----

|   | [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 of incorporation or organization) |   | (IRS Employer No.)                                                    |
|                                                           |   |                                                                  |
| 880 Carillon Parkway                                           |   | St. Petersburg,   Florida    33716 |
| (Address of principal executive offices)                       |   | (Zip Code)                                                            |

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

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

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

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

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

----

----

|                                                                                          | SERIES 7                                                                                                        |   | SERIES 8                                                                                                  |   | SERIES 9                                                                                                  |
|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|
|                                                                                          | December 31,                                                                                                    |   | March 31,                                                                                                 |   | December 31,                                                                                              |   | March 31, |   | December 31, |   | March 31, |
|                                                                                          | 2010                                                                                                            |   | 2010                                                                                                      |   | 2010                                                                                                      |   | 2010 |   | 2010 |   | 2010 |
| ASSETS                                                                                        |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
| Current Assets:                                                                               |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|    Cash and Cash Equivalents                                                   | $                493,629        |   | $                209,702  |   | $                235,792  |   | $                238,988  |   | $                144,612  |   | $                  96,912  |
|    Receivable - Other                                                          | 272,333                                                                                                    |   | -                                                                                                    |   | -                                                                                                    |   | -  |   | -  |   | -  |
|      Total Current Assets                                            | 765,962                                                                                                    |   | 209,702                                                                                              |   | 235,792                                                                                              |   | 238,988  |   | 144,612  |   | 96,912  |
|                                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|    Investments in Project Partnerships, net                                    | -                                                                                                          |   | 84,017                                                                                               |   | -                                                                                                    |   | -  |   | -  |   | -  |
|                                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|          Total Assets                            | $                765,962        |   | $                293,719       |   | $                235,792       |   | $                238,988  |   | $                144,612  |   | $                  96,912  |
|                                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' DEFICIT                                                             |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
| Current Liabilities:                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|    Payable to General Partners                                                 | $                  49,041  |   | $                105,464  |   | $                229,035       |   | $                215,965  |   | $                  80,301  |   | $                  66,214  |
|    Distribution Payable                                                        | 358,389                                                                                                    |   | 5,066                                                                                                |   | 23,385                                                                                               |   | 23,385  |   | 53,030  |   | 10,000  |
|    Deferred Gain on Sale of Project Partnerships                               | 187,362                                                                                                    |   | -                                                                                                    |   | -                                                                                                    |   | -  |   | -  |   | -  |
|                                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|      Total Current Liabilities                                       | 594,792                                                                                                    |   | 110,530                                                                                              |   | 252,420                                                                                              |   | 239,350  |   | 133,331  |   | 76,214  |
|                                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
| Long-Term Liabilities:                                                                        |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|    Payable to General Partners                                                 | 1,007,678                                                                                                  |   | 963,160                                                                                              |   | 1,095,113                                                                                            |   | 1,034,764  |   | 658,870  |   | 624,387  |
|                                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
| Partners' Equity (Deficit):                                                                   |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|    Limited Partners - 10,395, 9,980, and 6,254                                 |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|      units for Series 7, 8, and 9, respectively,                     |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|      at December 31, 2010 and March 31, 2010                         | (841,925)                                                                                                       |   | (782,420)                                                                                                 |   | (1,104,348)                                                                                               |   | (1,028,499) |   | (639,307) |   | (552,816) |
|    General Partners                                                            | 5,417                                                                                                      |   | 2,449                                                                                                |   | (7,393)                                                                                                   |   | (6,627) |   | (8,282) |   | (50,873) |
|                                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|      Total Partners' Deficit                                         | (836,508)                                                                                                       |   | (779,971)                                                                                                 |   | (1,111,741)                                                                                               |   | (1,035,126) |   | (647,589) |   | (603,689) |
|                                                                                          |                                                                                                            |   |                                                                                                      |   |                                                                                                      |   |   |   |   |   |   |
|          Total Liabilities and Partners' Deficit | $                765,962        |   | $                293,719       |   | $                235,792       |   | $                238,988  |   | $                144,612  |   | $                  96,912  |

----

|                                                                                                   | SERIES 10                                                                                                       |   | SERIES 11                                                                                                            |   | TOTAL SERIES 7 - 11                                                                                             |
|--------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                   | December 31,                                                                                                    |   | March 31,                                                                                                            |   | December 31,                                                                                                    |   | March 31, |   | December 31, |   | March 31, |
|                                                                                                   | 2010                                                                                                            |   | 2010                                                                                                                 |   | 2010                                                                                                            |   | 2010 |   | 2010 |   | 2010 |
| ASSETS                                                                                                 |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
| Current Assets:                                                                                        |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|    Cash and Cash Equivalents                                                            | $                147,298             |   | $                153,638             |   | $                176,004        |   | $                209,968  |   | $             1,197,335  |   | $                909,208  |
|    Receivable - Other                                                                   | -                                                                                                          |   | -                                                                                                               |   | 177,667                                                                                                    |   | -  |   | 450,000  |   | -  |
|      Total Current Assets                                                     | 147,298                                                                                                    |   | 153,638                                                                                                         |   | 353,671                                                                                                    |   | 209,968  |   | 1,647,335  |   | 909,208  |
|                                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|    Investments in Project Partnerships, net                                             | 70,612                                                                                                     |   | 97,267                                                                                                          |   | 246,828                                                                                                    |   | 411,872  |   | 317,440  |   | 593,156  |
|                                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|          Total Assets                                     | $                217,910        |   | $                250,905                  |   | $                600,499             |   | $                621,840  |   | $             1,964,775  |   | $             1,502,364  |
|                                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT)                                                             |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
| Current Liabilities:                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|    Payable to General Partners                                                          | $                  50,489  |   | $                  54,975  |   | $                  10,859  |   | $                  14,511  |   | $                419,725  |   | $                457,129  |
|    Distribution Payable                                                                 | 10,000                                                                                                     |   | 10,000                                                                                                          |   | -                                                                                                          |   | -  |   | 444,804  |   | 48,451  |
|    Deferred Gain on Sale of Project Partnerships                                        | -                                                                                                          |   | -                                                                                                               |   | 125,774                                                                                                    |   | -  |   | 313,136  |   | -  |
|                                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|      Total Current Liabilities                                                | 60,489                                                                                                     |   | 64,975                                                                                                          |   | 136,633                                                                                                    |   | 14,511  |   | 1,177,665  |   | 505,580  |
|                                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
| Long-Term Liabilities:                                                                                 |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|    Payable to General Partners                                                          | 202,749                                                                                                    |   | 179,311                                                                                                         |   | 126,080                                                                                                    |   | 105,164  |   | 3,090,490  |   | 2,906,786  |
|                                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
| Partners' Equity (Deficit):                                                                            |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|    Limited Partners - 5,043 and 5,127 units                                             |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|      for Series 10 and 11, respectively, at                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|      at December 31, 2010 and March 31, 2010                                  | (10,695)                                                                                                        |   | 40,732                                                                                                          |   | 380,399                                                                                                    |   | 543,134  |   | (2,215,876) |   | (1,779,869) |
|    General Partners                                                                     | (34,633)                                                                                                        |   | (34,113)                                                                                                             |   | (42,613)                                                                                                        |   | (40,969) |   | (87,504) |   | (130,133) |
|                                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|      Total Partners' Equity (Deficit)                                         | (45,328)                                                                                                        |   | 6,619                                                                                                           |   | 337,786                                                                                                    |   | 502,165  |   | (2,303,380) |   | (1,910,002) |
|                                                                                                   |                                                                                                            |   |                                                                                                                 |   |                                                                                                            |   |   |   |   |   |   |
|          Total Liabilities and Partners' Equity (Deficit) | $                217,910        |   | $                250,905             |   | $                600,499             |   | $                621,840  |   | $             1,964,775  |   | $             1,502,364  |

