|   | [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  [  ] |
|--------------------|------------------------------|

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

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

----

----

|                                             | SERIES      7                                                       |   | SERIES      8                                     |   | SERIES      9                                            |
|--------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|----------------------------------------------------------|
|                                             | September      30,                                                  |   | March      31,                                    |   | September      30,                                       |   | March      31, |   | September      30, |   | March      31, |
|                                             | 2009                                                                |   | 2009                                              |   | 2009                                                     |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                           |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Current      Assets:                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Cash      and Cash Equivalents                   | $       197,468             |   | $    246,867             |   | $       201,937  |   | $    185,918  |   | $         80,118  |   | $     124,326  |
| Total      Current Assets                        | 197,468                                                        |   | 246,867                                      |   | 201,937                                             |   | 185,918  |   | 80,118  |   | 124,326  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Investments      in Project Partnerships, net    | 84,162                                                         |   | 88,308                                       |   | 576                                                 |   | 15,007  |   | 7,884  |   | 9,681  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Assets                                | $       281,630             |   | $    335,175             |   | $       202,513  |   | $    200,925  |   | $         88,002  |   | $     134,007  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT           |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Current      Liabilities:                        |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Payable      to General Partners                 | $         54,127  |   | $      61,563  |   | $       197,668  |   | $    171,880  |   | $         25,381  |   | $       31,416  |
| Distribution      Payable                        | 5,555                                                          |   | 78                                           |   | 385                                                 |   | 385  |   | -  |   | -  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Current Liabilities                   | 59,682                                                         |   | 61,641                                       |   | 198,053                                             |   | 172,265  |   | 25,381  |   | 31,416  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Long-Term      Liabilities:                      |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Payable      to General Partners                 | 932,836                                                        |   | 895,972                                      |   | 991,874                                             |   | 948,984  |   | 600,092  |   | 575,799  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                 |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Limited      Partners - 10,395, 9,980, and 6,254 |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| units      for Series 7, 8, and 9, respectively, |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| at      September 30, 2009 and March 31, 2009    | (713,348)                                                           |   | (568,361)                                         |   | (958,264)                                                |   | (891,845) |   | (477,260) |   | (413,640) |
| General      Partners                            | 2,460                                                          |   | (54,077)                                          |   | (29,150)                                                 |   | (28,479) |   | (60,211) |   | (59,568) |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Partners' Deficit                     | (710,888)                                                           |   | (622,438)                                         |   | (987,414)                                                |   | (920,324) |   | (537,471) |   | (473,208) |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit     | $       281,630             |   | $    335,175             |   | $       202,513  |   | $    200,925  |   | $         88,002  |   | $     134,007  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |

