                                                                                               | Fernandina Beach, FL                                                                                                                                                                                                              | 01/01/91                                                                                                             |
| Wheeler House (2)                                                                                                                                                                                                                                                                                                                            | Nashua, NH                                                                                                                                                                                                                        | 01/01/91                                                                                                             |
| Archer Village (2)                                                                                                                                                                                                                                                                                                                           | Archer, FL                                                                                                                                                                                                                        | 01/01/91                                                                                                             |
| Timothy House (2)                                                                                                                                                                                                                                                                                                                            | Towson, MD                                                                                                                                                                                                                        | 03/05/91                                                                                                             |
| Westover Station (2)                                                                                                                                                                                                                                                                                                                         | Newport News, VA                                                                                                                                                                                                                  | 03/30/91                                                                                                             |
| Carib III (2)                                                                                                                                                                                                                                                                                                                                | St. Croix, VI                                                                                                                                                                                                                     | 03/21/91                                                                                                             |
| Carib II (2)                                                                                                                                                                                                                                                                                                                                 | St. Croix, VI                                                                                                                                                                                                                     | 03/01/91                                                                                                             |
| Whispering Trace (2)                                                                                                                                                                                                                                                                                                                         | Woodstock, GA                                                                                                                                                                                                                     | 05/01/91                                                                                                             |
| New Center (2)                                                                                                                                                                                                                                                                                                                               | Detroit, MI                                                                                                                                                                                                                       | 06/27/91                                                                                                             |
| Huguenot Park (2)                                                                                                                                                                                                                                                                                                                            | New Paltz, NY                                                                                                                                                                                                                     | 06/26/91                                                                                                             |
| Hillwood Pointe (2)                                                                                                                                                                                                                                                                                                                          | Jacksonville, FL                                                                                                                                                                                                                  | 07/19/91                                                                                                             |
| Pinewood Pointe (2)                                                                                                                                                                                                                                                                                                                          | Jacksonville, FL                                                                                                                                                                                                                  | 07/31/91                                                                                                             |
| Westgate (2)                                                                                                                                                                                                                                                                                                                                 | Bismark, ND                                                                                                                                                                                                                       | 07/25/91                                                                                                             |
| Woodlake Hills (2)                                                                                                                                                                                                                                                                                                                           | Pontiac, MI                                                                                                                                                                                                                       | 08/01/91                                                                                                             |
| Bixel House (2)                                                                                                                                                                                                                                                                                                                              | Los Angeles, CA                                                                                                                                                                                                                   | 07/31/91                                                                                                             |
| Magnolia Villas (2)                                                                                                                                                                                                                                                                                                                          | North Hollywood, CA                                                                                                                                                                                                               | 07/31/91                                                                                                             |
| Schumaker Place (2)                                                                                                                                                                                                                                                                                                                          | Salisbury, MD                                                                                                                                                                                                                     | 09/20/91                                                                                                             |
| Circle Terrace                                                                                                                                                                                                                                                                                                                               | Lansdowne, MD                                                                                                                                                                                                                     | 12/06/91                                                                                                             |

| (1)   | On January 1, 1994, Lorne Park merged into Strathern Park in a business combination accounted for as a pooling of interests.  Lorne Park’s total assets, liabilities and partners’ equity were combined with Strathern Park at their existing book value, and neither partnership recognized a gain or loss on the merger. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The Partnership no longer has an interest in the Local Limited Partnership which owns this Property. |
|-----------------|------------------------------------------------------------------------------------------------------|

----

----

----

| Local Limited Partnership                                                                                                                                                                                                                                                                                       |           Capital Contributions |                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|---------------------|
| Property Name                                                                                                                                                                                                                                                                                                   |                                                                         | Total               | Paid |   Mtge. Loans |   | Occupancy at |
|                      Property Location                                                                                                                                                                 |  Number of                                                              |   Committed at | Through | Payable at | Type of | March 31, |
| Local General Partner                                                | Apts Units                                                                   | March 31, 2011      | March 31, 2011 | December 31, 2010 |  Subsidy *                 | 2011              |
|                                                                                                                                                                                                                                                                                                            |                                                                         |                |   |   |   |   |
|                                                                                                                                                                                                                                                                                                            |                                                                         |                |   |   |   |   |
| Circle Terrace Associates Limited                                                                                                                                                                                                                                                                               |                                                                         |                |   |   |   |   |
| Partnership                                                                                                                                                                                                                                                                                                     |                                                                         |                |   |   |   |   |
| Circle Terrace                                                                                                                                                                                                                                                                                                  |                                                                         |                |   |   |   |   |
| Lansdowne, MD                                                                                                                                                                                                                                                                                                   |                                                                         |                |   |   |   |   |
| Landex Corporation                                                                                                                                                                                                                                                                                              | 303                                                                          | $5,811,236          | $5,811,236 | $    3,378,972 | Section 8 | 97% |