----

|                                                 | SERIES 7                                                                                                                   |   | SERIES 8                                                                                                                        |   | SERIES 9                                                                                                                   |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|
|                                                 | 2010                                                                                                                       |   | 2009                                                                                                                            |   | 2010                                                                                                                       |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                            |                                                                                                                       |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
|   Distribution Income                      | $                    8,071  |   | $                    7,640  |   | $                    7,415  |   | $                    3,218  |   | $                    5,007  |   | $                    1,959  |
|     Total Revenues               | 8,071                                                                                                                 |   | 7,640                                                                                                                      |   | 7,415                                                                                                                 |   | 3,218  |   | 5,007  |   | 1,959  |
|                                                 |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Expenses:                                            |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|   Asset Management Fee - General Partner   | 14,387                                                                                                                |   | 15,162                                                                                                                     |   | 20,117                                                                                                                |   | 21,445  |   | 11,314  |   | 12,147  |
|   General and Administrative:              |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|     General Partner              | -                                                                                                                     |   | 21,805                                                                                                                     |   | -                                                                                                                     |   | -  |   | -  |   | 17,181  |
|     Other                        | (419)                                                                                                                      |   | 5,812                                                                                                                      |   | 3,554                                                                                                                 |   | 5,761  |   | 2,351  |   | 3,906  |
|   Amortization                             | -                                                                                                                     |   | 73                                                                                                                         |   | -                                                                                                                     |   | 289  |   | -  |   | 748  |
|                                                 |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|     Total Expenses               | 13,968                                                                                                                |   | 42,852                                                                                                                     |   | 23,671                                                                                                                |   | 27,495  |   | 13,665  |   | 33,982  |
|                                                 |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Loss Before Equity in Income of Project Partnerships |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|   and Other Income                         | (5,897)                                                                                                                    |   | (35,212)                                                                                                                        |   | (16,256)                                                                                                                   |   | (24,277) |   | (8,658) |   | (32,023) |
| Equity in Income of Project Partnerships             | 288                                                                                                                   |   | -                                                                                                                          |   | -                                                                                                                     |   | -  |   | -  |   | -  |
| Gain on Sale of Project Partnerships                 | 195,375                                                                                                               |   | -                                                                                                                          |   | -                                                                                                                     |   | -  |   | 43,030  |   | -  |
| Interest Income                                      | 11                                                                                                                    |   | 5                                                                                                                          |   | 9                                                                                                                     |   | 5  |   | 5  |   | 2  |
|                                                 |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Net Income (Loss)                                    | $                189,777                        |   | $                (35,207)                            |   | $                (16,247)                       |   | $                (24,272) |   | $                  34,377  |   | $                (32,021) |
|                                                 |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                     |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|   Limited Partners                         | $                187,878                        |   | $                (35,204)                                 |   | $                (16,085)                            |   | $                (24,029) |   | $                  (8,566) |   | $                (31,701) |
|   General Partners                         | 1,899                                                                                                                 |   | (3)                                                                                                                             |   | (162)                                                                                                                      |   | (243) |   | 42,943  |   | (320) |
|                                                 |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|                                                 | $                189,777                        |   | $                (35,207)                            |   | $                (16,247)                            |   | $                (24,272) |   | $                  34,377  |   | $                (32,021) |
|                                                 |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Net Income (Loss) Per Limited Partnership Unit       | $                    18.07  |   | $                    (3.39)           |   | $                    (1.61) |   | $                    (2.41) |   | $                    (1.37) |   | $                    (5.07) |
|                                                 |                                                                                                                       |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| 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                                                                                                                                                    |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                                                                            |   | 2009                                                                                                                            |   | 2010                                                                                                                                                                   |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
|   Distribution Income                    | $                    2,146  |   | $                    1,432  |   | $                            -  |   | $                            -  |   | $                  22,639  |   | $                  14,249  |
|     Total Revenues             | 2,146                                                                                                                      |   | 1,432                                                                                                                      |   | -                                                                                                                                                                 |   | -  |   | 22,639  |   | 14,249  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 7,812                                                                                                                      |   | 8,356                                                                                                                      |   | 6,972                                                                                                                                                             |   | 7,031  |   | 60,602  |   | 64,141  |
|   General and Administrative:            |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
|     General Partner            | -                                                                                                                          |   | 10,639                                                                                                                     |   | -                                                                                                                                                                 |   | 8,722  |   | -  |   | 58,347  |
|     Other                      | 1,721                                                                                                                      |   | 2,714                                                                                                                      |   | 1,709                                                                                                                                                             |   | 2,671  |   | 8,916  |   | 20,864  |
|   Amortization                           | -                                                                                                                          |   | 167                                                                                                                        |   | -                                                                                                                                                                 |   | 3,129  |   | -  |   | 4,406  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
|     Total Expenses             | 9,533                                                                                                                      |   | 21,876                                                                                                                     |   | 8,681                                                                                                                                                             |   | 21,553  |   | 69,518  |   | 147,758  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
| Loss Before Equity Loss of Project Partnerships    |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
|   and Other Income                       | (7,387)                                                                                                                         |   | (20,444)                                                                                                                        |   | (8,681)                                                                                                                                                                |   | (21,553) |   | (46,879) |   | (133,509) |
| Equity in Loss of Project Partnerships             | (1,604)                                                                                                                         |   | (9,856)                                                                                                                         |   | -                                                                                                                                                                 |   | (35,127) |   | (1,316) |   | (44,983) |
| Gain on Sale of Project Partnerships               | -                                                                                                                          |   | -                                                                                                                          |   | -                                                                                                                                                                 |   | -  |   | 238,405  |   | -  |
| Interest Income                                    | 5                                                                                                                          |   | 722                                                                                                                        |   | 7                                                                                                                                                                 |   | 822  |   | 37  |   | 1,556  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
| Net Income (Loss)                                  | $                  (8,986)                 |   | $                (29,578)                            |   | $                  (8,674)                                                        |   | $                (55,858) |   | $                190,247  |   | $              (176,936) |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
|   Limited Partners                       | $                  (8,895)                 |   | $                (29,282)                                 |   | $                  (8,587)                                                             |   | $                (55,299) |   | $                145,745  |   | $              (175,515) |
|   General Partners                       | (91)                                                                                                                            |   | (296)                                                                                                                           |   | (87)                                                                                                                                                                   |   | (559) |   | 44,502  |   | (1,421) |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
|                                               | $                  (8,986)                      |   | $                (29,578)                                 |   | $                  (8,674)                                                             |   | $                (55,858) |   | $                190,247  |   | $              (176,936) |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
| Net Loss Per Limited Partnership Unit              | $                    (1.76)           |   | $                    (5.81)           |   | $                    (1.67)                                                  |   | $                  (10.79) |   |   |   |   |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                                                                   |   |   |   |   |   |   |
| Number of Limited Partnership Units Outstanding    | 5,043                                                                                                                      |   | 5,043                                                                                                                      |   | 5,127                                                                                                                                                             |   | 5,127  |   |   |   |   |

