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

|   | ACT      OF 1934 |
|--------|------------------|

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

|   | ACT      OF 1934 |
|--------|------------------|

| Florida                                       |   | 59-3090386                                                                 |
|-----------------------------------------------|--------|----------------------------------------------------------------------------|
| (State      or other jurisdiction             |   | (IRS      Employer No.)                                                    |
| of      incorporation or organization)        |   |                                                                       |
|                                          |   |                                                                       |
| 880 Carillon      Parkway                     |   | St.      Petersburg,   Florida    33716 |
| (Address      of principal executive offices) |   | (Zip      Code)                                                            |

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

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

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

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

----

----

|                                             | SERIES      7                                                 |   | SERIES      8                               |   | SERIES      9                                                 |
|--------------------------------------------------|---------------------------------------------------------------|--------|---------------------------------------------|--------|---------------------------------------------------------------|
|                                             | June      30,                                                 |   | March      31,                              |   | June      30,                                                 |   | March      31, |   | June      30, |   | March      31, |
|                                             | 2008                                                          |   | 2008                                        |   | 2008                                                          |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                           |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Current      Assets:                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Cash      and Cash Equivalents                   | $      330,240             |   | $   162,586             |   | $      264,550             |   | $   252,598  |   | $      141,591  |   | $      64,247  |
| Investments      in Securities                   | -                                                        |   | 202,647                                |   | -                                                        |   | 75,993  |   | 45,160  |   | 145,770  |
| Receivable      - Other                          | -                                                        |   | 696                                    |   | -                                                        |   | -  |   | -  |   | -  |
| Total      Current Assets                        | 330,240                                                  |   | 365,929                                |   | 264,550                                                  |   | 328,591  |   | 186,751  |   | 210,017  |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Investments      in Project Partnerships, net    | 278,668                                                  |   | 284,147                                |   | 295,996                                                  |   | 296,532  |   | 278,087  |   | 292,761  |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Total      Assets                                | $      608,908             |   | $   650,076             |   | $      560,546             |   | $   625,123  |   | $      464,838  |   | $    502,778  |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT           |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Current      Liabilities:                        |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Payable      to General Partners                 | $        58,203  |   | $     64,060  |   | $        64,875  |   | $     96,986  |   | $        27,892  |   | $      32,071  |
| Distribution      Payable                        | -                                                        |   | -                                      |   | 68,000                                                   |   | 68,000  |   | -  |   | -  |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Total      Current Liabilities                   | 58,203                                                   |   | 64,060                                 |   | 132,875                                                  |   | 164,986  |   | 27,892  |   | 32,071  |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Long-Term      Liabilities:                      |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Payable      to General Partners                 | 837,231                                                  |   | 815,948                                |   | 884,268                                                  |   | 862,696  |   | 539,169  |   | 526,959  |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Partners'      Deficit:                          |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Limited      Partners - 10,395, 9,980, and 6,254 |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| units      for Series 7, 8, and 9, respectively, |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| at      June 30, 2008 and March 31, 2008         | (192,383)                                                     |   | (136,355)                                   |   | (432,407)                                                     |   | (378,909) |   | (46,365) |   | (854) |
| General      Partners                            | (94,143)                                                      |   | (93,577)                                    |   | (24,190)                                                      |   | (23,650) |   | (55,858) |   | (55,398) |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Total      Partners' Deficit                     | (286,526)                                                     |   | (229,932)                                   |   | (456,597)                                                     |   | (402,559) |   | (102,223) |   | (56,252) |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit     | $      608,908             |   | $   650,076             |   | $      560,546             |   | $   625,123  |   | $      464,838  |   | $    502,778  |
|                                             |                                                          |   |                                        |   |                                                          |   |   |   |   |   |   |

----

|                                          | SERIES      10                                                |   | SERIES      11                                    |   | TOTAL      SERIES 7 - 11                                      |
|-----------------------------------------------|---------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------|
|                                          | June      30,                                                 |   | March      31,                                    |   | June      30,                                                 |   | March      31, |   | June      30, |   | March      31, |
|                                          | 2008                                                          |   | 2008                                              |   | 2008                                                          |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                        |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Current      Assets:                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Cash      and Cash Equivalents                | $      116,111             |   | $      79,049  |   | $      195,565             |   | $      81,179  |   | $   1,048,057  |   | $   639,659  |
| Investments      in Securities                | 34,888                                                   |   | 84,937                                       |   | 40,129                                                   |   | 166,036  |   | 120,177  |   | 675,383  |
| Receivable      - Other                       | -                                                        |   | -                                            |   | -                                                        |   | -  |   | -  |   | 696  |
| Total      Current Assets                     | 150,999                                                  |   | 163,986                                      |   | 235,694                                                  |   | 247,215  |   | 1,168,234  |   | 1,315,738  |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Investments      in Securities                | 36,101                                                   |   | 35,462                                       |   | 38,960                                                   |   | 38,230  |   | 75,061  |   | 73,692  |
| Investments      in Project Partnerships, net | 679,928                                                  |   | 672,563                                      |   | 925,550                                                  |   | 935,152  |   | 2,458,229  |   | 2,481,155  |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Total      Assets                             | $      867,028             |   | $    872,011             |   | $   1,200,204                             |   | $      1,220,597  |   | $   3,701,524  |   | $3,870,585  |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' EQUITY         |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Current      Liabilities:                     |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Payable      to General Partners              | $        30,463  |   | $      33,120  |   | $        12,300  |   | $      13,389  |   | $      193,733  |   | $   239,626  |
| Distribution      Payable                     | -                                                        |   | -                                            |   | -                                                        |   | -  |   | 68,000  |   | 68,000  |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Total      Current Liabilities                | 30,463                                                   |   | 33,120                                       |   | 12,300                                                   |   | 13,389  |   | 261,733  |   | 307,626  |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Long-Term      Liabilities:                   |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Payable      to General Partners              | 120,699                                                  |   | 112,303                                      |   | 55,776                                                   |   | 48,688  |   | 2,437,143  |   | 2,366,594  |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Partners'      Equity (Deficit):              |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Limited      Partners - 5,043 and 5,127 units |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| for      Series 10 and 11, respectively, at   |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| June      30, 2008 and March 31, 2008         | 752,886                                                  |   | 763,501                                      |   | 1,166,797                                                |   | 1,192,925  |   | 1,248,528  |   | 1,440,308  |
| General      Partners                         | (37,020)                                                      |   | (36,913)                                          |   | (34,669)                                                      |   | (34,405) |   | (245,880) |   | (243,943) |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Total      Partners' Equity                   | 715,866                                                  |   | 726,588                                      |   | 1,132,128                                                |   | 1,158,520  |   | 1,002,648  |   | 1,196,365  |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |
| Total      Liabilities and Partners' Equity   | $      867,028             |   | $    872,011             |   | $   1,200,204                             |   | $      1,220,597  |   | $   3,701,524  |   | $3,870,585  |
|                                          |                                                          |   |                                              |   |                                                          |   |   |   |   |   |   |

