| [ 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                                      |

| CLASS A AND CLASS B UNITS OF LIMITED PARTNERSHIP INTEREST(Title of Class)  |
|---------------------------------------------------------------------------------|

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| Properties owned by                                                                                                                                                                                                                                                                                                                    |                                                                                                                                               | Date Interest                                                                                                              |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|
| Local Limited Partnerships                                                   | Location                        | Acquired                    |
|                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                               |                                                                                                                       |
| Leatherwood (formerly Village Oaks)(1)                                                                                                                                                                                                                                                                                                 | Yoakum, TX                                                                                                                                         | 12/23/91                                                                                                                   |
| Tamaric(1)                                                                                                                                                                                                                                                                                                                             | Cedar Park, TX                                                                                                                                     | 12/23/91                                                                                                                   |
| Northwest(1)                                                                                                                                                                                                                                                                                                                           | Georgetown, TX                                                                                                                                     | 12/23/91                                                                                                                   |
| Pilot House                                                                                                                                                                                                                                                                                                                            | Newport News, VA                                                                                                                                   | 02/25/92                                                                                                                   |
| Jardines de Juncos(1)                                                                                                                                                                                                                                                                                                                  | Juncos, PR                                                                                                                                         | 04/14/92                                                                                                                   |
| Livingston Arms (1)                                                                                                                                                                                                                                                                                                                    | Poughkeepsie, NY                                                                                                                                   | 05/01/92                                                                                                                   |
| Broadway Tower (1)                                                                                                                                                                                                                                                                                                                     | Revere, MA                                                                                                                                         | 06/02/92                                                                                                                   |
| 45th & Vincennes (1)                                                                                                                                                                                                                                                                                                               | Chicago, IL                                                                                                                                        | 06/26/92                                                                                                                   |
| Phoenix Housing (1)                                                                                                                                                                                                                                                                                                                    | Moorhead, MN                                                                                                                                       | 07/06/92                                                                                                                   |
| Cottages of Aspen (1)                                                                                                                                                                                                                                                                                                                  | Oakdale, MN                                                                                                                                        | 07/02/92                                                                                                                   |
| Long Creek Court                                                                                                                                                                                                                                                                                                                       | Kittrell, NC                                                                                                                                       | 07/01/92                                                                                                                   |
| Atkins Glen (1)                                                                                                                                                                                                                                                                                                                        | Stoneville, NC                                                                                                                                     | 07/01/92                                                                                                                   |
| Tree Trail                                                                                                                                                                                                                                                                                                                             | Gainesville, FL                                                                                                                                    | 10/30/92                                                                                                                   |
| Meadow Wood (1)                                                                                                                                                                                                                                                                                                                        | Smyrna, TN                                                                                                                                         | 10/30/92                                                                                                                   |
| Primrose (1)                                                                                                                                                                                                                                                                                                                           | Grand Forks, ND                                                                                                                                    | 12/09/92                                                                                                                   |
| Sycamore (1)                                                                                                                                                                                                                                                                                                                           | Sioux Falls, SD                                                                                                                                    | 12/17/92                                                                                                                   |
| Preston Place                                                                                                                                                                                                                                                                                                                          | Winchester, VA                                                                                                                                     | 12/21/92                                                                                                                   |
| Kings Grant Court (1)                                                                                                                                                                                                                                                                                                                  | Statesville, NC                                                                                                                                    | 12/23/92                                                                                                                   |
| Chestnut Plains (1)                                                                                                                                                                                                                                                                                                                    | Winston-Salem, NC                                                                                                                                  | 12/24/92                                                                                                                   |
| Bancroft Court(1)                                                                                                                                                                                                                                                                                                                      | Toledo, OH                                                                                                                                         | 12/31/92                                                                                                                   |
| Capitol Park(1)                                                                                                                                                                                                                                                                                                                        | Oklahoma City, OK                                                                                                                                  | 02/10/93                                                                                                                   |
| Hudson Square (1)                                                                                                                                                                                                                                                                                                                      | Baton Rouge, LA                                                                                                                                    | 03/08/93                                                                                                                   |
| Walker Woods II (1)                                                                                                                                                                                                                                                                                                                    | Dover, DE                                                                                                                                          | 06/11/93                                                                                                                   |
| Vista Villa (1)                                                                                                                                                                                                                                                                                                                        | Saginaw County, MI                                                                                                                                 | 08/04/93                                                                                                                   |
| Metropolitan (1)                                                                                                                                                                                                                                                                                                                       | Chicago, IL                                                                                                                                        | 08/19/93                                                                                                                   |
| Carolina Woods II (1)                                                                                                                                                                                                                                                                                                                  | Greensboro, NC                                                                                                                                     | 10/11/93                                                                                                                   |
| Linden Square(1)                                                                                                                                                                                                                                                                                                                       | Genesee County, MI                                                                                                                                 | 10/29/93                                                                                                                   |
| New Garden Place (1)                                                                                                                                                                                                                                                                                                                   | Gilmer, NC                                                                                                                                         | 06/24/94                                                                                                                   |
| Findley Place (1)                                                                                                                                                                                                                                                                                                                      | Minneapolis, MN                                                                                                                                    | 07/15/94                                                                                                                   |