----

|                                               | SERIES 7                                                                                                                        |   | SERIES 8                                                                                                                   |   | SERIES 9                                                                                                                   |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                                                                            |   | 2009                                                                                                                       |   | 2010                                                                                                                       |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
|   Distribution Income                    |  $                 14,560             |   |  $                 26,604   |   |  $                 14,861        |   |  $                 16,978  |   | $                  10,659  |   | $                  14,812  |
|     Total Revenues             | 14,560                                                                                                                     |   | 26,604                                                                                                                |   | 14,861                                                                                                                |   | 16,978  |   | 10,659  |   | 14,812  |
|                                               |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 44,518                                                                                                                     |   | 52,026                                                                                                                |   | 60,350                                                                                                                |   | 64,335  |   | 34,483  |   | 36,441  |
|   General and Administrative:            |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
|     General Partner            | -                                                                                                                          |   | 67,446                                                                                                                |   | -                                                                                                                     |   | -  |   | -  |   | 50,385  |
|     Other                      | 26,457                                                                                                                     |   | 30,591                                                                                                                |   | 31,148                                                                                                                |   | 31,842  |   | 20,087  |   | 21,733  |
|   Amortization                           | 146                                                                                                                        |   | 219                                                                                                                   |   | -                                                                                                                     |   | 867  |   | -  |   | 2,244  |
|                                               |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
|     Total Expenses             | 71,121                                                                                                                     |   | 150,282                                                                                                               |   | 91,498                                                                                                                |   | 97,044  |   | 54,570  |   | 110,803  |
|                                               |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
| Loss Before Equity Loss of Project                 |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
|   Partnerships and Other Income          | (56,561)                                                                                                                        |   | (123,678)                                                                                                                  |   | (76,637)                                                                                                                   |   | (80,066) |   | (43,911) |   | (95,991) |
| Equity in Loss of Project Partnerships             | -                                                                                                                          |   | -                                                                                                                     |   | -                                                                                                                     |   | (11,312) |   | -  |   | (301) |
| Gain on Sale of Project Partnerships               | 353,323                                                                                                                    |   | 301,008                                                                                                               |   | -                                                                                                                     |   | -  |   | 43,030  |   | -  |
| Interest Income                                    | 24                                                                                                                         |   | 21                                                                                                                    |   | 22                                                                                                                    |   | 16  |   | 11  |   | 8  |
|                                               |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
| Net Income (Loss)                                  | $                296,786                             |   | $                177,351                   |   | $                (76,615)                            |   | $                (91,362) |   | $                     (870) |   | $                (96,284) |
|                                               |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
|   Limited Partners                       | $                293,818                             |   | $                120,817                        |   | $                (75,849)                  |   | $                (90,448) |   | $                (43,461) |   | $                (95,321) |
|   General Partners                       | 2,968                                                                                                                      |   | 56,534                                                                                                                |   | (766)                                                                                                                      |   | (914) |   | 42,591  |   | (963) |
|                                               |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
|                                               | $                296,786                        |   | $                177,351                        |   | $                (76,615)                            |   | $                (91,362) |   | $                     (870) |   | $                (96,284) |
|                                               |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
| Net Income (Loss) Per Limited Partnership Unit     | $                    28.27  |   | $                    11.62  |   | $                    (7.60) |   | $                    (9.06) |   | $                    (6.95) |   | $                  (15.24) |
|                                               |                                                                                                                            |   |                                                                                                                       |   |                                                                                                                       |   |   |   |   |   |   |
| 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                                                                                                        |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                                                                            |   | 2009                                                                                                                            |   | 2010                                                                                                                       |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|   Distribution Income                    | $                    6,585  |   | $                    3,944  |   | $                    2,982  |   | $                    3,582  |   | $                  49,647  |   |  $                   65,920  |
|     Total Revenues             | 6,585                                                                                                                      |   | 3,944                                                                                                                      |   | 2,982                                                                                                                 |   | 3,582  |   | 49,647  |   | 65,920  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 23,438                                                                                                                     |   | 25,068                                                                                                                     |   | 20,916                                                                                                                |   | 21,093  |   | 183,705  |   | 198,963  |
|   General and Administrative:            |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|     General Partner            | -                                                                                                                          |   | 31,392                                                                                                                     |   | 20,774                                                                                                                |   | 25,324  |   | 20,774  |   | 174,547  |
|     Other                      | 15,354                                                                                                                     |   | 15,729                                                                                                                     |   | 15,378                                                                                                                |   | 15,780  |   | 108,424  |   | 115,675  |
|   Amortization                           | -                                                                                                                          |   | 501                                                                                                                        |   | -                                                                                                                     |   | 9,389  |   | 146  |   | 13,220  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|     Total Expenses             | 38,792                                                                                                                     |   | 72,690                                                                                                                     |   | 57,068                                                                                                                |   | 71,586  |   | 313,049  |   | 502,405  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Loss Before Equity in Loss of Project              |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|   Partnerships and Other Income          | (32,207)                                                                                                                        |   | (68,746)                                                                                                                        |   | (54,086)                                                                                                                   |   | (68,004) |   | (263,402) |   | (436,485) |
| Equity in Loss of Project Partnerships             | (19,754)                                                                                                                        |   | (19,223)                                                                                                                        |   | (110,312)                                                                                                                  |   | (93,719) |   | (130,066) |   | (124,555) |
| Gain on Sale of Project Partnerships               | -                                                                                                                          |   | -                                                                                                                          |   | -                                                                                                                     |   | -  |   | 396,353  |   | 301,008  |
| Interest Income                                    | 14                                                                                                                         |   | 2,122                                                                                                                      |   | 19                                                                                                                    |   | 2,422  |   | 90  |   | 4,589  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Net Gain (Loss)                                    | $                (51,947)                            |   | $                (85,847)                                 |   | $              (164,379)                                       |   | $              (159,301) |   | $                    2,975  |   | $                (255,443) |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Allocation of Net Gain (Loss):                     |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|   Limited Partners                       | $                (51,427)                            |   | $                (84,989)                                 |   | $              (162,735)                                       |   | $              (157,708) |   | $                (39,654) |   | $                (307,649) |
|   General Partners                       | (520)                                                                                                                           |   | (858)                                                                                                                           |   | (1,644)                                                                                                                    |   | (1,593) |   | 42,629  |   | 52,206  |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
|                                               | $                (51,947)                                 |   | $                (85,847)                            |   | $              (164,379)                                  |   | $              (159,301) |   | $                    2,975  |   | $                (255,443) |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| Net Loss Per Limited Partnership Unit              | $                  (10.20)            |   | $                  (16.85)                      |   | $                  (31.74)                 |   | $                  (30.76) |   |   |   |   |
|                                               |                                                                                                                            |   |                                                                                                                            |   |                                                                                                                       |   |   |   |   |   |   |
| 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, 2009    | $                     (568,361)      |   | $                   (54,077)                  |   | $              (622,438) |   | $                     (891,845) |   |  $                      (28,479) |   | $              (920,324) |
|                         |                                                                                                                                |   |                                                                                                                                         |   |   |   |   |   |   |   |   |
| Net Income (Loss)            | 120,817                                                                                                                        |   | 56,534                                                                                                                                  |   | 177,351  |   | (90,448) |   | (914) |   | (91,362) |
|                         |                                                                                                                                |   |                                                                                                                                         |   |   |   |   |   |   |   |   |
| Distributions                | (301,008)                                                                                                                           |   | -                                                                                                                                       |   | (301,008) |   | -  |   | -  |   | -  |
|                         |                                                                                                                                |   |                                                                                                                                         |   |   |   |   |   |   |   |   |
| Balance at December 31, 2009 | $                     (748,552) |   | $                       2,457  |   | $              (746,095) |   | $                     (982,293) |   | $                       (29,393) |   | $           (1,011,686) |
|                         |                                                                                                                                |   |                                                                                                                                         |   |   |   |   |   |   |   |   |
|                         |                                                                                                                                |   |                                                                                                                                         |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010    | $                     (782,420)      |   | $                       2,449  |   | $              (779,971) |   | $                  (1,028,499) |   | $                         (6,627) |   | $           (1,035,126) |
|                         |                                                                                                                                |   |                                                                                                                                         |   |   |   |   |   |   |   |   |
| Net Income (Loss)            | 293,818                                                                                                                        |   | 2,968                                                                                                                                   |   | 296,786  |   | (75,849) |   | (766) |   | (76,615) |
|                         |                                                                                                                                |   |                                                                                                                                         |   |   |   |   |   |   |   |   |
| Distributions                | (353,323)                                                                                                                           |   | -                                                                                                                                       |   | (353,323) |   | -  |   | -  |   | -  |
|                         |                                                                                                                                |   |                                                                                                                                         |   |   |   |   |   |   |   |   |
| Balance at December 31, 2010 |  $                    (841,925) |   | $                       5,417  |   | $              (836,508) |   | $                  (1,104,348) |   | $                         (7,393) |   | $           (1,111,741) |

----

|                         | SERIES 9                                                                                                                       |   | SERIES 10                                                                                                                         |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------|
|                         | Limited                                                                                                                        |   | General                                                                                                                           |   |   |   | Limited |   | General |   |   |
|                         | Partners                                                                                                                       |   | Partners                                                                                                                          |   | Total |   | Partners |   | Partners |   | Total |
|                         |                                                                                                                           |   |                                                                                                                              |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009    | $                     (413,640) |   | $                   (59,568)            |   | $              (473,208) |   | $                      159,923  |   | $                       (43,010) |   | $                116,913  |
|                         |                                                                                                                           |   |                                                                                                                              |   |   |   |   |   |   |   |   |
| Net Income (Loss)            | (95,321)                                                                                                                       |   | (963)                                                                                                                             |   | (96,284) |   | (84,989) |   | (858) |   | (85,847) |
|                         |                                                                                                                           |   |                                                                                                                              |   |   |   |    |   |   |   |   |
| Balance at December 31, 2009 | $                     (508,961) |   | $                   (60,531)                 |   | $              (569,492) |   | $                        74,934  |   | $                       (43,868) |   | $                  31,066  |
|                         |                                                                                                                           |   |                                                                                                                              |   |   |   |   |   |   |   |   |
|                         |                                                                                                                           |   |                                                                                                                              |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010    | $                     (552,816) |   | $                   (50,873)            |   | $              (603,689) |   | $                        40,732  |   | $                       (34,113) |   | $                    6,619  |
|                         |                                                                                                                           |   |                                                                                                                              |   |   |   |   |   |   |   |   |
| Net Income (Loss)            | (43,461)                                                                                                                       |   | 42,591                                                                                                                       |   | (870) |   | (51,427) |   | (520) |   | (51,947) |
|                         |                                                                                                                           |   |                                                                                                                              |   |   |   |   |   |   |   |   |
| Distributions                | (43,030)                                                                                                                       |   | -                                                                                                                            |   | (43,030) |   | -  |   | -  |   | -  |
|                         |                                                                                                                           |   |                                                                                                                              |   |   |   |   |   |   |   |   |
| Balance at December 31, 2010 | $                     (639,307) |   | $                     (8,282) |   | $              (647,589) |   | $                       (10,695) |   | $                       (34,633) |   | $                (45,328) |