| Section 8 | This subsidy, which is authorized under Section 8 of Title II of the Housing and Community Development Act of 1974, allows qualified low-income tenants to pay 30% of their monthly income as rent with the balance paid by the federal government. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                            |                                                                                                                                                                                                                                                 | Amount                                                                                                |                    |
|-------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|-------------------------|
|  Title of                                                                                  | Name and Address of                                                                                                                                                                                                                                  |     Beneficially                                                                       |                    |
|  Class               | Beneficial Owner                                       | Owned                 |   Percent of Class |
|                                                                                            |                                                                                                                                                                                                                                                 |                                                                                                  |                    |
| Limited                                                                                         | Oldham Institutional Tax Credits LLC                                                                                                                                                                                                                 | 8,024 Units                                                                                           | 11.64%                  |
| Partner                                                                                         | 101 Arch Street                                                                                                                                                                                                                                      |                                                                                                  |                    |
|                                                                                            | Boston, MA                                                                                                                                                                                                                                           |                                                                                                  |                    |

|                  |   | 2011   |    |   | 2010   |   |
|-----------------------|--------|--------|---------|--------|--------|--------|
|                  |   |   |    |   |   |   |
| Asset management fees |   | $      | 323,914 |   |   | $      | 316,340 |   |

|                                         |   | 2011   |   |   | 2010   |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                         |   |   |   |   |   |   |
| Salaries and benefits expense reimbursements |   | $      | 20,637 |   |   | $      | 15,755 |   |

----

|       |   | 2011   |   |   | 2010   |   |
|------------|--------|--------|--------|--------|--------|--------|
|       |   |   |   |   |   |   |
| Audit fees |   | $      | 42,500 |   |   | $      | 55,127 |   |
| Tax fees   |   | $      | 2,500  |   |   | $      | 2,500 |   |

|                                       3.1 | Amended and Restated Agreement of Limited Partnership, dated as of March 2, 1990 – incorporated by reference from Exhibit A to Prospectus contained in Form S-11 Registration Statement, File no. 33-29935. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1   | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 31.2   | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 32.1   | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 32.2   | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|                                                   |   | 2011   |      |   | 2010   |   |
|--------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Assets                                                 |   |   |      |   |   |   |
|                                                   |   |   |      |   |   |   |
| Cash and cash equivalents                              |   | $      | 1,169,357 |   |   | $      | 1,697,686 |   |
| Investment in Local Limited Partnership (Note 4)       |   |   | 1,355,943 |   |   |   | 1,177,104 |   |
| Due from affiliate (Note 5)                            |   |   | 1,210     |   |   |   | - |   |
| Other Assets                                           |   |   | 95        |   |   |   | 38 |   |
| Total Assets                                           |   | $      | 2,526,605 |   |   | $      | 2,874,828 |   |
|                                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity                       |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |
| Due to affiliate (Note 5)                              |   | $      | -         |   |   | $      | 80,675 |   |
| Accrued expenses                                       |   |   | 27,461    |   |   |   | 48,785 |   |
| Total Liabilities                                      |   |   | 27,461    |   |   |   | 129,460 |   |
|                                                   |   |   |      |   |   |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |   | 2,499,144 |   |   |   | 2,745,368 |   |
| Total Liabilities and Partners' Equity                 |   | $      | 2,526,605 |   |   | $      | 2,874,828 |   |
|                                                   |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |

----

|                                                             |   | 2011   |     |   | 2010   |   |
|------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                         |   |   |     |   |   |   |
| Investment                                                       |   | $      | 5,866    |   |   | $      | 22,578 |   |
| Cash distribution income                                         |   |   | -        |   |   |   | 32,697 |   |
| Total Revenue                                                    |   |   | 5,866    |   |   |   | 55,275 |   |
|                                                             |   |   |     |   |   |   |   |   |
| Expense:                                                         |   |   |     |   |   |   |   |   |
| Asset management fees, affiliate (Note 5)                        |   |   | 323,914  |   |   |   | 316,340 |   |
| General and administrative (includes reimbursements              |   |   |     |   |   |   |   |   |
| to an affiliate in the amount of $20,637 and                     |   |   |     |   |   |   |   |   |
| $15,755 in 2011 and 2010, respectively) (Note 5)                 |   |   | 107,015  |   |   |   | 121,885 |   |
| Amortization                                                     |   |   | 5,104    |   |   |   | 5,103 |   |
| Total Expense                                                    |   |   | 436,033  |   |   |   | 443,328 |   |
|                                                             |   |   |     |   |   |   |   |   |
| Loss before equity in income (loss) of Local Limited Partnership |   |   | (430,167 | )      |   |   | (388,053 | ) |
|                                                             |   |   |     |   |   |   |   |   |
| Equity in income (loss) of Local Limited Partnership (Note 4)    |   |   | 183,943  |   |   |   | (41,344 | ) |
|                                                             |   |   |     |   |   |   |   |   |
| Net Loss                                                         |   | $      | (246,224 | )      |   | $      | (429,397 | ) |
|                                                             |   |   |     |   |   |   |   |   |
| Net Loss allocated:                                              |   |   |     |   |   |   |   |   |
| General Partners                                                 |   | $      | (2,462   | )      |   | $      | (4,294 | ) |
| Limited Partners                                                 |   |   | (243,762 | )      |   |   | (425,103 | ) |
|                                                             |   | $      | (246,224 | )      |   | $      | (429,397 | ) |
| Net Loss per Limited Partner Unit                                |   |   |     |   |   |   |   |   |
| (68,929 Units)                                                   |   | $      | (3.54    | )      |   | $      | (6.17 | ) |
|                                                             |   |   |     |   |   |   |   |   |
|                                                             |   |   |     |   |   |   |   |   |
|                                                             |   |   |     |   |   |   |   |   |
|                                                             |   |   |     |   |   |   |   |   |
|                                                             |   |   |     |   |   |   |   |   |
|                                                             |   |   |     |   |   |   |   |   |
|                                                             |   |   |     |   |   |   |   |   |
|                                                             |   |   |     |   |   |   |   |   |
|                                                             |   |   |     |   |   |   |   |   |

----

|                      |   |     |   |   | Initial |   |   | Investor |   |   |      |   |
|---------------------------|--------|----------|--------|--------|---------|--------|--------|----------|--------|--------|-----------|--------|
|                      |   | General  |   |   | Limited |   |   | Limited  |   |   |      |   |
|                      |   | Partners |   |   | Partner |   |   | Partners |   |   | Total     |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |
| Balance at March 31, 2009 |   | $        | 31,654 |   |    | $      | 5,000  |     |   | $      | 3,138,111 |   |   | $ | 3,174,765 |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Net Loss                  |   |     | (4,294 | )      |    |   | -      |     |   |   | (425,103  | )      |   |   | (429,397 | ) |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Balance at March 31, 2010 |   |     | 27,360 |   |    |   | 5,000  |     |   |   | 2,713,008 |   |   |   | 2,745,368 |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Net Loss                  |   |     | (2,462 | )      |    |   | -      |     |   |   | (243,762  | )      |   |   | (246,224 | ) |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Balance at March 31, 2011 |   | $        | 24,898 |   |    | $      | 5,000  |     |   | $      | 2,469,246 |   |   | $ | 2,499,144 |   |