|  (1) | The Fund no longer has an interest in the Local Limited Partnership which owns this Property. |
|-----------|-----------------------------------------------------------------------------------------------|

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|                                                                                                                                    |   |       | Capital Contributions |   |           |   |      |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|------------|-----------------------|--------|----------------|--------|-----------|
| Local Limited Partnership                                                                                                               |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |
| Property Name                                                                                                                           |   |       |                  |   |  Total    |   |      | Paid |   |   |   Mtge. Loans |   |   |   | Occupancy at |   |
| Property Location                                                                                                                       |   | Number of  |                  |   | Committed at   |   |      | Through |   |   | Payable at |   |        Type of |   | March 31, |   |
|                    Local General Partner |   | Apt. Units |                  |   | March 31, 2011 |   |      | March 31, 2011 |   |   | December 31, 2010 |   |          Subsidy *                 |   | 2011 |   |
|                                                                                                                                    |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |
| Pilot House Associates, L.P                                                                                                             |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |
| Pilot House                                                                                                                             |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |
| Newport News, VA                                                                                                                        |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |
| Castle Development Corp                                                                                                                 |   |       | 132                   |   |           | $      | 2,479,708 |   |   | $ | 2,479,708 |   |   | $ | 3,705,978 |   | None |   |   | 96 | % |
|                                                                                                                                    |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long Creek Court Limited Partnership                                                                                                    |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long Creek Court                                                                                                                        |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Kittrell, NC                                                                                                                            |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Third Renaissance, Inc.                                                                                                                 |   |       | 14                    |   |           |   | 120,476   |   |   |   | 120,476 |   |   |   | 519,216 |   | FmHA |   |   | 86 | % |
|                                                                                                                                    |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tree Trail Apartments, A Limited Partnership                                                                                            |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tree Trail                                                                                                                              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gainesville, FL                                                                                                                         |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Flournoy Development Co.                                                                                                                |   |       | 108                   |   |           |   | 2,060,143 |   |   |   | 2,060,143 |   |   |   | - |   | None |   |   | 74 | % |
|                                                                                                                                    |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preston Place Associates, L.P.                                                                                                          |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preston Place                                                                                                                           |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Winchester, VA                                                                                                                          |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Castle Development Corp                                                                                                                 |   |       | 120                   |   |           |   | 2,300,000 |   |   |   | 2,300,000 |   |   |   | 3,387,831 |   | None |   |   | 98 | % |
|                                                                                                                                    |   |       | 374                   |   |           | $      | 6,960,327 |   |   | $ | 6,960,327 |   |   | $ | 7,613,025 |   |   |   |   |   |   |
|                                                                                                                                    |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | * | FmHA | This subsidy, which is authorized under Section 515 of the Housing Act of 1949, can be one or a combination of many different types.  For instance, FmHA may provide: (i) direct below-market-rate mortgage loans for rural rental housing; (ii) mortgage interest subsidies which effectively lower the interest rate of the loan to 1%; (iii) a rental assistance subsidy to tenants which allows them to pay no more than 30% of their monthly income as rent with the balance paid by the federal government; or (iv) a combination of any of the above. |
|--------|---|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                |                                                                                                                                                                                                                                           |     Amount                                                                                          |                    |
|-------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|-------------------------|
| Title of                                                                            | Name and Address of                                                                                                                                                                                                                            |       Beneficially                                                                        |                    |
| Class              | Beneficial Owner                                      |    Owned                 |   Percent of Class |
|                                                                                |                                                                                                                                                                                                                                           |                                                                                                               |                    |
| Limited                                                                             | Everest Tax Credit Investors                                                                                                                                                                                                                   | 2,146.5 Units                                                                                                      | 6%                      |
| Partner                                                                             | 155 North Lake Avenue                                                                                                                                                                                                                          |                                                                                                               |                    |
|                                                                                | Suite 1000                                                                                                                                                                                                                                     |                                                                                                               |                    |
|                                                                                | Pasadena, CA  91101                                                                                                                                                                                                                  |                                                                                                               |                    |