----

|                         | SERIES 11                                                                                                                                          |   | TOTAL SERIES 7 - 11                                                                                                    |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|
|                         | Limited                                                                                                                                            |   | General                                                                                                                |   |   |   | Limited |   | General |   |   |
|                         | Partners                                                                                                                                           |   | Partners                                                                                                               |   | Total |   | Partners |   | Partners |   | Total |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009    | $                      729,531       |   | $                   (39,086) |   |  $               690,445  |   | $                     (984,392) |   |  $                    (224,220) |   |  $          (1,208,612) |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
| Net Income (Loss)            | (157,708)                                                                                                                                          |   | (1,593)                                                                                                                |   | (159,301) |   | (307,649) |   | 52,206  |   | (255,443) |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
| Distributions                | -                                                                                                                                             |   | -                                                                                                                 |   | -  |   | (301,008) |   | -  |   | (301,008) |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2009 | $                      571,823  |   | $                   (40,679)      |   |  $               531,144  |   |  $                 (1,593,049) |   |  $                    (172,014) |   |  $          (1,765,063) |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010    | $                      543,134            |   | $                   (40,969) |   |  $               502,165  |   |  $                 (1,779,869) |   |  $                    (130,133) |   |  $          (1,910,002) |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
| Net Income (Loss)            | (162,735)                                                                                                                                          |   | (1,644)                                                                                                                |   | (164,379) |   | (39,654) |   | 42,629  |   | 2,975  |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
| Distributions                | -                                                                                                                                             |   | -                                                                                                                 |   | -  |   | (396,353) |   | -  |   | (396,353) |
|                         |                                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2010 | $                      380,399       |   | $                   (42,613)      |   |  $               337,786  |   |  $                 (2,215,876) |   |  $                      (87,504) |   |  $          (2,303,380) |

----

|                                                                                                                                    | SERIES 7                                                                                                                                                                                                   |   | SERIES 8                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                    | 2010                                                                                                                                                                                                       |   | 2009                                                                                                                                                                                                                                    |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                                   |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
|     Net Income (Loss)                                                                                               | $                       296,786                                                         |   | $                          177,351                                                               |   | $                           (76,615) |   | $                           (91,362) |
|     Adjustments to Reconcile Net Income (Loss)                                                                      |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
|         to Net Cash Provided by (Used in) Operating Activities:                                 |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
|           Amortization                                                                | 146                                                                                                                                                                                                   |   | 219                                                                                                                                                                                                                                |   | -  |   | 867  |
|           Equity in Loss of Project Partnerships                                      | -                                                                                                                                                                                                     |   | -                                                                                                                                                                                                                                  |   | -  |   | 11,312  |
|           Gain on Sale of Project Partnerships                                        | (353,323)                                                                                                                                                                                                  |   | (301,008)                                                                                                                                                                                                                               |   | -  |   | -  |
|           Distribution Income                                                         | (14,560)                                                                                                                                                                                                   |   | (26,604)                                                                                                                                                                                                                                |   | (14,861) |   | (16,978) |
|     Changes in Operating Assets and Liabilities:                                                                    |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
|           Increase (Decrease) in Payable to General Partners                          | (12,165)                                                                                                                                                                                                   |   | 72,207                                                                                                                                                                                                                             |   | 73,419  |   | 99,885  |
|               Net Cash Provided by (Used in) Operating Activities | (83,116)                                                                                                                                                                                                   |   | (77,835)                                                                                                                                                                                                                                |   | (18,057) |   | 3,724  |
|                                                                                                                                    |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                                   |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
|     Distributions Received from Project Partnerships                                                                | 13,720                                                                                                                                                                                                |   | 30,604                                                                                                                                                                                                                             |   | 14,861  |   | 19,519  |
|     Net Proceeds from Sale of Project Partnerships                                                                  | 353,323                                                                                                                                                                                               |   | 301,008                                                                                                                                                                                                                            |   | -  |   | 23,000  |
|             Net Cash Provided by Investing Activities                       | 367,043                                                                                                                                                                                               |   | 331,612                                                                                                                                                                                                                            |   | 14,861  |   | 42,519  |
|                                                                                                                                    |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
| Cash Flows from Financing Activities:                                                                                                   |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
|     Distributions Paid to Limited Partners                                                                          | -                                                                                                                                                                                                     |   | (295,530)                                                                                                                                                                                                                               |   | -  |   | -  |
|             Net Cash Used in Financing Activities                           | -                                                                                                                                                                                                     |   | (295,530)                                                                                                                                                                                                                               |   | -  |   | -  |
|                                                                                                                                    |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                                                        | 283,927                                                                                                                                                                                               |   | (41,753)                                                                                                                                                                                                                                |   | (3,196) |   | 46,243  |
| Cash and Cash Equivalents at Beginning of Year                                                                                          | 209,702                                                                                                                                                                                               |   | 246,867                                                                                                                                                                                                                            |   | 238,988  |   | 185,918  |
|                                                                                                                                    |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                              | $                       493,629                                                         |   | $                          205,114                                                                         |   | $                          235,792  |   | $                          232,161  |
|                                                                                                                                    |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                                         |                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                    |   |   |   |   |
|     Increase in Distribution Payable                                                                                | $                       353,323                                                              |   | $                                      -            |   | $                                      -  |   | $                                      -  |
|     Distribution to Assignees                                                                                       | (353,323)                                                                                                                                                                                                  |   | -                                                                                                                                                                                                                                  |   | -  |   | -  |
|     Increase in Receivable - Other                                                                                  | 272,333                                                                                                                                                                                               |   | -                                                                                                                                                                                                                                  |   | -  |   | -  |
|     Increase in Deferred Gain on Sale of Project Partnerships                                                       | (187,362)                                                                                                                                                                                                  |   | -                                                                                                                                                                                                                                  |   | -  |   | -  |
|     Decrease in Net Investment                                                                                      | (84,709)                                                                                                                                                                                                   |   | -                                                                                                                                                                                                                                  |   | -  |   | -  |
|     Decrease in Payable to General Partners                                                                         | (262)                                                                                                                                                                                                      |   | -                                                                                                                                                                                                                                  |   | -  |   | -  |
|                                                                                                                                    | $                                  -  |   | $                                      -  |   | $                                      -  |   | $                                      -  |

----

|                                                                                                                      | SERIES 9                                                                                                                                                                                                        |   | SERIES 10                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                                                                                                            |   | 2009                                                                                                                                                                                                                               |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
|     Net Loss                                                                                          | $                            (870)                                       |   |  $                          (96,284)                                                             |   |  $                          (51,947) |   |  $                          (85,847) |
|     Adjustments to Reconcile Net Loss                                                                 |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
|           Amortization                                                  | -                                                                                                                                                                                                          |   | 2,244                                                                                                                                                                                                                         |   | -  |   | 501  |
|           Accreted Interest Income on Investment in Securities          | -                                                                                                                                                                                                          |   | -                                                                                                                                                                                                                             |   | -  |   | (2,113) |
|           Equity in Loss of Project Partnerships                        | -                                                                                                                                                                                                          |   | 301                                                                                                                                                                                                                           |   | 19,754  |   | 19,223  |
|           Gain on Sale of Project Partnerships                          | (43,030)                                                                                                                                                                                                        |   | -                                                                                                                                                                                                                             |   | -  |   | -  |
|           Distribution Income                                           | (10,659)                                                                                                                                                                                                        |   | (14,812)                                                                                                                                                                                                                           |   | (6,585) |   | (3,944) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
|           Increase in Payable to General Partners                       | 48,570                                                                                                                                                                                                     |   | 53,493                                                                                                                                                                                                                        |   | 18,952  |   | 35,947  |
|               Net Cash Used in Operating Activities | (5,989)                                                                                                                                                                                                         |   | (55,058)                                                                                                                                                                                                                           |   | (19,826) |   | (36,233) |
|                                                                                                                      |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 10,659                                                                                                                                                                                                     |   | 16,592                                                                                                                                                                                                                        |   | 13,486  |   | 14,094  |
|     Net Proceeds from Sale of Project Partnerships                                                    | 43,030                                                                                                                                                                                                     |   | 10,000                                                                                                                                                                                                                        |   | -  |   | 10,000  |
|             Net Cash Provided by Investing Activities         | 53,689                                                                                                                                                                                                     |   | 26,592                                                                                                                                                                                                                        |   | 13,486  |   | 24,094  |
|                                                                                                                      |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
| Cash Flows from Financing Activities:                                                                                     |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
|     Distributions Paid to Limited Partners                                                            | -                                                                                                                                                                                                          |   | -                                                                                                                                                                                                                             |   | -  |   | -  |
|             Net Cash Used in Financing Activities             | -                                                                                                                                                                                                          |   | -                                                                                                                                                                                                                             |   | -  |   | -  |
|                                                                                                                      |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                                          | 47,700                                                                                                                                                                                                     |   | (28,466)                                                                                                                                                                                                                           |   | (6,340) |   | (12,139) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 96,912                                                                                                                                                                                                     |   | 124,326                                                                                                                                                                                                                       |   | 153,638  |   | 121,062  |
|                                                                                                                      |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                | $                       144,612                                                                   |   | $                            95,860                                                    |   | $                          147,298  |   | $                          108,923  |
|                                                                                                                      |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                                                                                                            |   |                                                                                                                                                                                                                               |   |   |   |   |
|     Increase in Distribution Payable                                                                  | $                         43,030                                                   |   | $                                      -  |   | $                                      -  |   | $                                      -  |
|     Distribution to Assignees                                                                         | (43,030)                                                                                                                                                                                                        |   | -                                                                                                                                                                                                                             |   | -  |   | -  |
|                                                                                                                      | $                                  -  |   | $                                      -  |   | $                                      -  |   | $                                      -  |