----

|                                        | SERIES      7                                                    |   | SERIES      8                         |   | SERIES      9                                    |
|---------------------------------------------|------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------------------------------|
|                                        | 2008                                                             |   | 2007                                  |   | 2008                                             |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                   |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Distribution      Income                    | $         876  |   | $    15,500  |   | $      7,765  |   | $      8,305  |   | $        2,821  |   | $        4,003  |
| Total      Revenues                         | 876                                                         |   | 15,500                           |   | 7,765                                       |   | 8,305  |   | 2,821  |   | 4,003  |
|                                        |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Expenses:                                   |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner | 21,283                                                      |   | 21,399                           |   | 21,572                                      |   | 22,255  |   | 12,210  |   | 12,267  |
| General      and Administrative:            |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| General      Partner                        | 33,691                                                      |   | 28,957                           |   | 36,283                                      |   | 31,927  |   | 20,733  |   | 17,820  |
| Other                                       | 5,004                                                       |   | 4,376                            |   | 5,264                                       |   | 2,357  |   | 3,350  |   | 2,934  |
| Amortization                                | 1,254                                                       |   | 6,535                            |   | 2,768                                       |   | 3,205  |   | 2,511  |   | 3,013  |
|                                        |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Total      Expenses                         | 61,232                                                      |   | 61,267                           |   | 65,887                                      |   | 59,744  |   | 38,804  |   | 36,034  |
|                                        |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Project      Partnerships and Other Income  | (60,356)                                                         |   | (45,767)                              |   | (58,122)                                         |   | (51,439) |   | (35,983) |   | (32,031) |
| Equity      in Income (Loss) of Project     |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Partnerships                                | 691                                                         |   | (437)                                 |   | 2,232                                       |   | 3,366  |   | (12,161) |   | (17,502) |
| Interest      Income                        | 3,071                                                       |   | 6,122                            |   | 1,852                                       |   | 4,512  |   | 2,173  |   | 3,745  |
|                                        |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Net      Loss                               | $      (56,594)                                                  |   | $      (40,082)                       |   | $      (54,038)                                  |   | $      (43,561) |   | $   (45,971) |   | $   (45,788) |
|                                        |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Allocation      of Net Loss:                |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Limited      Partners                       | $      (56,028)                                                  |   | $      (39,681)                       |   | $      (53,498)                                  |   | $      (43,125) |   | $   (45,511) |   | $   (45,330) |
| General      Partners                       | (566)                                                            |   | (401)                                 |   | (540)                                            |   | (436) |   | (460) |   | (458) |
|                                        |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
|                                        | $      (56,594)                                                  |   | $      (40,082)                       |   | $      (54,038)                                  |   | $      (43,561) |   | $   (45,971) |   | $   (45,788) |
|                                        |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit  | $     (5.39)                            |   | $     (3.82) |   | $     (5.36)            |   | $     (4.32) |   | $       (7.28) |   | $       (7.25) |
| Number      of Limited Partnership Units    |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |
| Outstanding                                 | 10,395                                                      |   | 10,395                           |   | 9,980                                       |   | 9,980  |   | 6,254  |   | 6,254  |
|                                        |                                                             |   |                                  |   |                                             |   |   |   |   |   |   |