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|                  |   | 2011   |   |   | 2010   |   |
|-----------------------|--------|--------|--------|--------|--------|--------|
|                  |   |   |   |   |   |   |
| Asset management fees |   | $      | 49,710 |   |   | $      | 88,436 |   |

|                                         |   | 2011   |    |   | 2010   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                         |   |   |    |   |   |   |
| Salaries and benefits expense reimbursements |   | $      | 121,318 |   |   | $      | 117,760 |   |

|       |   | 2011   |   |   | 2010   |   |
|------------|--------|--------|--------|--------|--------|--------|
|       |   |   |   |   |   |   |
| Audit fees |   | $      | 45,000 |   |   | $      | 67,639 |   |
| Tax fees   |   | $      | 2,500  |   |   | $      | 2,500 |   |

|                                       3.1 | Amended and Restated Agreement of Limited Partnership, dated as of December 2, 1991 – incorporated by reference from Exhibit A to Prospectus contained in Form S-11 Registration Statement, File no. 33-38408. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

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|                                                   |   | 2011   |      |   | 2010   |   |
|--------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Assets                                                 |   |   |      |   |   |   |
|                                                   |   |   |      |   |   |   |
| Cash and cash equivalents                              |   | $      | 1,382,389 |   |   | $      | 1,495,321 |   |
| Investments in Local Limited Partnerships (Note 4)     |   |   | 1,029,569 |   |   |   | 1,581,998 |   |
| Other investments (Note 5)                             |   |   | -         |   |   |   | 447,908 |   |
| Due from affiliate (Note 6)                            |   |   | 162       |   |   |   | - |   |
| Other assets                                           |   |   | 470       |   |   |   | 349 |   |
| Total Assets                                           |   | $      | 2,412,590 |   |   | $      | 3,525,576 |   |
|                                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity                       |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |
| Due to affiliate (Note 6)                              |   | $      | -         |   |   | $      | 12,926 |   |
| Accrued expenses                                       |   |   | 26,510    |   |   |   | 61,036 |   |
| Total Liabilities                                      |   |   | 26,510    |   |   |   | 73,962 |   |
|                                                   |   |   |      |   |   |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |   | 2,386,080 |   |   |   | 3,451,614 |   |
| Total Liabilities and Partners' Equity                 |   | $      | 2,412,590 |   |   | $      | 3,525,576 |   |