----

|                                                                                                                      | SERIES 11                                                                                                                                                                                                        |   | TOTAL SERIES 7 - 11                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                                                                                                             |   | 2009                                                                                                                                                                                                                                         |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
|     Net Income (Loss)                                                                            | $                     (164,379)                                                                              |   | $                         (159,301)                                                                                       |   | $                              2,975  |   | $                         (255,443) |
|     Adjustments to Reconcile Net Loss                                                                 |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
|           Amortization                                                  | -                                                                                                                                                                                                           |   | 9,389                                                                                                                                                                                                                                   |   | 146  |   | 13,220  |
|           Accreted Interest Income on Investment in Securities          | -                                                                                                                                                                                                           |   | (2,407)                                                                                                                                                                                                                                      |   | -  |   | (4,520) |
|           Equity in Loss of Project Partnerships                        | 110,312                                                                                                                                                                                                     |   | 93,719                                                                                                                                                                                                                                  |   | 130,066  |   | 124,555  |
|           Gain on Sale of Project Partnerships                          | -                                                                                                                                                                                                           |   | -                                                                                                                                                                                                                                       |   | (396,353) |   | (301,008) |
|           Distribution Income                                           | (2,982)                                                                                                                                                                                                          |   | (3,582)                                                                                                                                                                                                                                      |   | (49,647) |   | (65,920) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
|           Increase in Payable to General Partners                       | 15,263                                                                                                                                                                                                      |   | 18,327                                                                                                                                                                                                                                  |   | 144,039  |   | 279,859  |
|               Net Cash Used in Operating Activities | (41,786)                                                                                                                                                                                                         |   | (43,855)                                                                                                                                                                                                                                     |   | (168,774) |   | (209,257) |
|                                                                                                                      |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 7,822                                                                                                                                                                                                       |   | 5,082                                                                                                                                                                                                                                   |   | 60,548  |   | 85,891  |
|     Net Proceeds from Sale of Project Partnerships                                                    | -                                                                                                                                                                                                           |   | -                                                                                                                                                                                                                                       |   | 396,353  |   | 344,008  |
|             Net Cash Provided by Investing Activities         | 7,822                                                                                                                                                                                                       |   | 5,082                                                                                                                                                                                                                                   |   | 456,901  |   | 429,899  |
|                                                                                                                      |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
| Cash Flows from Financing Activities:                                                                                     |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
|     Distributions Paid to Limited Partners                                                            | -                                                                                                                                                                                                           |   | -                                                                                                                                                                                                                                       |   | -  |   | (295,530) |
|             Net Cash Used in Financing Activities             | -                                                                                                                                                                                                           |   | -                                                                                                                                                                                                                                       |   | -  |   | (295,530) |
|                                                                                                                      |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                                          | (33,964)                                                                                                                                                                                                         |   | (38,773)                                                                                                                                                                                                                                     |   | 288,127  |   | (74,888) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 209,968                                                                                                                                                                                                     |   | 204,816                                                                                                                                                                                                                                 |   | 909,208  |   | 882,989  |
|                                                                                                                      |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                | $                       176,004                                                                    |   | $                          166,043                                                                         |   | $                       1,197,335  |   | $                          808,101  |
|                                                                                                                      |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                         |   |   |   |   |
|     Increase in Distribution Payable                                                                  | $                                   -  |   | $                                      -            |   | $                          396,353  |   | $                                      -  |
|     Distribution to Assignees                                                                         | -                                                                                                                                                                                                           |   | -                                                                                                                                                                                                                                       |   | (396,353) |   | -  |
|     Increase in Receivable - Other                                                                    | 177,667                                                                                                                                                                                                     |   | -                                                                                                                                                                                                                                       |   | 450,000  |   | -  |
|     Increase in Deferred Gain on Sale of Project Partnerships                                         | (125,774)                                                                                                                                                                                                        |   | -                                                                                                                                                                                                                                       |   | (313,136) |   | -  |
|     Decrease in Net Investment                                                                        | (49,893)                                                                                                                                                                                                         |   | -                                                                                                                                                                                                                                       |   | (134,602) |   | -  |
|     Decrease in Payable to General Partners                                                           | (2,000)                                                                                                                                                                                                          |   | -                                                                                                                                                                                                                                       |   | (2,262) |   | -  |
|                                                                                                                      | $                                   -  |   | $                                      -  |   | $                                      -  |   | $                                      -  |

----

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

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

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

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

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

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

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

| 5)   | Decreased, where appropriate, for impairment. |
|----------------|-----------------------------------------------|

----

----

----

|      | 2010                                                                                                                                                                                                           |   | 2009                                                                                                                                                                                                                                         |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Series 7  | $                                  44,518 |   | $                                       52,026 |
| Series 8  | 60,350                                                                                                                                                                                                         |   | 64,335                                                                                                                                                                                                                                       |
| Series 9  | 34,483                                                                                                                                                                                                         |   | 36,441                                                                                                                                                                                                                                       |
| Series 10 | 23,438                                                                                                                                                                                                         |   | 25,068                                                                                                                                                                                                                                       |
| Series 11 | 20,916                                                                                                                                                                                                         |   | 21,093                                                                                                                                                                                                                                       |
| Total     | $                                183,705                 |   | $                                     198,963       |

|      | 2010                                                                                                                                                                                                                                                                        |   | 2009                                                                                                                                                                                                                                         |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Series 7  | $                                             - |   | $                                       67,446 |
| Series 8  | -                                                                                                                                                                                                                                                                           |   | -                                                                                                                                                                                                                                            |
| Series 9  | -                                                                                                                                                                                                                                                                           |   | 50,385                                                                                                                                                                                                                                       |
| Series 10 | -                                                                                                                                                                                                                                                                           |   | 31,392                                                                                                                                                                                                                                       |
| Series 11 | 20,774                                                                                                                                                                                                                                                                      |   | 25,324                                                                                                                                                                                                                                       |
| Total     | $                                   20,774                                                        |   | $                                     174,547            |

----

|      As of December 31, 2010, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 7 - 25, Series 8 - 40, and Series 9 - 22) 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 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | December 31, |   | March 31, |   | December 31, |   | March 31, |   | December 31, |   | March 31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |
| Capital Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| and purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| interests in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $                4,648,444  |   | $             5,721,083  |   | $             6,941,449  |   | $             6,941,449  |   | $             4,599,313  |   | $             4,703,741  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Loan receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | -  |   | -  |   | 24,220  |   | 24,220  |   | -  |   | -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (1) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (4,533,144) |   | (5,194,990) |   | (6,877,633) |   | (6,877,633) |   | (4,242,472) |   | (4,353,387) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (177,214) |   | (216,294) |   | (179,115) |   | (179,115) |   | (164,111) |   | (167,764) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Investment in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (61,914) |   | 309,799  |   | (91,079) |   | (91,079) |   | 192,730  |   | 182,590  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Excess of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| assets acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|   Acquisition fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 496,983  |   | 573,481  |   | 513,903  |   | 513,903  |   | 218,681  |   | 231,156  |
|   Accumulated amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|   fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (229,600) |   | (246,706) |   | (161,554) |   | (161,554) |   | (103,479) |   | (105,814) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
|   Reserve for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|   Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (205,469) |   | (552,557) |   | (261,270) |   | (261,270) |   | (307,932) |   | (307,932) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |    |   |   |   |   |   |   |
| Investments in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $                               -  |   | $                  84,017  |   | $                           -  |   | $                           -  |   | $                           -  |   | $                           -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| (1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,099,276 in Series 7, $8,819,840 in Series 8, and $3,453,747 in Series 9 for the period ended December 31, 2010; and cumulative suspended losses of $5,438,071 in Series 7, $8,066,825 in Series 8, and $3,237,997 in Series 9 for the year ended March 31, 2010 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 December 31, 2010 and March 31, 2010.  (See discussion in Note 2 - Significant Accounting Policies.)                                                                                                                                                                                                              |