----

|                                        | SERIES      10                                   |   | SERIES      11                                   |   | TOTAL      SERIES 7 - 11                                                                     |
|---------------------------------------------|--------------------------------------------------|--------|--------------------------------------------------|--------|----------------------------------------------------------------------------------------------|
|                                        | 2008                                             |   | 2007                                             |   | 2008                                                                                         |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                   |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Distribution      Income                    | $      3,243  |   | $      1,380  |   | $              -  |   | $      2,182  |   | $      14,705  |   | $      31,370  |
| Total      Revenues                         | 3,243                                       |   | 1,380                                       |   | -                                                                                       |   | 2,182  |   | 14,705  |   | 31,370  |
|                                        |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Expenses:                                   |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Asset      Management Fee - General Partner | 8,396                                       |   | 8,384                                       |   | 7,088                                                                                   |   | 6,938  |   | 70,549  |   | 71,243  |
| General      and Administrative:            |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| General      Partner                        | 12,958                                      |   | 11,137                                      |   | 10,367                                                                                  |   | 8,910  |   | 114,032  |   | 98,751  |
| Other                                       | 2,897                                       |   | 1,705                                       |   | 2,665                                                                                   |   | 1,958  |   | 19,180  |   | 13,330  |
| Amortization                                | 5,229                                       |   | 6,026                                       |   | 7,245                                                                                   |   | 8,374  |   | 19,007  |   | 27,153  |
|                                        |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Total      Expenses                         | 29,480                                      |   | 27,252                                      |   | 27,365                                                                                  |   | 26,180  |   | 222,768  |   | 210,477  |
|                                        |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Project      Partnerships and Other Income  | (26,237)                                         |   | (25,872)                                         |   | (27,365)                                                                                     |   | (23,998) |   | (208,063) |   | (179,107) |
| Equity      in Income (Loss) of Project     |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Partnerships                                | 13,343                                      |   | (9,459)                                          |   | (2,357)                                                                                      |   | (37,437) |   | 1,748  |   | (61,469) |
| Interest      Income                        | 2,172                                       |   | 3,488                                       |   | 3,330                                                                                   |   | 4,628  |   | 12,598  |   | 22,495  |
|                                        |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Net      Loss                               | $      (10,722)                                  |   | $      (31,843)                                  |   | $      (26,392)                                                                              |   | $      (56,807) |   | $      (193,717) |   | $      (218,081) |
|                                        |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Allocation      of Net Loss:                |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Limited      Partners                       | $      (10,615)                                  |   | $      (31,525)                                  |   | $      (26,128)                                                                              |   | $      (56,239) |   | $      (191,780) |   | $      (215,900) |
| General      Partners                       | (107)                                            |   | (318)                                            |   | (264)                                                                                        |   | (568) |   | (1,937) |   | (2,181) |
|                                        |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
|                                        | $      (10,722)                                  |   | $      (31,843)                                  |   | $      (26,392)                                                                              |   | $      (56,807) |   | $      (193,717) |   | $      (218,081) |
|                                        |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit  | $     (2.10)            |   | $     (6.25)            |   | $     (5.10)                                                        |   | $   (10.97) |   |   |   |   |
| Number      of Limited Partnership Units    |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |
| Outstanding                                 | 5,043                                       |   | 5,043                                       |   | 5,127                                                                                   |   | 5,127  |   |   |   |   |
|                                        |                                             |   |                                             |   |                                                                                         |   |   |   |   |   |   |

----

|                           | SERIES      7                                                  |   | SERIES      8                           |
|--------------------------------|----------------------------------------------------------------|--------|-----------------------------------------|
|                           | Limited                                                        |   | General                                 |   |   |   | Limited |   | General |   |   |
|                           | Partners                                                       |   | Partners                                |   | Total |   | Partners |   | Partners |   | Total |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007 | $        205,836  |   | $     (90,121) |   | $        115,715  |   | $            5,547  |   | $     (88,454) |   | $       (82,907) |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Net      Loss                  | (39,681)                                                       |   | (401)                                   |   | (40,082) |   | (43,125) |   | (436) |   | (43,561) |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2007  | $        166,155  |   | $     (90,522) |   | $          75,633  |   | $       (37,578) |   | $     (88,890) |   | $     (126,468) |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008 | $     (136,355)                       |   | $     (93,577) |   | $     (229,932) |   | $     (378,909) |   | $     (23,650) |   | $     (402,559) |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Net      Loss                  | (56,028)                                                       |   | (566)                                   |   | (56,594) |   | (53,498) |   | (540) |   | (54,038) |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008  | $     (192,383)                       |   | $     (94,143) |   | $     (286,526) |   | $     (432,407) |   | $     (24,190) |   | $     (456,597) |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |
|                           |                                                           |   |                                    |   |   |   |   |   |   |   |   |

----

|                           | SERIES      9                                                                        |   | SERIES      10                          |
|--------------------------------|--------------------------------------------------------------------------------------|--------|-----------------------------------------|
|                           | Limited                                                                              |   | General                                 |   |   |   | Limited |   | General |   |   |
|                           | Partners                                                                             |   | Partners                                |   | Total |   | Partners |   | Partners |   | Total |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007 | $        239,442                        |   | $     (52,971) |   | $        186,471  |   | $   1,319,459  |   | $     (31,297) |   | $   1,288,162  |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
| Net      Loss                  | (45,330)                                                                             |   | (458)                                   |   | (45,788) |   | (31,525) |   | (318) |   | (31,843) |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2007  | $        194,112                        |   | $     (53,429) |   | $        140,683  |   | $   1,287,934  |   | $     (31,615) |   | $   1,256,319  |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008 | $             (854) |   | $     (55,398) |   | $        (56,252) |   | $      763,501  |   | $     (36,913) |   | $      726,588  |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
| Net      Loss                  | (45,511)                                                                             |   | (460)                                   |   | (45,971) |   | (10,615) |   | (107) |   | (10,722) |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008  | $        (46,365)                            |   | $     (55,858) |   | $      (102,223) |   | $      752,886  |   | $     (37,020) |   | $      715,866  |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |
|                           |                                                                                 |   |                                    |   |   |   |   |   |   |   |   |

----

|                           | SERIES      11                           |   | TOTAL      SERIES 7 - 11                      |
|--------------------------------|------------------------------------------|--------|-----------------------------------------------|
|                           | Limited                                  |   | General                                       |   |   |   | Limited |   | General |   |   |
|                           | Partners                                 |   | Partners                                      |   | Total |   | Partners |   | Partners |   | Total |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007 | $    1,815,414  |   | $      (28,117) |   | $    1,787,297  |   | $    3,585,698  |   | $    (290,960) |   | $    3,294,738  |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
| Net      Loss                  | (56,239)                                 |   | (568)                                         |   | (56,807) |   | (215,900) |   | (2,181) |   | (218,081) |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2007  | $    1,759,175  |   | $      (28,685) |   | $    1,730,490  |   | $    3,369,798  |   | $    (293,141) |   | $    3,076,657  |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008 | $    1,192,925  |   | $      (34,405) |   | $    1,158,520  |   | $    1,440,308  |   | $    (243,943) |   | $    1,196,365  |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
| Net      Loss                  | (26,128)                                 |   | (264)                                         |   | (26,392) |   | (191,780) |   | (1,937) |   | (193,717) |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008  | $    1,166,797  |   | $      (34,669) |   | $    1,132,128  |   | $    1,248,528  |   | $    (245,880) |   | $    1,002,648  |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |
|                           |                                     |   |                                          |   |   |   |   |   |   |   |   |