----

|                                                       |   | 2011   |     |   | 2010   |   |
|------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                   |   |   |     |   |   |   |
| Investment                                                 |   | $      | 5,434    |   |   | $      | 49,537 |   |
| Accretion of Original Issue Discount (Note 5)              |   |   | 4,092    |   |   |   | 61,031 |   |
| Cash distribution income                                   |   |   | 26,432   |   |   |   | 5,556 |   |
| Total Revenue                                              |   |   | 35,958   |   |   |   | 116,124 |   |
|                                                       |   |   |     |   |   |   |   |   |
| Expense:                                                   |   |   |     |   |   |   |   |   |
| Asset management fees, affiliate (Note 6)                  |   |   | 49,710   |   |   |   | 88,436 |   |
| Impairment on investments in Local Limited                 |   |   |     |   |   |   |   |   |
| Partnerships (Note 4)                                      |   |   | 599,103  |   |   |   | 141,603 |   |
| General and administrative (includes reimbursements        |   |   |     |   |   |   |   |   |
| to an affiliate in the amount of $121,318 and              |   |   |     |   |   |   |   |   |
| $117,760 in 2011 and 2010, respectively) (Note 6)          |   |   | 206,639  |   |   |   | 228,554 |   |
| Amortization                                               |   |   | 3,994    |   |   |   | 3,994 |   |
| Total Expense                                              |   |   | 859,446  |   |   |   | 462,587 |   |
|                                                       |   |   |     |   |   |   |   |   |
| Loss before equity in income of Local Limited Partnerships |   |   |     |   |   |   |   |   |
| and gain on disposition of investments in Local Limited    |   |   |     |   |   |   |   |   |
| Partnerships                                               |   |   | (823,488 | )      |   |   | (346,463 | ) |
|                                                       |   |   |     |   |   |   |   |   |
| Equity in income of Local Limited Partnerships (Note 4)    |   |   | 182,768  |   |   |   | 49,004 |   |
|                                                       |   |   |     |   |   |   |   |   |
| Gain on disposition of investments in Local Limited        |   |   |     |   |   |   |   |   |
| Partnerships (Note 4)                                      |   |   | 27,186   |   |   |   | 4,550 |   |
|                                                       |   |   |     |   |   |   |   |   |
| Net Loss                                                   |   | $      | (613,534 | )      |   | $      | (292,909 | ) |
|                                                       |   |   |     |   |   |   |   |   |
| Net Loss allocated:                                        |   |   |     |   |   |   |   |   |
| General Partners                                           |   | $      | (10,655  | )      |   | $      | (11,849 | ) |
| Class A Limited Partners                                   |   |   | (568,125 | )      |   |   | (320,197 | ) |
| Class B Limited Partners                                   |   |   | (34,754  | )      |   |   | 39,137 |   |
|                                                       |   | $      | (613,534 | )      |   | $      | (292,909 | ) |
| Net Income (Loss) per Limited Partner Unit                 |   |   |     |   |   |   |   |   |
| Class A Unit (34,643 Units)                                |   | $      | (16.40   | )      |   | $      | (9.24 | ) |
| Class B Unit (3,290 Units)                                 |   | $      | (10.56   | )      |   | $      | 11.90 |   |