----

|      As of December 31, 2010, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 10 - 14 and Series 11 - 11) 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 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | December 31, |   | March 31, |   | December 31, |   | March 31, |   | December 31, |   | March 31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |
| Capital Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| and purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| interests in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $                3,716,106  |   | $             3,716,106  |   | $             3,832,294  |   | $             4,128,042  |   | $           23,737,606  |   | $           25,210,421  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Loan receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | -  |   | -  |   | -  |   | -  |   | 24,220  |   | 24,220  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (2,344,916) |   | (2,325,162) |   | (2,016,915) |   | (1,908,139) |   | (20,015,080) |   | (20,659,311) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (241,641) |   | (234,740) |   | (199,083) |   | (206,979) |   | (961,164) |   | (1,004,892) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Investment in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1,129,549  |   | 1,156,204  |   | 1,616,296  |   | 2,012,924  |   | 2,785,582  |   | 3,570,438  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Excess of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| assets acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |
|   Acquisition fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 174,878  |   | 174,878  |   | 267,568  |   | 290,335  |   | 1,672,013  |   | 1,783,753  |
|   Accumulated amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|   fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (147,889) |   | (147,889) |   | (200,224) |   | (222,991) |   | (842,746) |   | (884,954) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
|   Reserve for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|   Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (1,085,926) |   | (1,085,926) |   | (1,436,812) |   | (1,668,396) |   | (3,297,409) |   | (3,876,081) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Investments in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $                     70,612  |   | $                  97,267  |   | $                246,828  |   | $                411,872  |   | $                317,440  |   | $                593,156  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $857,874 in Series 10 and $1,525,091 in Series 11 for the period ended December 31, 2010; and cumulative suspended losses of $719,103 in Series 10 and $1,392,126 in Series 11 for the year ended March 31, 2010 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 September 30 and the respective summarized statements of operations for the nine months ended September 30 of each year: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                    | SERIES 7 |   | SERIES 8   (1) |
|                                                                                                                                                                                                                                                                                                                                                                                    | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                                  | $                             3,099,586  |   |  $                            3,657,899  |   |  $                            4,376,054  |   |  $                            4,745,962  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                                      | 13,799,275  |   | 16,319,613  |   | 20,334,569  |   | 22,745,223  |
|     Other assets                                                                                                                                                                                                                                                                                                                                                    | 14,401  |   | 32,935  |   | 356,849  |   | 335,717  |
|         Total assets                                                                                                                                                                                                                                                                                                                            | $                           16,913,262  |   |  $                          20,010,447  |   |  $                          25,067,472  |   |  $                          27,826,902  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                             | $                                671,569  |   | $                                746,803  |   | $                             1,357,243  |   | $                             1,438,787  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                                  | 21,306,909  |   | 24,666,597  |   | 33,354,386  |   | 35,579,018  |
|         Total liabilities                                                                                                                                                                                                                                                                                                                       | 21,978,478  |   | 25,413,400  |   | 34,711,629  |   | 37,017,805  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Partners' Deficit                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                                 | (4,789,148) |   | (5,143,290) |   | (8,948,849) |   | (8,422,794) |
|     General Partners                                                                                                                                                                                                                                                                                                                                                | (276,068) |   | (259,663) |   | (695,308) |   | (768,109) |
|         Total partners' deficit                                                                                                                                                                                                                                                                                                                 | (5,065,216) |   | (5,402,953) |   | (9,644,157) |   | (9,190,903) |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                                 | $                           16,913,262  |   | $                           20,010,447  |   | $                           25,067,472  |   | $                           27,826,902  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                 | $                             2,603,372  |   | $                             2,977,595  |   | $                             4,019,935  |   | $                             4,149,000  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                              | 2,074,876  |   | 2,412,447  |   | 3,209,518  |   | 3,205,102  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                                | 327,995  |   | 387,565  |   | 519,439  |   | 551,292  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                                   | 650,979  |   | 751,169  |   | 1,047,965  |   | 1,123,804  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                          | 3,053,850  |   | 3,551,181  |   | 4,776,922  |   | 4,880,198  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                        | $                               (450,478) |   | $                               (573,586) |   | $                               (756,987) |   | $                               (731,198) |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Other partners' share of net income (loss)                                                                                                                                                                                                                                                                                                                                              | $                                  25,709  |   | $                                   (1,224) |   | $                                   (3,972) |   | $                                 (10,023) |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                             | $                               (476,187) |   | $                               (572,362) |   | $                               (753,015) |   | $                               (721,175) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                        | 476,187  |   | 572,362  |   | 753,015  |   | 709,863  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Equity in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                                  | $                                            -  |   | $                                            -  |   | $                                            -  |   | $                                 (11,312) |

----

| (1)    As discussed in Note 3, 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 September 2010 and September 2009 is as follows: |                                                                                                                                                                                                            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                            |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | September 2010                                                                                                                                                                                                  |   | September 2009 |   |   |   |   |
| Total Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $                                427,139        |   | $                                 438,462  |   |   |   |   |
| Total Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 802,512                                                                                                                                                                                                    |   | 803,920  |   |   |   |   |
| Gateway Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (342,970)                                                                                                                                                                                                       |   | (333,155) |   |   |   |   |
| Other Partner's Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (32,403)                                                                                                                                                                                                        |   | (32,303) |   |   |   |   |
| Total Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 84,801                                                                                                                                                                                                     |   | 93,012  |   |   |   |   |
| Net Loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $                                  (7,176) |   | $                                  (41,218) |   |   |   |   |

----

|      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 September 30 and the respective summarized statements of operations for the nine months ended September 30 of each year: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                     | SERIES 9 |   | SERIES 10 |
|                                                                                                                                                                                                                                                                                                                                                                                     | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                                   | $                               2,199,747  |   | $                             2,360,620  |   | $                              2,085,261  |   | $                             2,178,747  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                                       | 12,520,332  |   | 13,837,720  |   | 10,058,063  |   | 10,847,568  |
|     Other assets                                                                                                                                                                                                                                                                                                                                                     | 52,179  |   | 45,889  |   | 45,113  |   | 28,718  |
|         Total assets                                                                                                                                                                                                                                                                                                                             | $                             14,772,258  |   | $                           16,244,229  |   |  $                           12,188,437  |   | $                           13,055,033  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                              | $                                  465,111  |   | $                                421,171  |   |  $                                440,551  |   | $                                429,177  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                                   | 18,083,323  |   | 19,445,872  |   | 11,952,788  |   | 12,824,266  |
|         Total liabilities                                                                                                                                                                                                                                                                                                                        | 18,548,434  |   | 19,867,043  |   | 12,393,339  |   | 13,253,443  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Partners' Equity (Deficit)                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                                  | (3,342,066) |   | (3,181,934) |   | 291,124  |   | 298,624  |
|     General Partners                                                                                                                                                                                                                                                                                                                                                 | (434,110) |   | (440,880) |   | (496,026) |   | (497,034) |
|         Total partners' deficit                                                                                                                                                                                                                                                                                                                  | (3,776,176) |   | (3,622,814) |   | (204,902) |   | (198,410) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                                  | $                             14,772,258  |   |  $                          16,244,229  |   |  $                           12,188,437  |   | $                           13,055,033  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                  | $                               2,097,626  |   |  $                            2,192,329  |   |  $                             1,413,025  |   | $                             1,462,951  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                               | 1,677,510  |   | 1,750,158  |   | 1,075,755  |   | 1,140,884  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                                 | 275,469  |   | 296,080  |   | 145,586  |   | 162,135  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                                    | 543,817  |   | 592,980  |   | 329,736  |   | 364,958  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                           | 2,496,796  |   | 2,639,218  |   | 1,551,077  |   | 1,667,977  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                         |  $                                (399,170) |   | $                               (446,889) |   | $                               (138,052) |   | $                               (205,026) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Other partners' share of net income (loss)                                                                                                                                                                                                                                                                                                                                               |  $                                    (3,991) |   | $                                   (3,922) |   | $                                   20,474  |   | $                                    2,224  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                              |  $                                (395,179) |   | $                               (442,967) |   | $                               (158,526) |   | $                               (207,250) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                         | 395,179  |   | 442,666  |   | 138,772  |   | 188,027  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Equity in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                                   |  $                                             -  |   |  $                                     (301) |   |  $                                (19,754) |   |  $                                (19,223) |