----

|                                                      | SERIES      7                                      |   | SERIES      8                                      |
|-----------------------------------------------------------|----------------------------------------------------|--------|----------------------------------------------------|
|                                                      | 2008                                               |   | 2007                                               |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                |                                               |   |                                               |   |   |   |   |
| Net      Loss                                             | $     (56,594)            |   | $     (40,082)            |   | $     (54,038) |   | $     (43,561) |
| Adjustments      to Reconcile Net Loss to Net Cash        |                                               |   |                                               |   |   |   |   |
| Used      in Operating Activities:                        |                                               |   |                                               |   |   |   |   |
| Amortization                                              | 1,254                                         |   | 6,535                                         |   | 2,768  |   | 3,205  |
| Accreted      Interest Income on Investment in Securities | -                                             |   | (1,516)                                            |   | -  |   | (1,369) |
| Premium      (Discount) on Investment in Securities       | 70                                            |   | (822)                                              |   | 27  |   | (515) |
| Equity      in (Income) Loss of Project Partnerships      | (691)                                              |   | 437                                           |   | (2,232) |   | (3,366) |
| Distribution      Income                                  | (876)                                              |   | (15,500)                                           |   | (7,765) |   | (8,305) |
| Changes      in Operating Assets and Liabilities:         |                                               |   |                                               |   |   |   |   |
| Decrease      (Increase) in Interest Receivable           | 2,577                                         |   | (1,834)                                            |   | 966  |   | (1,148) |
| Decrease      in Receivable - Other                       | 696                                           |   | -                                             |   | -  |   | -  |
| Increase      (Decrease) in Payable to General Partners   | 15,426                                        |   | 16,886                                        |   | (10,539) |   | 17,903  |
| Net      Cash Used In Operating Activities                | (38,138)                                           |   | (35,896)                                           |   | (70,813) |   | (37,156) |
|                                                      |                                               |   |                                               |   |   |   |   |
| Cash      Flows from Investing Activities:                |                                               |   |                                               |   |   |   |   |
| Distributions      Received from Project Partnerships     | 5,792                                         |   | 15,500                                        |   | 7,765  |   | 8,305  |
| Redemption      of Investment Securities                  | 200,000                                       |   | -                                             |   | 75,000  |   | -  |
| Net      Cash Provided by Investing Activities            | 205,792                                       |   | 15,500                                        |   | 82,765  |   | 8,305  |
|                                                      |                                               |   |                                               |   |   |   |   |
| Increase      (Decrease) in Cash and Cash Equivalents     | 167,654                                       |   | (20,396)                                           |   | 11,952  |   | (28,851) |
| Cash      and Cash Equivalents at Beginning of Year       | 162,586                                       |   | 179,018                                       |   | 252,598  |   | 135,130  |
|                                                      |                                               |   |                                               |   |   |   |   |
| Cash      and Cash Equivalents at End of Period           | $      330,240  |   | $      158,622  |   | $      264,550  |   | $      106,279  |
|                                                      |                                               |   |                                               |   |   |   |   |
|                                                      |                                               |   |                                               |   |   |   |   |
|                                                      |                                               |   |                                               |   |   |   |   |

----

|                                                      | SERIES      9                                      |   | SERIES      10                                                |
|-----------------------------------------------------------|----------------------------------------------------|--------|---------------------------------------------------------------|
|                                                      | 2008                                               |   | 2007                                                          |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                |                                               |   |                                                          |   |   |   |   |
| Net      Loss                                             | $     (45,971)            |   | $     (45,788)                       |   | $     (10,722) |   | $     (31,843) |
| Adjustments      to Reconcile Net Loss to Net Cash        |                                               |   |                                                          |   |   |   |   |
| Used      in Operating Activities:                        |                                               |   |                                                          |   |   |   |   |
| Amortization                                              | 2,511                                         |   | 3,013                                                    |   | 5,229  |   | 6,026  |
| Accreted      Interest Income on Investment in Securities | (712)                                              |   | (1,344)                                                       |   | (1,253) |   | (1,741) |
| Premium      (Discount) on Investment in Securities       | 36                                            |   | (514)                                                         |   | 18  |   | (409) |
| Equity      in Loss (Income) of Project Partnerships      | 12,161                                        |   | 17,502                                                   |   | (13,343) |   | 9,459  |
| Distribution      Income                                  | (2,821)                                            |   | (4,003)                                                       |   | (3,243) |   | (1,380) |
| Changes      in Operating Assets and Liabilities:         |                                               |   |                                                          |   |   |   |   |
| Decrease      (Increase) in Interest Receivable           | 1,288                                         |   | (1,148)                                                       |   | 644  |   | (913) |
| Increase      in Payable to General Partners              | 8,031                                         |   | 9,071                                                    |   | 5,739  |   | 5,893  |
| Net      Cash Used In Operating Activities                | (25,477)                                           |   | (23,211)                                                      |   | (16,931) |   | (14,908) |
|                                                      |                                               |   |                                                          |   |   |   |   |
| Cash      Flows from Investing Activities:                |                                               |   |                                                          |   |   |   |   |
| Distributions      Received from Project Partnerships     | 2,821                                         |   | 4,003                                                    |   | 3,993  |   | 2,130  |
| Redemption      of Investment Securities                  | 100,000                                       |   | -                                                        |   | 50,000  |   | -  |
| Net      Cash Provided by Investing Activities            | 102,821                                       |   | 4,003                                                    |   | 53,993  |   | 2,130  |
|                                                      |                                               |   |                                                          |   |   |   |   |
| Increase      (Decrease) in Cash and Cash Equivalents     | 77,344                                        |   | (19,208)                                                      |   | 37,062  |   | (12,778) |
| Cash      and Cash Equivalents at Beginning of Year       | 64,247                                        |   | 70,044                                                   |   | 79,049  |   | 40,351  |
|                                                      |                                               |   |                                                          |   |   |   |   |
| Cash      and Cash Equivalents at End of Period           | $      141,591  |   | $        50,836  |   | $      116,111  |   | $        27,573  |
|                                                      |                                               |   |                                                          |   |   |   |   |
|                                                      |                                               |   |                                                          |   |   |   |   |
|                                                      |                                               |   |                                                          |   |   |   |   |