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|                      |   |     |    |   |    |   |   | Investor     |   |   | Investor   |   |   |   |       |
|---------------------------|--------|----------|---------|--------|---------|--------|--------|--------------|--------|--------|------------|--------|--------|--------|------------|
|                      |   |     |    |   | Initial |   |   | Limited      |   |   | Limited    |   |   |   |       |
|                      |   | General  |    |   | Limited |   |   | Partners,    |   |   | Partners,  |   |   |   |       |
|                      |   | Partners |    |   | Partner |   |   |  Cass A |   |   | Class B    |   |   | Total  |       |
|                      |   |     |    |   |    |   |   |         |   |   |       |   |   |   |       |
| Balance at March 31, 2009 |   | $        | 76,371  |   |    | $      | 5,000  |         |   | $      | 6,077,949  |   |   | $      | 1,477,785  |   |   | $ | 7,637,105 |   |
|                      |   |     |    |   |    |   |   |         |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash distributions        |   |     | (30,006 | )      |    |   | -      |         |   |   | (2,780,459 | )      |   |   | (1,082,117 | ) |   |   | (3,892,582 | ) |
|                      |   |     |    |   |    |   |   |         |   |   |       |   |   |   |       |   |   |   |   |   |
| Net Income (Loss)         |   |     | (11,849 | )      |    |   | -      |         |   |   | (320,197   | )      |   |   | 39,137     |   |   |   | (292,909 | ) |
|                      |   |     |    |   |    |   |   |         |   |   |       |   |   |   |       |   |   |   |   |   |
| Balance at March 31, 2010 |   |     | 34,516  |   |    |   | 5,000  |         |   |   | 2,977,293  |   |   |   | 434,805    |   |   |   | 3,451,614 |   |
|                      |   |     |    |   |    |   |   |         |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash distributions        |   |     | -       |   |    |   | -      |         |   |   | -          |   |   |   | (452,000   | ) |   |   | (452,000 | ) |
|                      |   |     |    |   |    |   |   |         |   |   |       |   |   |   |       |   |   |   |   |   |
| Net Loss                  |   |     | (10,655 | )      |    |   | -      |         |   |   | (568,125   | )      |   |   | (34,754    | ) |   |   | (613,534 | ) |
|                      |   |     |    |   |    |   |   |         |   |   |       |   |   |   |       |   |   |   |   |   |
| Balance at March 31, 2011 |   | $        | 23,861  |   |    | $      | 5,000  |         |   | $      | 2,409,168  |   |   | $      | (51,949    | ) |   | $ | 2,386,080 |   |

----

|                                                                     |   | 2011   |      |   | 2010   |   |
|--------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Cash flows from operating activities:                                    |   |   |      |   |   |   |
| Net Loss                                                                 |   | $      | (613,534  | )      |   | $      | (292,909 | ) |
| Adjustments to reconcile net loss to net                                 |   |   |      |   |   |   |   |   |
| cash used for operating activities:                                      |   |   |      |   |   |   |   |   |
| Equity in income of Local Limited Partnerships                           |   |   | (182,768  | )      |   |   | (49,004 | ) |
| Gain on disposition of investments in Local Limited                      |   |   |      |   |   |   |   |   |
| Partnerships                                                             |   |   | (27,186   | )      |   |   | (4,550 | ) |
|      Impairment on investments in Local Limited |   |   |      |   |   |   |   |   |
|    Partnerships                                           |   |   | 599,103   |   |   |   | 141,603 |   |
| Accretion of Original Issue Discount                                     |   |   | (4,092    | )      |   |   | (61,031 | ) |
| Amortization                                                             |   |   | 3,994     |   |   |   | 3,994 |   |
| Cash distributions included in net loss                                  |   |   | (26,432   | )      |   |   | (3,258 | ) |
| Decrease in cash arising from changes                                    |   |   |      |   |   |   |   |   |
| in operating assets and liabilities:                                     |   |   |      |   |   |   |   |   |
| Due from affiliate                                                       |   |   | (162      | )      |   |   | - |   |
| Other assets                                                             |   |   | (121      | )      |   |   | (349 | ) |
| Due to affiliate                                                         |   |   | (12,926   | )      |   |   | (71,917 | ) |
| Accrued expenses                                                         |   |   | (34,526   | )      |   |   | (1,413 | ) |
| Net cash used for operating activities                                   |   |   | (298,650  | )      |   |   | (338,834 | ) |
|                                                                     |   |   |      |   |   |   |   |   |
| Cash flows from investing activities:                                    |   |   |      |   |   |   |   |   |
| Proceeds from maturities of T-STRIPS                                     |   |   | 452,000   |   |   |   | 892,000 |   |
| Reimbursement of advances to Local                                       |   |   |      |   |   |   |   |   |
| Limited Partnerships                                                     |   |   | -         |   |   |   | 74,990 |   |
| Cash distributions received from Local                                   |   |   |      |   |   |   |   |   |
| Limited Partnerships                                                     |   |   | 158,532   |   |   |   | 349,508 |   |
| Proceeds received from disposition of investments in                     |   |   |      |   |   |   |   |   |
| Local Limited Partnerships                                               |   |   | 27,186    |   |   |   | 4,550 |   |
| Accounts receivable from disposition of investments in                   |   |   |      |   |   |   |   |   |
| Local Limited Partnerships                                               |   |   | -         |   |   |   | 5,000 |   |
| Net cash provided by investing activities                                |   |   | 637,718   |   |   |   | 1,326,048 |   |
|                                                                     |   |   |      |   |   |   |   |   |
| Cash flows from financing activities:                                    |   |   |      |   |   |   |   |   |
| Cash distributions                                                       |   |   | (452,000  | )      |   |   | (3,892,582 | ) |
| Net cash used for financing activities                                   |   |   | (452,000  | )      |   |   | (3,892,582 | ) |
|                                                                     |   |   |      |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                |   |   | (112,932  | )      |   |   | (2,905,368 | ) |
|                                                                     |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, beginning of year                             |   |   | 1,495,321 |   |   |   | 4,400,689 |   |
|                                                                     |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, end of year                                   |   | $      | 1,382,389 |   |   | $      | 1,495,321 |   |
|                                                                     |   |   |      |   |   |   |   |   |