----

|      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 September 30 and the respective summarized statements of operations for the nine months ended September 30 of each year: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                | SERIES 11 |   | TOTAL SERIES 7 - 11 |
|                                                                                                                                                                                                                                                                                                                                                                                                | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                             |    |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                                              |  $                             1,224,481  |   |  $                             1,240,468  |   |  $                           12,985,129  |   |  $                           14,183,696  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                                                  | 8,637,973  |   | 9,169,170  |   | 65,350,212  |   | 72,919,294  |
|     Other assets                                                                                                                                                                                                                                                                                                                                                                | 271,135  |   | 297,854  |   | 739,677  |   | 741,113  |
|         Total assets                                                                                                                                                                                                                                                                                                                                        |  $                           10,133,589  |   |  $                           10,707,492  |   |  $                           79,075,018  |   |  $                           87,844,103  |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                                         |  $                                354,587  |   | $                                 490,754  |   |  $                             3,289,061  |   |  $                             3,526,692  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                                              | 9,799,866  |   | 9,916,521  |   | 94,497,272  |   | 102,432,274  |
|         Total liabilities                                                                                                                                                                                                                                                                                                                                   | 10,154,453  |   | 10,407,275  |   | 97,786,333  |   | 105,958,966  |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Partners' Equity (Deficit)                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                                             | 404,287  |   | 696,633  |   | (16,384,652) |   | (15,752,761) |
|     General Partners                                                                                                                                                                                                                                                                                                                                                            | (425,151) |   | (396,416) |   | (2,326,663) |   | (2,362,102) |
|         Total partners' equity (deficit)                                                                                                                                                                                                                                                                                                                    | (20,864) |   | 300,217  |   | (18,711,315) |   | (18,114,863) |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                                             |  $                           10,133,589  |   |  $                           10,707,492  |   |  $                           79,075,018  |   |  $                           87,844,103  |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                 |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                             |  $                             1,430,471  |   |  $                             1,368,621  |   |  $                           11,564,429  |   |  $                           12,150,496  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                                          | 1,131,563  |   | 1,022,046  |   | 9,169,222  |   | 9,530,637  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                                            | 156,371  |   | 159,746  |   | 1,424,860  |   | 1,556,818  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                                               | 392,969  |   | 392,611  |   | 2,965,466  |   | 3,225,522  |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                                      | 1,680,903  |   | 1,574,403  |   | 13,559,548  |   | 14,312,977  |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                                    |  $                              (250,432) |   |  $                              (205,782) |   |  $                           (1,995,119) |   |  $                           (2,162,481) |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Other partners' share of net income (loss)                                                                                                                                                                                                                                                                                                                                                          |  $                                  (7,156) |   |  $                                  (4,732) |   |  $                                  31,064  |   |  $                                (17,677) |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                                         |  $                              (243,276) |   |  $                              (201,050) |   |  $                           (2,026,183) |   |  $                           (2,144,804) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                                    | 132,964  |   | 107,331  |   | 1,896,117  |   | 2,020,249  |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Equity in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                                              |  $                              (110,312) |   |  $                                (93,719) |   |  $                              (130,066) |   |  $                              (124,555) |

----

| Transaction   |                      |                                                                                                | Net Proceeds                                                                                                                                | Gain on                                                                                                   | Deferred Gain                                                                                                                                                                           |
|---------------|---------------------------|-----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year  | Project Partnership       | Net Proceeds                                                                                        | Per LP Unit                                                                                                                                 | Disposal                                                                                                  | on Disposal                                                                                                                                                                             |
| August 2010   | Pioneer Apartments, L.P.  | $               157,949  | $                      15.19  | $                157,949  | $                              -  |
| December 2010 | Lake Village Apartments   | 65,124                                                                                         | 6.27                                                                                                                                   | 65,124                                                                                               | -                                                                                                                                                                                  |
| December 2010 | Savannah Park of Atoka    | 65,125                                                                                         | 6.27                                                                                                                                   | 65,125                                                                                               | -                                                                                                                                                                                  |
| December 2010 | Savannah Park of Coalgate | 65,125                                                                                         | 6.27                                                                                                                                   | 65,125                                                                                               | -                                                                                                                                                                                  |
| December 2010 | Cardinal Apartments       | 187,362                                                                                        | 18.02                                                                                                                                  | -                                                                                                    | 187,362                                                                                                                                                                            |
|          |                      |                                                                                                |                                                                                                                                        | $               353,323        | $                  187,362                                                                    |

| Transaction    |                    |                                                                                                                 | Net Proceeds                                                                                                                               | Gain on                                                                                                              | Deferred Gain                                                                                                                                                                           |
|----------------|-------------------------|----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year   | Project Partnership     | Net Proceeds                                                                                                         | Per LP Unit                                                                                                                                | Disposal                                                                                                             | on Disposal                                                                                                                                                                             |
| September 2010 | Stilwell Properties III | $                  43,030  | $                      6.88  | $                  43,030  | $                              -  |
|           |                    |                                                                                                                 |                                                                                                                                       | $                  43,030  | $                              -  |

----

| Transaction   |                |                                                                                                      | Net Proceeds                                                                                                                    | Gain on                                                                                                                                                               | Deferred Gain                                                                                                                    |
|---------------|---------------------|-----------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|
| Month / Year  | Project Partnership | Net Proceeds                                                                                              | Per LP Unit                                                                                                                     | Disposal                                                                                                                                                              | on Disposal                                                                                                                      |
| December 2010 | Cardinal Apartments | $                125,774  | $                    24.53  | $                           -  | $                   125,774       |
|          |                |                                                                                                      |                                                                                                                            | $                           -  | $                   125,774  |

| Transaction  |                          |                                                                                                                             | Net Proceeds                                                                                                                               | Gain on                                                                                                              | Deferred Gain                                                                                                                                                                           |
|--------------|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership           | Net Proceeds                                                                                                                     | Per LP Unit                                                                                                                                | Disposal                                                                                                             | on Disposal                                                                                                                                                                             |
| August 2009  | Mountain City Manor           | $                    36,860  | $                      3.54  | $                  38,190  | $                              -  |
| August 2009  | Tazewell Village              | 41,290                                                                                                                      | 3.97                                                                                                                                  | 42,620                                                                                                          | -                                                                                                                                                                                  |
| August 2009  | Jamestown Village             | 36,450                                                                                                                      | 3.51                                                                                                                                  | 37,864                                                                                                          | -                                                                                                                                                                                  |
| August 2009  | Clinch View Manor             | 134,400                                                                                                                     | 12.93                                                                                                                                 | 135,814                                                                                                         | -                                                                                                                                                                                  |
| May 2009     | Spring Creek Apartments II LP | 46,520                                                                                                                      | 4.48                                                                                                                                  | 46,030                                                                                                          | -                                                                                                                                                                                  |
|         |                          |                                                                                                                             |                                                                                                                                       | $                300,518             | $                              -  |

| Transaction  |                |                                                                                                                 | Net Proceeds                                                                                                                               | Gain on                                                                                                              | Deferred Gain                                                                                                                                                                           |
|--------------|---------------------|----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership | Net Proceeds                                                                                                         | Per LP Unit                                                                                                                                | Disposal                                                                                                             | on Disposal                                                                                                                                                                             |
| January 2010 | South Brenchley     | $                  13,000  | $                      1.30  | $                  13,000  | $                              -  |
| January 2010 | Cimmaron Station    | 10,000                                                                                                          | 1.00                                                                                                                                  | 10,000                                                                                                          | -                                                                                                                                                                                  |
|         |                |                                                                                                                 |                                                                                                                                       | $                  23,000  | $                              -  |

| Transaction  |                |                                                                                                                 | Net Proceeds                                                                                                                               | Gain on                                                                                                              | Deferred Gain                                                                                                                                                                           |
|--------------|---------------------|----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership | Net Proceeds                                                                                                         | Per LP Unit                                                                                                                                | Disposal                                                                                                             | on Disposal                                                                                                                                                                             |
| January 2010 | Mountain Glen       | $                  10,000  | $                      1.59  | $                  10,000  | $                              -  |
|         |                |                                                                                                                 |                                                                                                                                       | $                  10,000  | $                              -  |