----

|                                                      | SERIES      11                                     |   | TOTAL      SERIES 7 - 11                                      |
|-----------------------------------------------------------|----------------------------------------------------|--------|---------------------------------------------------------------|
|                                                      | 2008                                               |   | 2007                                                          |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                |                                               |   |                                                          |   |   |   |   |
| Net      Loss                                             | $     (26,392)            |   | $     (56,807)                       |   | $   (193,717) |   | $   (218,081) |
| Adjustments      to Reconcile Net Loss to Net Cash        |                                               |   |                                                          |   |   |   |   |
| Used      in Operating Activities:                        |                                               |   |                                                          |   |   |   |   |
| Amortization                                              | 7,245                                         |   | 8,374                                                    |   | 19,007  |   | 27,153  |
| Accreted      Interest Income on Investment in Securities | (1,477)                                            |   | (2,079)                                                       |   | (3,442) |   | (8,049) |
| Premium      (Discount) on Investment in Securities       | 44                                            |   | (615)                                                         |   | 195  |   | (2,875) |
| Equity      in Loss (Income) of Project Partnerships      | 2,357                                         |   | 37,437                                                   |   | (1,748) |   | 61,469  |
| Distribution      Income                                  | -                                             |   | (2,182)                                                       |   | (14,705) |   | (31,370) |
| Changes      in Operating Assets and Liabilities:         |                                               |   |                                                          |   |   |   |   |
| Decrease      (Increase) in Interest Receivable           | 1,610                                         |   | (1,374)                                                       |   | 7,085  |   | (6,417) |
| Decrease      in Receivable - Other                       | -                                             |   | -                                                        |   | 696  |   | -  |
| Increase      in Payable to General Partners              | 5,999                                         |   | 4,410                                                    |   | 24,656  |   | 54,163  |
| Net      Cash Used In Operating Activities                | (10,614)                                           |   | (12,836)                                                      |   | (161,973) |   | (124,007) |
|                                                      |                                               |   |                                                          |   |   |   |   |
| Cash      Flows from Investing Activities:                |                                               |   |                                                          |   |   |   |   |
| Distributions      Received from Project Partnerships     | -                                             |   | 2,982                                                    |   | 20,371  |   | 32,920  |
| Redemption      of Investment Securities                  | 125,000                                       |   | -                                                        |   | 550,000  |   | -  |
| Net      Cash Provided by Investing Activities            | 125,000                                       |   | 2,982                                                    |   | 570,371  |   | 32,920  |
|                                                      |                                               |   |                                                          |   |   |   |   |
| Increase      (Decrease) in Cash and Cash Equivalents     | 114,386                                       |   | (9,854)                                                       |   | 408,398  |   | (91,087) |
| Cash      and Cash Equivalents at Beginning of Year       | 81,179                                        |   | 53,170                                                   |   | 639,659  |   | 477,713  |
|                                                      |                                               |   |                                                          |   |   |   |   |
| Cash      and Cash Equivalents at End of Period           | $      195,565  |   | $        43,316  |   | $   1,048,057  |   | $      386,626  |
|                                                      |                                               |   |                                                          |   |   |   |   |
|                                                      |                                               |   |                                                          |   |   |   |   |
|                                                      |                                               |   |                                                          |   |   |   |   |

----

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

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

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

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

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

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

| 4)   | Increased      for loans or advances made to the Project Partnerships by      Gateway. |
|----------------|----------------------------------------------------------------------------------------|

----

----

----

|                       | Series      7                                                                                                        |   | Series      8                                                        |
|----------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | June      30, 2008                                                                                                   |   | March      31, 2008                                                  |   | June      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $                  -  |   | $         202,647  |   | $                  -  |   | $           75,993  |
| Gross      Unrealized Loss | -                                                                                                               |   | (803)                                                                |   | -  |   | (301) |
|                       |                                                                                                                 |   |                                                                 |   |   |   |   |
| Fair      Value            | $                  -  |   | $         201,844  |   | $                  -  |   | $           75,692  |

|                       | Series      9                                                 |   | Series      10                                                       |
|----------------------------|---------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | June      30, 2008                                            |   | March      31, 2008                                                  |   | June      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $        45,160  |   | $         145,770  |   | $        70,989  |   | $         120,399  |
| Gross      Unrealized Gain | 1,233                                                    |   | 1,540                                                           |   | 2,978  |   | 4,453  |
|                       |                                                          |   |                                                                 |   |   |   |   |
| Fair      Value            | $        46,393  |   | $         147,310  |   | $        73,967  |   | $         124,852  |