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|                                                                                                                                             |   | 2011   |       |   | 2010   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Capital contributions paid to Local Limited Partnerships and    purchase price paid to withdrawing partners of Local Limited |   |   |       |   |   |   |
| Partnerships                                                                                                                                     |   | $      | 6,960,327  |   |   | $      | 8,864,882 |   |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships                                                                                        |   |   |       |   |   |   |   |   |
| (excluding cumulative unrecognized losses of $1,466,308                                                                                          |   |   |       |   |   |   |   |   |
|     and $1,922,197 at March 31, 2011 and 2010, respectively)                                                                 |   |   | (1,526,042 | )      |   |   | (1,858,955 | ) |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                           |   |   | (3,670,674 | )      |   |   | (3,841,529 | ) |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                     |   |   | 1,763,611  |   |   |   | 3,164,398 |   |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Excess investment costs over the underlying assets acquired:                                                                                     |   |   |       |   |   |   |   |   |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Acquisition fees and expenses                                                                                                                    |   |   | 203,586    |   |   |   | 259,312 |   |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                                                         |   |   | (91,823    | )      |   |   | (107,109 | ) |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Investments in Local Limited Partnerships before impairment                                                                                      |   |   | 1,875,374  |   |   |   | 3,316,601 |   |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Cumulative impairment on investments in Local Limited Partnerships                                                                               |   |   | (845,805   | )      |   |   | (1,734,603 | ) |
|                                                                                                                                             |   |   |       |   |   |   |   |   |
| Investments in Local Limited Partnerships                                                                                                        |   | $      | 1,029,569  |   |   | $      | 1,581,998 |   |

----

|                                   |   | 2010   |      |   | 2009   |   |
|----------------------------------------|--------|--------|-----------|--------|--------|--------|
| Assets:                                |   |   |      |   |   |   |
| Investment property, net               |   | $      | 8,019,284 |   |   | $      | 16,723,589 |   |
| Other assets                           |   |   | 776,971   |   |   |   | 1,348,794 |   |
| Total Assets                           |   | $      | 8,796,255 |   |   | $      | 18,072,383 |   |
|                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity:      |   |   |      |   |   |   |   |   |
| Mortgage notes payable                 |   | $      | 7,613,025 |   |   | $      | 15,660,920 |   |
| Other liabilities                      |   |   | 203,572   |   |   |   | 1,340,020 |   |
| Total Liabilities                      |   |   | 7,816,597 |   |   |   | 17,000,940 |   |
|                                   |   |   |      |   |   |   |   |   |
| Fund's equity                          |   |   | 1,866,456 |   |   |   | 1,404,079 |   |
| Other partners' deficiency             |   |   | (886,798  | )      |   |   | (332,636 | ) |
| Total Partners' Equity                 |   |   | 979,658   |   |   |   | 1,071,443 |   |
| Total Liabilities and Partners' Equity |   | $      | 8,796,255 |   |   | $      | 18,072,383 |   |