----

|                                                   |   |   2011 |      |   |  2010 |   |
|--------------------------------------------------------|--------|------------------|-----------|--------|------------|--------|
| Cash flows from operating activities:                  |   |             |      |   |       |   |
| Net Loss                                               |   | $                | (246,224  | )      |       | $      | (429,397 | ) |
| Adjustments to reconcile net loss to net cash used for |   |             |      |   |       |   |   |   |
| operating activities:                                  |   |             |      |   |       |   |   |   |
| Equity in income (loss) of Local Limited Partnership   |   |             | (183,943  | )      |       |   | 41,344 |   |
| Amortization                                           |   |             | 5,104     |   |       |   | 5,103 |   |
| Decrease in cash arising from changes in operating     |   |             |      |   |       |   |   |   |
| assets and liabilities:                                |   |             |      |   |       |   |   |   |
| Due from affiliate                                     |   |             | (1,210    | )      |       |   | - |   |
| Other assets                                           |   |             | (57       | )      |       |   | (38 | ) |
| Due to affiliate                                       |   |             | (80,675   | )      |       |   | (11,686 | ) |
| Accrued expenses                                       |   |             | (21,324   | )      |       |   | (4,887 | ) |
| Net cash used for operating activities                 |   |             | (528,329  | )      |       |   | (399,561 | ) |
|                                                   |   |             |      |   |       |   |   |   |
| Net decrease in cash and cash equivalents              |   |             | (528,329  | )      |       |   | (399,561 | ) |
|                                                   |   |             |      |   |       |   |   |   |
| Cash and cash equivalents, beginning                   |   |             | 1,697,686 |   |       |   | 2,097,247 |   |
|                                                   |   |             |      |   |       |   |   |   |
| Cash and cash equivalents, ending                      |   | $                | 1,169,357 |   |       | $      | 1,697,686 |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |
|                                                   |   |             |      |   |       |   |   |   |

----

----

----

----

----

|                                                                  |   | 2011   |       |   | 2010   |   |
|-----------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Capital contributions paid to Local Limited Partnership and purchase  |   |   |       |   |   |   |
| price paid to withdrawing partners of Local Limited Partnership       |   | $      | 5,811,236  |   |   | $      | 5,811,236 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Cumulative equity in losses of Local Limited Partnership              |   |   | (2,155,769 | )      |   |   | (2,339,712 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Cumulative cash distributions received from Local Limited Partnership |   |   | (19,610    | )      |   |   | (19,610 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Investment in Local Limited Partnership before adjustments            |   |   | 3,635,857  |   |   |   | 3,451,914 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Excess investment costs over the underlying assets acquired:          |   |   |       |   |   |   |   |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Acquisition fees and expenses                                         |   |   | 178,600    |   |   |   | 178,600 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Cumulative amortization of acquisition fees and expenses              |   |   | (94,514    | )      |   |   | (89,410 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Investment in Local Limited Partnership before impairment             |   |   | 3,719,943  |   |   |   | 3,541,104 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Cumulative impairment on investment in Local Limited Partnership      |   |   | (2,364,000 | )      |   |   | (2,364,000 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Investment in Local Limited Partnership                               |   | $      | 1,355,943  |   |   | $      | 1,177,104 |   |

|                                   |   | 2010   |      |   | 2009   |   |
|----------------------------------------|--------|--------|-----------|--------|--------|--------|
| Assets:                                |   |   |      |   |   |   |
| Investment property, net               |   | $      | 6,497,159 |   |   | $      | 7,003,115 |   |
| Other assets                           |   |   | 1,619,435 |   |   |   | 1,415,464 |   |
| Total Assets                           |   | $      | 8,116,594 |   |   | $      | 8,418,579 |   |
|                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity:      |   |   |      |   |   |   |   |   |
| Mortgage notes payable                 |   | $      | 3,378,972 |   |   | $      | 4,038,774 |   |
| Other liabilities                      |   |   | 1,296,991 |   |   |   | 1,124,975 |   |
| Total Liabilities                      |   |   | 4,675,963 |   |   |   | 5,163,749 |   |
|                                   |   |   |      |   |   |   |   |   |
| Partnership's equity                   |   |   | 3,439,857 |   |   |   | 3,255,914 |   |
| Other partners' equity (deficiency)    |   |   | 774       |   |   |   | (1,084 | ) |
| Total Partners' Equity                 |   |   | 3,440,631 |   |   |   | 3,254,830 |   |
| Total Liabilities and Partners' Equity |   | $      | 8,116,594 |   |   | $      | 8,418,579 |   |