----

| Transaction  |                |                                                                                                                 | Net Proceeds                                                                                                                               | Gain on                                                                                                                   | Deferred Gain                                                                                                                                                                           |
|--------------|---------------------|----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership | Net Proceeds                                                                                                         | Per LP Unit                                                                                                                                | Disposal                                                                                                                  | on Disposal                                                                                                                                                                             |
| January 2010 | Redstone            | $                  10,000  | $                      1.98  | $                  10,000       | $                              -  |
|         |                |                                                                                                                 |                                                                                                                                       | $                  10,000  | $                              -  |

| Series 10               |                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                     |
|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |  Stigler Properties                                                                                                                                                                                                                                                                                                                                  |   |  Applegate Apartments                                                                                                                                                                                                                                                                                                                               |
| Rental and other income | $                                                        72,874   |   | $                                                        99,777  |
| Gross profit            | 17,815                                                                                                                                                                                                                                                                                                                                               |   | 10,555                                                                                                                                                                                                                                                                                                                                              |
| Net loss                |  $                                                        (3,846) |   | $                                                       (23,634)                |
|                    |                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                     |
|                    |  Heatherwood Apartments                                                                                                                                                                                                                                                                                                                              |   |                                                                                                                                                                                                                                                                                                                                                     |
| Rental and other income | $                                                      105,990              |   |                                                                                                                                                                                                                                                                                                                                                     |
| Gross profit            | 19,883                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                     |
| Net loss                | $                                                       (11,689)                 |   |                                                                                                                                                                                                                                                                                                                                                     |
|                    |                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                     |
| Series 11               |                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                     |
|                    |  Creekstone Apartments, L.P.                                                                                                                                                                                                                                                                                                                         |   |  Magnolia Place Apartments, L.P.                                                                                                                                                                                                                                                                                                                    |
| Rental and other income | $                                                      175,650              |   | $                                                      115,019             |
| Gross profit            | 15,661                                                                                                                                                                                                                                                                                                                                               |   | 16,918                                                                                                                                                                                                                                                                                                                                              |
| Net loss                | $                                                       (35,200)                 |   | $                                                       (14,597)           |
|                    |                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                     |
|                    |  Eloy Apartments, L.P.                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                     |
| Rental and other income | $                                                      140,828              |   |                                                                                                                                                                                                                                                                                                                                                     |
| Gross loss              | (18,016)                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                     |
| Net loss                |  $                                                      (79,470)            |   |                                                                                                                                                                                                                                                                                                                                                     |

----

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| Transaction   |                      |                                                                                                | Net Proceeds                                                                                                              | Gain on                                                                                 | Deferred Gain                                                                                                                                                                           |
|---------------|---------------------------|-----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year  | Project Partnership       | Net Proceeds                                                                                        | Per LP Unit                                                                                                               | Disposal                                                                                | on Disposal                                                                                                                                                                             |
| August 2010   | Pioneer Apartments, L.P.  | $               157,949  | $                   15.19  | $             157,949  | $                              -  |
| December 2010 | Lake Village Apartments   | 65,124                                                                                         | 6.27                                                                                                                 | 65,124                                                                             | -                                                                                                                                                                                  |
| December 2010 | Savannah Park of Atoka    | 65,125                                                                                         | 6.27                                                                                                                 | 65,125                                                                             | -                                                                                                                                                                                  |
| December 2010 | Savannah Park of Coalgate | 65,125                                                                                         | 6.27                                                                                                                 | 65,125                                                                             | -                                                                                                                                                                                  |
| December 2010 | Cardinal Apartments       | 187,362                                                                                        | 18.02                                                                                                                | -                                                                                  | 187,362                                                                                                                                                                            |
|          |                      |                                                                                                |                                                                                                                      | $             353,323  | $                  187,362                                                                    |

| Transaction    |                    |                                                                                                           | Net Proceeds                                                                                                                         | Gain on                                                                                            | Deferred Gain                                                                                                                                                                     |
|----------------|-------------------------|----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year   | Project Partnership     | Net Proceeds                                                                                                   | Per LP Unit                                                                                                                          | Disposal                                                                                           | on Disposal                                                                                                                                                                       |
| September 2010 | Stilwell Properties III | $                 43,030  | $                     6.88  | $               43,030  | $                             -  |
|           |                    |                                                                                                           |                                                                                                                                 | $               43,030  | $                             -  |

| Transaction   |                |                                                                                                            | Net Proceeds                                                                                                              | Gain on                                                                                                                                             | Deferred Gain                                                                                                   |
|---------------|---------------------|-----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|
| Month / Year  | Project Partnership | Net Proceeds                                                                                                    | Per LP Unit                                                                                                               | Disposal                                                                                                                                            | on Disposal                                                                                                     |
| December 2010 | Cardinal Apartments | $                 125,774  | $                   24.53  | $                        -  | $                 125,774  |
|          |                |                                                                                                            |                                                                                                                      | $                        -  | $                 125,774  |

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| Transaction  |                          |                                                                                                                             | Net Proceeds                                                                                                                         | Gain on                                                                                           | Deferred Gain                                                                                                                                                                          |
|--------------|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership           | Net Proceeds                                                                                                                     | Per LP Unit                                                                                                                          | Disposal                                                                                          | on Disposal                                                                                                                                                                            |
| August 2009  | Mountain City Manor           | $                    36,860  | $                     3.54  | $              38,190  | $                             -  |
| August 2009  | Tazewell Village              | 41,290                                                                                                                      | 3.97                                                                                                                            | 42,620                                                                                       | -                                                                                                                                                                                 |
| August 2009  | Jamestown Village             | 36,450                                                                                                                      | 3.51                                                                                                                            | 37,864                                                                                       | -                                                                                                                                                                                 |
| August 2009  | Clinch View Manor             | 134,400                                                                                                                     | 12.93                                                                                                                           | 135,814                                                                                      | -                                                                                                                                                                                 |
| May 2009     | Spring Creek Apartments II LP | 46,520                                                                                                                      | 4.48                                                                                                                            | 46,030                                                                                       | -                                                                                                                                                                                 |
|         |                          |                                                                                                                             |                                                                                                                                 | $            300,518             | $                             -       |

| Transaction  |                |                                                                                                                             | Net Proceeds                                                                                                             | Gain on                                                                                            | Deferred Gain                                                                                                                                                                           |
|--------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership | Net Proceeds                                                                                                                     | Per LP Unit                                                                                                              | Disposal                                                                                           | on Disposal                                                                                                                                                                             |
| January 2010 | South Brenchley     | $                    13,000  | $                   1.30  | $               13,000       | $                              -  |
| January 2010 | Cimmaron Station    | 10,000                                                                                                                      | 1.00                                                                                                                | 10,000                                                                                        | -                                                                                                                                                                                  |
|         |                |                                                                                                                             |                                                                                                                     | $               23,000  | $                              -       |

| Transaction  |                |                                                                                                                             | Net Proceeds                                                                                                                              | Gain on                                                                                      | Deferred Gain                                                                                                                                                                          |
|--------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership | Net Proceeds                                                                                                                     | Per LP Unit                                                                                                                               | Disposal                                                                                     | on Disposal                                                                                                                                                                            |
| January 2010 | Mountain Glen       | $                    10,000  | $                     1.59  | $              10,000  | $                             -  |
|         |                |                                                                                                                             |                                                                                                                                      | $              10,000  | $                             -       |

| Transaction  |                |                                                                                                                       | Net Proceeds                                                                                                                         | Gain on                                                                                      | Deferred Gain                                                                                                                                                                     |
|--------------|---------------------|----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership | Net Proceeds                                                                                                               | Per LP Unit                                                                                                                          | Disposal                                                                                     | on Disposal                                                                                                                                                                       |
| January 2010 | Redstone            | $                   10,000  | $                     1.98  | $              10,000  | $                             -  |
|         |                |                                                                                                                       |                                                                                                                                 | $              10,000  | $                             -  |

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| Mt. Vernon Rental Housing, L.P. | Meadow Run Apartments, LP              |
|---------------------------------|----------------------------------------|
| Lakeland II, LP                 | Blue Ridge Elderly Housing, Ltd., L.P. |

| Antlers Properties                                | Logan Heights, Ltd.                       |
|---------------------------------------------------|-------------------------------------------|
| AAA Properties of Bentonville                     | Meadowview Properties Limited Partnership |
| Concordia Senior Housing, L.P.                    | Mountainburg Properties                   |
| Kirksville Senior Apartments, Limited Partnership | Cottondale Rental Housing, L.P            |
| Wetumka Properties                                |                                      |

| Arbor Trace Apartments Phase I LP | Arbor Trace Apartments Phase II LP |
|-----------------------------------|------------------------------------|
| Abernathy Properties              | Boxwood Place Properties           |
| Lamar Properties, L.P.            | Jay Properties II                  |

----

| Stigler Properties |   |
|--------------------|--------|

----

----

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

| Date: February 11, 2011 |   | By:/s/ Ronald M. Diner |
|-------------------------|--------|------------------------|
|                    |   | Ronald M. Diner        |
|                    |   | President              |

| Date: February 11, 2011 |   | By:/s/ Toni S. Matthews                    |
|-------------------------|--------|--------------------------------------------|
|                    |   | Toni S. Matthews                           |
|                    |   | Vice President and Chief Financial Officer |

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