|                                       |   | 2010   |      |   | 2009   |   |
|--------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                       |   |   |      |   |   |   |
| Rental and other income                    |   | $      | 3,447,055 |   |   | $      | 4,611,208 |   |
|                                       |   |   |      |   |   |   |   |   |
| Expenses:                                  |   |   |      |   |   |   |   |   |
| Operating                                  |   |   | 2,146,067 |   |   |   | 3,164,481 |   |
| Interest                                   |   |   | 650,924   |   |   |   | 920,661 |   |
| Depreciation and amortization              |   |   | 615,155   |   |   |   | 1,115,853 |   |
| Total Expenses                             |   |   | 3,412,146 |   |   |   | 5,200,995 |   |
|                                       |   |   |      |   |   |   |   |   |
| Net Income (Loss)                          |   | $      | 34,909    |   |   | $      | (589,787 | ) |
|                                       |   |   |      |   |   |   |   |   |
| Fund’s share of Net Income (Loss)    |   | $      | 34,559    |   |   | $      | (469,605 | ) |
| Other partners' share of Net Income (Loss) |   | $      | 350       |   |   | $      | (120,182 | ) |

----

|                              |   |             2011 |   |   | 2010   |   |
|-----------------------------------|--------|-------------------------------------------------------------------------|--------|--------|--------|--------|
|                              |   |                                                                    |   |   |   |   |
| Aggregate cost of Treasury STRIPS |   | $                                                                       | -      |   |   | $      | 126,828 |   |
| Accumulated accretion of          |   |                                                                    |   |   |   |   |   |   |
| Original Issue Discount           |   |                                                                    | -      |   |   |   | 321,080 |   |
|                              |   | $                                                                       | -      |   |   | $      | 447,908 |   |

----

|                                                                                      |   | 2011   |      |   |                      2010 |   |
|-------------------------------------------------------------------------------------------|--------|--------|-----------|--------|------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                      |   |   |      |   |                                                                                                                               |   |
| Net Loss per financial statements                                                         |   | $      | (613,534  | )      |                                                                                                                               | $      | (292,909 | ) |
|                                                                                      |   |   |      |   |                                                                                                                               |   |   |   |
| Equity in losses of Local Limited Partnerships for financial reporting                    |   |   |      |   |                                                                                                                               |   |   |   |
|  (tax) purposes in excess of equity in losses for tax (financial reporting) purposes |   |   | 36,272    |   |                                                                                                                               |   | (8,942 | ) |
|                                                                                      |   |   |      |   |                                                                                                                               |   |   |   |
| Equity in losses of Local Limited Partnerships not recognized                             |   |   |      |   |                                                                                                                               |   |   |   |
| for financial reporting purposes, net of recognition of                                   |   |   |      |   |                                                                                                                               |   |   |   |
| previously unrecognized losses                                                            |   |   | (387,209  | )      |                                                                                                                               |   | (512,889 | ) |
|                                                                                      |   |   |      |   |                                                                                                                               |   |   |   |
| Adjustment to reflect March 31 fiscal year end to                                         |   |   |      |   |                                                                                                                               |   |   |   |
| December 31 taxable year end                                                              |   |   | (12,463   | )      |                                                                                                                               |   | 11,987 |   |
|                                                                                      |   |   |      |   |                                                                                                                               |   |   |   |
| Amortization for tax purposes in excess of amortization                                   |   |   |      |   |                                                                                                                               |   |   |   |
| for financial reporting purposes                                                          |   |   | (5,479    | )      |                                                                                                                               |   | (7,742 | ) |
|                                                                                      |   |   |      |   |                                                                                                                               |   |   |   |
| Impairment on investments in Local Limited Partnerships                                   |   |   |      |   |                                                                                                                               |   |   |   |
| not deductible for tax purposes                                                           |   |   | 599,103   |   |                                                                                                                               |   | 141,603 |   |
|                                                                                      |   |   |      |   |                                                                                                                               |   |   |   |
| Gain on disposition of investments in Local Limited Partnerships for                      |   |   |      |   |                                                                                                                               |   |   |   |
| tax purposes in excess of gain recognized for financial                                   |   |   |      |   |                                                                                                                               |   |   |   |
| reporting purposes                                                                        |   |   | 1,539,409 |   |                                                                                                                               |   | 995,642 |   |
|                                                                                      |   |   |      |   |                                                                                                                               |   |   |   |
| Cash distributions included in net loss for financial                                     |   |   |      |   |                                                                                                                               |   |   |   |
| reporting purposes                                                                        |   |   | (26,432   | )      |                                                                                                                               |   | (3,258 | ) |
|                                                                                      |   |   |      |   |                                                                                                                               |   |   |   |
| Net Income per tax return                                                                 |   | $      | 1,129,667 |   |                                                                                                                               | $      | 323,492 |   |