|                       | Series      11                                                |   | Total      Series 7 – 11                                       |
|----------------------------|---------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | June      30, 2008                                            |   | March      31, 2008                                                  |   | June      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $        79,089  |   | $         204,266  |   | $      195,238  |   | $         749,075  |
| Gross      Unrealized Gain | 4,645                                                    |   | 6,086                                                           |   | 8,856  |   | 10,975  |
|                       |                                                          |   |                                                                 |   |   |   |   |
| Fair      Value            | $        83,734  |   | $         210,352  |   | $      204,094  |   | $         760,050  |

|                                       | Series      7                                                                     |   | Series      8                                                               |   | Series      9        |
|--------------------------------------------|----------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|---------------------------|
| Due      within 1 year                     | $             -  |   | $            -  |   | $  45,160  |
| After      1 year through 5 years          | -                                                                                 |   | -                                                                           |   | -                    |
| Total      Amount Carried on Balance Sheet | $             -  |   | $            -  |   | $  45,160  |

|                                       | Series      10             |   | Series      11             |   | Total      |
|--------------------------------------------|---------------------------------|--------|---------------------------------|--------|----------------------|
| Due      within 1 year                     | $   34,888  |   | $   40,129  |   | $      120,177  |
| After      1 year through 5 years          | 36,101                     |   | 38,960                     |   | 75,061          |
| Total      Amount Carried on Balance Sheet | $   70,989  |   | $   79,089  |   | $      195,238  |

----

|           | 2008                      |   | 2007                      |
|----------------|---------------------------|--------|---------------------------|
| Series      7  | $   21,283 |   | $   21,399 |
| Series      8  | 21,572                    |   | 22,255                    |
| Series      9  | 12,210                    |   | 12,267                    |
| Series      10 | 8,396                     |   | 8,384                     |
| Series      11 | 7,088                     |   | 6,938                     |
| Total          | $   70,549 |   | $   71,243 |

|           | 2008                      |   | 2007                      |
|----------------|---------------------------|--------|---------------------------|
| Series      7  | $   33,691 |   | $   28,957 |
| Series      8  | 36,283                    |   | 31,927                    |
| Series      9  | 20,733                    |   | 17,820                    |
| Series      10 | 12,958                    |   | 11,137                    |
| Series      11 | 10,367                    |   | 8,910                     |
| Total          | $      114,032            |   | $   98,751 |

----

|  As      of June 30, 2008, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 7 - 39, Series 8 - 42, and Series 9 - 24) which own and operate      government assisted multi-family housing complexes.  Cash flows      from operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | SERIES      7 |   | SERIES      8 |   | SERIES      9 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | June      30, |   | March      31, |   | June      30, |   | March      31, |   | June      30, |   | March      31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2008 |   | 2008 |   | 2008 |   | 2008 |   | 2008 |   | 2008 |
| Capital      Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| and      purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| interests      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $   7,732,089  |   | $   7,732,089  |   | $    7,400,711  |   | $    7,400,711  |   | $     4,914,116  |   | $     4,914,116  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | -  |   | -  |   | 24,220  |   | 24,220  |   | -  |   | -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative      equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships      (1) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (7,331,116) |   | (7,331,807) |   | (7,293,369) |   | (7,295,601) |   | (4,490,557) |   | (4,478,396) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative      distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (263,282) |   | (258,366) |   | (183,855) |   | (183,855) |   | (164,040) |   | (164,038) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Investment      in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 137,691  |   | 141,916  |   | (52,293) |   | (54,525) |   | 259,519  |   | 271,682  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Excess      of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| assets      acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition      fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 793,335  |   | 793,335  |   | 536,715  |   | 536,715  |   | 244,087  |   | 244,087  |
| Accumulated      amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| fees      and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (283,100) |   | (281,846) |   | (157,080) |   | (154,312) |   | (97,987) |   | (95,476) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (369,258) |   | (369,258) |   | (31,346) |   | (31,346) |   | (127,532) |   | (127,532) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Investments      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $      278,668  |   | $      284,147  |   | $       295,996  |   | $       296,532  |   | $        278,087  |   | $        292,761  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $6,019,901      in Series 7, $6,755,860 in Series 8, and $2,427,820 in Series 9 for the      period ended June 30, 2008; and cumulative suspended losses of $5,952,195      in Series 7, $6,687,886 in Series 8, and $2,389,400 in Series 9 for the      year ended March 31, 2008 are not included.                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| (2)      In accordance with Gateway's accounting policy to apply equity in losses      of Project Partnerships to receivables from Project Partnerships, $24,220      in losses are included in Series 8 as of June 30, 2008 and March 31,      2008.  (See discussion of EITF 98-13 in Note 2 - Significant      Accounting Policies.)                                                                                                                                                                                  |