----

|                                       |   | 2010   |      |   | 2009   |   |
|--------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                       |   |   |      |   |   |   |
| Rental and other income                    |   | $      | 2,937,927 |   |   | $      | 2,934,896 |   |
|                                       |   |   |      |   |   |   |   |   |
| Expenses:                                  |   |   |      |   |   |   |   |   |
| Operating                                  |   |   | 2,103,798 |   |   |   | 2,282,750 |   |
| Interest                                   |   |   | 48,910    |   |   |   | 95,936 |   |
| Depreciation and amortization              |   |   | 599,418   |   |   |   | 597,972 |   |
| Total Expenses                             |   |   | 2,752,126 |   |   |   | 2,976,658 |   |
|                                       |   |   |      |   |   |   |   |   |
| Net Income (Loss)                          |   | $      | 185,801   |   |   | $      | (41,762 | ) |
|                                       |   |   |      |   |   |   |   |   |
| Partnership's share of Net Income (Loss)   |   | $      | 183,943   |   |   | $      | (41,344 | ) |
| Other partners' share of Net Income (Loss) |   | $      | 1,858     |   |   | $      | (418 | ) |
|                                       |   |   |      |   |   |   |   |   |

----

|                                                                          |   |    2010 |     |   |      2009 |   |
|-------------------------------------------------------------------------------|--------|-------------------|----------|--------|-------------------------------|--------|
|                                                                          |   |              |     |   |                          |   |
| Net Loss per financial statements                                             |   | $                 | (246,224 | )      |                          | $      | (429,397 | ) |
|                                                                          |   |              |     |   |                          |   |   |   |
| Equity in income (loss) of Local Limited Partnership for tax                  |   |              |     |   |                          |   |   |   |
|    purposes in excess of equity in income (loss) for financial |   |              |     |   |                          |   |   |   |
| reporting purposes                                                            |   |              | 97,899   |   |                          |   | (9,902 | ) |
|                                                                          |   |              |     |   |                          |   |   |   |
| Adjustment to reflect March 31 fiscal year end to December 31                 |   |              |     |   |                          |   |   |   |
| taxable year end                                                              |   |              | 8,563    |   |                          |   | 7,739 |   |
|                                                                          |   |              |     |   |                          |   |   |   |
| Amortization for tax purposes in excess of amortization for financial         |   |              |     |   |                          |   |   |   |
| reporting purposes                                                            |   |              | (1,391   | )      |                          |   | (1,392 | ) |
|                                                                          |   |              |     |   |                          |   |   |   |
| Net Loss per tax return                                                       |   | $                 | (141,153 | )      |                          | $      | (432,952 | ) |
|                                                                          |   |              |     |   |                          |   |   |   |

|                                    |   |  Financial |      |   |             |   |       |        |   |
|-----------------------------------------|--------|-----------------|-----------|--------|------------------|--------|------------|-------------|--------|
|                                    |   | Reporting       |      |   |    Tax |   |       |        |   |
|                                    |   |   Purposes |      |   | Purposes         |   |       | Differences |   |
|                                    |   |            |      |   |             |   |       |        |   |
| Investment in Local Limited Partnership |   | $               | 1,355,943 |   |             | $      | 2,067,722  |        |   | $ | (711,779 | ) |
| Other assets                            |   | $               | 1,170,662 |   |             | $      | 11,098,583 |        |   | $ | (9,927,921 | ) |
| Liabilities                             |   | $               | 27,461    |   |             | $      | 105,258    |        |   | $ | (77,797 | ) |

----

|                                    | Financial                                                                                                                  |                                                                                                     |                                                                                                                                      |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|
|                                    | Reporting                                                                                                                  | Tax                                                                                                      |                                                                                                                                      |
|                                    | Purposes                    | Purposes                 | Differences                      |
|                                    |                                                                                                                       |                                                                                                     |                                                                                                                                      |
| Investment in Local Limited Partnership | $1,177,104                                                                                                                 | $1,792,375                                                                                               | $(615,271)                                                                                                                                |
| Other assets                            | $1,697,724                                                                                                                 | $11,532,371                                                                                              | $(9,834,647)                                                                                                                              |
| Liabilities                             | $    129,460                                                                                           | $    122,546                                                                         | $        6,914                                                                                    |

| Circle Terrace Associates Limited Partnership |   | 2010 |      |   | 2009   |   |
|-----------------------------------------------|--------|------|-----------|--------|--------|--------|
| Total Assets                                  |   | $    | 8,116,594 |   |   | $      | 8,418,579 |   |
| Total Liabilities                             |   | $    | 4,675,963 |   |   | $      | 5,163,749 |   |
| Revenue                                       |   | $    | 2,937,927 |   |   | $      | 2,934,896 |   |
| Net Income (Loss)                             |   | $    | 185,801   |   |   | $      | (41,762 | ) |