|                                      |   |     Financial       |      |   |     |   |       |                                                        |   |
|-------------------------------------------|--------|------------------------------------|-----------|--------|----------|--------|------------|-------------------------------------------------------------|--------|
|                                      |   |      Reporting |      |   | Tax      |   |       |                                                        |   |
|                                      |   |     Purposes        |      |   | Purposes |   |       |         Differences |   |
|                                      |   |                               |      |   |     |   |       |                                                        |   |
| Investments in Local Limited Partnerships |   | $                                  | 1,029,569 |   |     | $      | (1,462,147 | )                                                           |   | $ | 2,491,716 |   |
| Other assets                              |   | $                                  | 1,383,021 |   |     | $      | 6,435,981  |                                                        |   | $ | (5,052,960 | ) |
| Liabilities                               |   | $                                  | 26,510    |   |     | $      | 44,315     |                                                        |   | $ | (17,805 | ) |

----

|                                      |   | Financial |      |   |     |   |       |        |   |
|-------------------------------------------|--------|-----------|-----------|--------|----------|--------|------------|-------------|--------|
|                                      |   | Reporting |      |   | Tax      |   |       |        |   |
|                                      |   | Purposes  |      |   | Purposes |   |       | Differences |   |
|                                      |   |      |      |   |     |   |       |        |   |
| Investments in Local Limited Partnerships |   | $         | 1,581,998 |   |     | $      | (2,667,985 | )           |   | $ | 4,249,983 |   |
| Other assets                              |   | $         | 1,943,578 |   |     | $      | 10,029,194 |        |   | $ | (8,085,616 | ) |
| Liabilities                               |   | $         | 73,962    |   |     | $      | 108,775    |        |   | $ | (34,813 | ) |

----

|                                         |   | 2010   |      |   | 2009   |   |
|----------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Pilot House Associates Limited Partnership   |   |   |      |   |   |   |
| Total Assets                                 |   | $      | 4,993,688 |   |   | $      | 5,163,007 |   |
| Total Liabilities                            |   | $      | 3,802,106 |   |   | $      | 3,867,809 |   |
| Revenue                                      |   | $      | 1,253,231 |   |   | $      | 1,211,426 |   |
| Net Income                                   |   | $      | 104,766   |   |   | $      | 31,742 |   |
|                                         |   |   |      |   |   |   |   |   |
| Preston Place Associates Limited Partnership |   |   |      |   |   |   |   |   |
| Total Assets                                 |   | $      | 3,340,757 |   |   | $      | 3,452,530 |   |
| Total Liabilities                            |   | $      | 3,477,211 |   |   | $      | 3,577,527 |   |
| Revenue                                      |   | $      | 1,052,868 |   |   | $      | 1,033,172 |   |
| Net Income (Loss)                            |   | $      | 3,543     |   |   | $      | (31,817 | ) |

| Linden Square Ltd. Div. Housing Assoc. Limited Partnership |   |   |    |   |   |   |
|------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Total Assets                                               |   |   | N/A     |   |   | $      | 4,727,822 |   |
| Total Liabilities                                          |   |   | N/A     |   |   | $      | 3,325,753 |   |
| Revenue                                                    |   | $      | 740,190 |   |   | $      | 700,635 |   |
| Net Loss                                                   |   | $      | (13,629 | )      |   | $      | (26,174 | ) |