----

|  As      of June 30, 2008, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 10 - 15 and Series 11 - 12) which own and operate government      assisted multi-family housing complexes.  Cash flows from      operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SERIES      10 |   | SERIES      11 |   | TOTAL      SERIES 7 - 11 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | June      30, |   | March      31, |   | June      30, |   | March      31, |   | June      30, |   | March      31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2008 |   | 2008 |   | 2008 |   | 2008 |   | 2008 |   | 2008 |
| Capital      Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| and      purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| interests      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $   3,914,672  |   | $   3,914,672  |   | $   4,128,042  |   | $   4,128,042  |   | $   28,089,630  |   | $   28,089,630  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | -  |   | -  |   | -  |   | -  |   | 24,220  |   | 24,220  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative      equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships      (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (2,494,260) |   | (2,507,603) |   | (1,714,253) |   | (1,711,896) |   | (23,323,555) |   | (23,325,303) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative      distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (221,471) |   | (220,722) |   | (189,109) |   | (189,109) |   | (1,021,757) |   | (1,016,090) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Investment      in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1,198,941  |   | 1,186,347  |   | 2,224,680  |   | 2,227,037  |   | 3,768,538  |   | 3,772,457  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Excess      of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| assets      acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition      fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 196,738  |   | 196,738  |   | 290,335  |   | 290,335  |   | 2,061,210  |   | 2,061,210  |
| Accumulated      amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| fees      and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (136,743) |   | (131,514) |   | (188,737) |   | (181,492) |   | (863,647) |   | (844,640) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (579,008) |   | (579,008) |   | (1,400,728) |   | (1,400,728) |   | (2,507,872) |   | (2,507,872) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Investments      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      679,928  |   | $      672,563  |   | $      925,550  |   | $      935,152  |   | $     2,458,229  |   | $     2,481,155  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $501,460      in Series 10 and $1,083,394 in Series 11 for the period ended June 30,      2008; and cumulative suspended losses of $489,099 in Series 10 and      $1,051,744 in Series 11 for the year ended March 31, 2008 are not      included.                                                                                                          |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 7 and Series 8 as of      March 31 and the respective summarized statements of operations for the      three months ended March 31 of each year: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                              | SERIES      7 |   | SERIES      8   (1) |
|                                                                                                                                                                                                                                                                                                                                                                              | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                               | $      4,931,860  |   | $      4,611,007  |   | $      4,748,839  |   | $      4,528,600  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                   | 24,421,354  |   | 25,628,761  |   | 24,672,709  |   | 26,907,202  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                 | 51,722  |   | 27,854  |   | 290,475  |   | 54,160  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                 | $    29,404,936  |   | $    30,267,622  |   | $    29,712,023  |   | $    31,489,962  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                          | $      1,009,069  |   | $         746,549  |   | $      1,394,683  |   | $      1,132,902  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                               | 34,955,515  |   | 35,419,494  |   | 35,854,400  |   | 37,297,268  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                            | 35,964,584  |   | 36,166,043  |   | 37,249,083  |   | 38,430,170  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Partners'      deficit                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                              | (6,126,904) |   | (5,488,527) |   | (6,847,279) |   | (6,191,107) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                             | (432,744) |   | (409,894) |   | (689,781) |   | (749,101) |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                      | (6,559,648) |   | (5,898,421) |   | (7,537,060) |   | (6,940,208) |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                      | $    29,404,936  |   | $    30,267,622  |   | $    29,712,023  |   | $    31,489,962  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                      | $      1,364,062  |   | $      1,356,343  |   | $      1,350,329  |   | $      1,348,808  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                           | 871,871  |   | 869,287  |   | 852,924  |   | 856,150  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                             | 185,984  |   | 189,228  |   | 191,930  |   | 203,648  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                | 373,899  |   | 368,806  |   | 372,361  |   | 378,946  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                               | 1,431,754  |   | 1,427,321  |   | 1,417,215  |   | 1,438,744  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                     | $        (67,692) |   | $        (70,978) |   | $        (66,886) |   | $        (89,936) |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                            | $             (677) |   | $             (710) |   | $          (1,144) |   | $          (1,568) |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                  | $        (67,015) |   | $        (70,268) |   | $        (65,742) |   | $        (88,368) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                             | 67,706  |   | 69,831  |   | 67,974  |   | 91,734  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Equity      in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                              | $                691  |   | $             (437) |   | $             2,232  |   | $             3,366  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |

----

|  (1)    As      discussed in Note 4, an affiliate of the General Partner (Value Partners,      Inc.) is the operating general partner in one of the Project Partnerships      included in Series 8 above (Logan Heights).  The Logan Heights      Project Partnership is not consolidated in Gateway's financial statements      as Gateway's investment in Logan Heights is accounted for under the equity      method.  The information below is included for related party      disclosure purposes.  The Project Partnership's financial      information for the periods ending March 2008 and March 2007 is as      follows: |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | March      2008 |   | March      2007 |   |
| Total      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $           502,270  |   | $           525,316  |   |
| Total      Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 809,281  |   | 811,929  |   |
| Gateway      Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (275,292) |   | (169,918) |   |
| Other      Partner's Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (31,719) |   | (116,695) |   |
| Total      Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 29,674  |   | 26,850  |   |
| Net      Loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $            (3,316) |   | $            (1,369) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 9 and Series 10 as      of March 31 and the respective summarized statements of operations for the      three months ended March 31 of each year: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                               | SERIES      9 |   | SERIES      10 |
|                                                                                                                                                                                                                                                                                                                                                                               | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                | $      2,378,145  |   | $      2,304,701  |   | $      2,092,838  |   | $      1,925,016  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                    | 14,946,390  |   | 15,606,717  |   | 11,473,205  |   | 11,774,878  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                  | 44,417  |   | 7,263  |   | 11,208  |   | 7,600  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                  | $    17,368,952  |   | $    17,918,681  |   | $    13,577,251  |   | $    13,707,494  |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                           | $         412,149  |   | $         254,953  |   | $         412,799  |   | $         321,519  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                | 19,596,802  |   | 19,818,860  |   | 12,934,608  |   | 12,982,207  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                             | 20,008,951  |   | 20,073,813  |   | 13,347,407  |   | 13,303,726  |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                               | (2,238,328) |   | (1,791,080) |   | 685,816  |   | 830,704  |
| General      Partners                                                                                                                                                                                                                                                                                                                                                              | (401,671) |   | (364,052) |   | (455,972) |   | (426,936) |
| Total      partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                              | (2,639,999) |   | (2,155,132) |   | 229,844  |   | 403,768  |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Total      liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                                                              | $    17,368,952  |   | $    17,918,681  |   | $    13,577,251  |   | $    13,707,494  |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                       | $         699,664  |   | $         681,993  |   | $         479,911  |   | $         463,465  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                            | 453,894  |   | 441,464  |   | 303,853  |   | 303,387  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                              | 100,857  |   | 119,369  |   | 55,494  |   | 56,977  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                 | 196,006  |   | 193,732  |   | 119,851  |   | 116,491  |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                | 750,757  |   | 754,565  |   | 479,198  |   | 476,855  |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Net      (loss) income                                                                                                                                                                                                                                                                                                                                                             | $        (51,093) |   | $        (72,572) |   | $                713  |   | $        (13,390) |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                             | $             (512) |   | $        (15,301) |   | $              (269) |   | $             (248) |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Gateway's      share of net (loss) income                                                                                                                                                                                                                                                                                                                                          | $        (50,581) |   | $        (57,271) |   | $                982  |   | $        (13,142) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                              | 38,420  |   | 39,769  |   | 12,361  |   | 3,683  |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                               | $        (12,161) |   | $        (17,502) |   | $           13,343  |   | $          (9,459) |
|                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 11 and Total Series      7 - 11 as of March 31 and the respective summarized statements of      operations for the three months ended March 31 of each    year: |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                             | SERIES      11 |   | TOTAL      SERIES 7 - 11 |
|                                                                                                                                                                                                                                                                                                                                                                                             | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                              | $      1,202,056  |   | $      1,141,608  |   | $    15,353,738  |   | $    14,510,932  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                                  | 9,768,145  |   | 10,184,191  |   | 85,281,803  |   | 90,101,749  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                | 271,646  |   | 269,696  |   | 669,468  |   | 366,573  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                | $    11,241,847  |   | $    11,595,495  |   | $  101,305,009  |   | $  104,979,254  |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                         | $         417,158  |   | $         290,098  |   | $      3,645,858  |   | $      2,746,021  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                              | 10,035,475  |   | 10,310,418  |   | 113,376,800  |   | 115,828,247  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                           | 10,452,633  |   | 10,600,516  |   | 117,022,658  |   | 118,574,268  |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                             | 1,141,893  |   | 1,300,507  |   | (13,384,802) |   | (11,339,503) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                            | (352,679) |   | (305,528) |   | (2,332,847) |   | (2,255,511) |
| Total      partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                            | 789,214  |   | 994,979  |   | (15,717,649) |   | (13,595,014) |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Total      liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                            | $    11,241,847  |   | $    11,595,495  |   | $  101,305,009  |   | $  104,979,254  |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                     | $         444,153  |   | $         410,166  |   | $      4,338,119  |   | $      4,260,775  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                          | 294,148  |   | 309,635  |   | 2,776,690  |   | 2,779,923  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                            | 53,165  |   | 53,194  |   | 587,430  |   | 622,416  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                               | 132,468  |   | 124,385  |   | 1,194,585  |   | 1,182,360  |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                              | 479,781  |   | 487,214  |   | 4,558,705  |   | 4,584,699  |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                    | $        (35,628) |   | $        (77,048) |   | $      (220,586) |   | $      (323,924) |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                           | $          (1,621) |   | $          (2,385) |   | $          (4,223) |   | $        (20,212) |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                                 | $        (34,007) |   | $        (74,663) |   | $      (216,363) |   | $      (303,712) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                            | 31,650  |   | 37,226  |   | 218,111  |   | 242,243  |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                             | $          (2,357) |   | $        (37,437) |   | $             1,748  |   | $        (61,469) |
|                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |

----

|  TransactionMonth      / Year |   Project      Partnership |   Net      Proceeds |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal |
|------------------------------------|--------------------------------------|-------------------------------|-----------------------------------------|----------------------------------------|
| March      2008                    | Morningside      Villa               | $      68,000            | $  6.81                  | $      68,000                     |
|                               |                                 |                          |                                    | $      68,000                     |

----

----

----

----

----

|  TransactionMonth      / Year |   Project      Partnership |   Net      Proceeds |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal |
|------------------------------------|--------------------------------------|-------------------------------|-----------------------------------------|----------------------------------------|
| March      2008                    | Morningside      Villa               | $      68,000            | $  6.81                  | $      68,000                     |
|                               |                                 |                          |                                    | $      68,000                     |

| Horton      Housing, L.P. | Atoka      Properties |
|---------------------------|-----------------------|
| Coalgate      Properties  |                  |

| Antlers      Properties            | Antlers      Properties II                     |
|------------------------------------|------------------------------------------------|
| AAA      Properties of Bentonville | Meadowview      Properties Limited Partnership |

----

| Pioneer      Apartments | Spring      Creek Apartments II, L.P. |
|-------------------------|---------------------------------------|

| Cedar      Hollow Apartments Limited Partnership | Sunrise      I Apartments Limited Partnership  |
|--------------------------------------------------|------------------------------------------------|
| Burbank      Apartments Limited Partnership      | Washington      Apartments Limited Partnership |
| Walnut      Apartments Limited Partnership       |                                           |

----

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

| Date:      August 13,      2008 |   | By:/s/ Ronald M.      Diner |
|---------------------------------|--------|-----------------------------|
|                            |   | Ronald      M. Diner        |
|                            |   | President,      Director    |

| Date:      August 13,      2008 |   | By:/s/ Jonathan      Oorlog                    |
|---------------------------------|--------|------------------------------------------------|
|                            |   | Jonathan      Oorlog                           |
|                            |   | Vice      President and Chief FinancialOfficer |

| Date:      August 13,      2008 |   | By:/s/ Sandra C.      Humphreys |
|---------------------------------|--------|---------------------------------|
|                            |   | Sandra      C. Humphreys        |
|                            |   | Secretary      and Treasurer    |