----

|                                                  | SERIES      10                                                      |   | SERIES      11                                    |   | TOTAL      SERIES 7 - 11                                            |
|-------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                  | September      30,                                                  |   | March      31,                                    |   | September      30,                                                  |   | March      31, |   | September      30, |   | March      31, |
|                                                  | 2009                                                                |   | 2009                                              |   | 2009                                                                |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                        | $         95,487  |   | $    121,062             |   | $       174,416             |   | $    204,816  |   | $       749,426  |   | $        882,989  |
| Investments      in Securities                        | 39,498                                                         |   | 38,104                                       |   | 42,822                                                         |   | 41,233  |   | 82,320  |   | 79,337  |
| Total      Current Assets                             | 134,985                                                        |   | 159,166                                      |   | 217,238                                                        |   | 246,049  |   | 831,746  |   | 962,326  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships, net         | 116,558                                                        |   | 136,408                                      |   | 471,633                                                        |   | 536,485  |   | 680,813  |   | 785,889  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                     | $       251,543             |   | $    295,574             |   | $       688,871             |   | $    782,534  |   | $    1,512,559  |   | $     1,748,215  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' EQUITY (DEFICIT)       |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                      | $         28,300  |   | $      32,774  |   | $         10,767  |   | $      15,049  |   | $       316,243  |   | $        312,682  |
| Distribution      Payable                             | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 5,940  |   | 463  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                        | 28,300                                                         |   | 32,774                                       |   | 10,767                                                         |   | 15,049  |   | 322,183  |   | 313,145  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                      | 162,599                                                        |   | 145,887                                      |   | 91,102                                                         |   | 77,040  |   | 2,778,503  |   | 2,643,682  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partners - 5,043 and 5,127 units         |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| for      Series 10 and 11, respectively, at           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| September      30, 2009 and March 31, 2009            | 104,217                                                        |   | 159,923                                      |   | 627,122                                                        |   | 729,531  |   | (1,417,533) |   | (984,392) |
| General      Partners                                 | (43,573)                                                            |   | (43,010)                                          |   | (40,120)                                                            |   | (39,086) |   | (170,594) |   | (224,220) |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Equity (Deficit)                 | 60,644                                                         |   | 116,913                                      |   | 587,002                                                        |   | 690,445  |   | (1,588,127) |   | (1,208,612) |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Equity (Deficit) | $       251,543             |   | $    295,574             |   | $       688,871             |   | $    782,534  |   | $    1,512,559  |   | $     1,748,215  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                             | SERIES      7                                                |   | SERIES      8                                     |   | SERIES      9                                     |
|------------------------------------------------------------------|--------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------|
|                                                             | 2009                                                         |   | 2008                                              |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                        |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                         | $      12,526             |   | $    11,615              |   | $      4,524   |   | $      3,528  |   | $      9,015  |   | $        1,724  |
| Total      Revenues                                              | 12,526                                                  |   | 11,615                                       |   | 4,524                                        |   | 3,528  |   | 9,015  |   | 1,724  |
|                                                             |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Expenses:                                                        |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 18,243                                                  |   | 21,283                                       |   | 21,445                                       |   | 21,572  |   | 12,147  |   | 12,210  |
| General      and Administrative:                                 |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| General      Partner                                             | 20,008                                                  |   | 27,480                                       |   | -                                            |   | 30,244  |   | 15,279  |   | 17,282  |
| Other                                                            | 20,897                                                  |   | 23,811                                       |   | 21,227                                       |   | 26,251  |   | 14,735  |   | 17,103  |
| Amortization                                                     | 73                                                      |   | 1,253                                        |   | 289                                          |   | 2,768  |   | 748  |   | 2,511  |
| Impairment      Loss on Investment in Project Partnerships       | -                                                       |   | 25,894                                       |   | -                                            |   | -  |   | -  |   | -  |
|                                                             |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                              | 59,221                                                  |   | 99,721                                       |   | 42,961                                       |   | 80,835  |   | 42,909  |   | 49,106  |
|                                                             |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| and      Other Income                                            | (46,695)                                                     |   | (88,106)                                          |   | (38,437)                                          |   | (77,307) |   | (33,894) |   | (47,382) |
| Equity      in Income (Loss) of Project Partnerships             | 1,084                                                   |   | 23,196                                       |   | 2,541                                        |   | 7,200  |   | -  |   | (4,333) |
| Gain      on Sale of Project Partnerships                        | 254,488                                                 |   | -                                            |   | -                                            |   | -  |   | -  |   | -  |
| Interest      Income                                             | 9                                                       |   | 2,224                                        |   | 5                                            |   | 1,415  |   | 3  |   | 1,448  |
|                                                             |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss)                                           | $    208,886                        |   | $   (62,686)                       |   | $   (35,891)                       |   | $   (68,692) |   | $   (33,891) |   | $     (50,267) |
|                                                             |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Allocation      of Net Income (Loss):                            |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Limited      Partners                                            | $    198,440                        |   | $   (62,059)                       |   | $   (35,532)                       |   | $   (68,005) |   | $   (33,552) |   | $     (49,764) |
| General      Partners                                            | 10,446                                                  |   | (627)                                             |   | (359)                                             |   | (687) |   | (339) |   | (503) |
|                                                             |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
|                                                             | $    208,886                        |   | $   (62,686)                       |   | $   (35,891)                       |   | $   (68,692) |   | $   (33,891) |   | $     (50,267) |
|                                                             |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss) Per Limited Partnership Unit              | $        19.09  |   | $       (5.97) |   | $       (3.56) |   | $       (6.81) |   | $       (5.36) |   | $         (7.96) |
|                                                             |                                                         |   |                                              |   |                                              |   |   |   |   |   |   |
| 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                         |
|------------------------------------------------------------------|------------------------------------------------------------------|--------|--------------------------------------------------|--------|--------------------------------------------------|
|                                                             | 2009                                                             |   | 2008                                             |   | 2009                                             |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                        |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Distribution      Income                                         | $         700  |   | $      1,400  |   | $      2,982  |   | $      2,182  |   | $      29,747  |   | $      20,449  |
| Total      Revenues                                              | 700                                                         |   | 1,400                                       |   | 2,982                                       |   | 2,182  |   | 29,747  |   | 20,449  |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Expenses:                                                        |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 8,356                                                       |   | 8,396                                       |   | 7,031                                       |   | 7,088  |   | 67,222  |   | 70,549  |
| General      and Administrative:                                 |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| General      Partner                                             | 9,550                                                       |   | 10,801                                      |   | 7,639                                       |   | 8,641  |   | 52,476  |   | 94,448  |
| Other                                                            | 10,777                                                      |   | 10,891                                      |   | 10,855                                      |   | 10,458  |   | 78,491  |   | 88,514  |
| Amortization                                                     | 167                                                         |   | 5,228                                       |   | 3,130                                       |   | 7,245  |   | 4,407  |   | 19,005  |
| Impairment      Loss on Investment in Project Partnerships       | -                                                           |   | 75,343                                      |   | -                                           |   | -  |   | -  |   | 101,237  |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Total      Expenses                                              | 28,850                                                      |   | 110,659                                     |   | 28,655                                      |   | 33,432  |   | 202,596  |   | 373,753  |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| and      Other Income                                            | (28,150)                                                         |   | (109,259)                                        |   | (25,673)                                         |   | (31,250) |   | (172,849) |   | (353,304) |
| Equity      in (Loss) Income of Project Partnerships             | (7,270)                                                          |   | 48,461                                      |   | (32,397)                                         |   | (24,376) |   | (36,042) |   | 50,148  |
| Gain      on Sale of Project Partnerships                        | -                                                           |   | -                                           |   | -                                           |   | -  |   | 254,488  |   | -  |
| Interest      Income                                             | 710                                                         |   | 2,040                                       |   | 807                                         |   | 3,038  |   | 1,534  |   | 10,165  |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Net      (Loss) Income                                           | $   (34,710)                                      |   | $   (58,758)                      |   | $   (57,263)                      |   | $   (52,588) |   | $      47,131  |   | $    (292,991) |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Limited      Partners                                            | $   (34,363)                                      |   | $   (58,170)                      |   | $   (56,690)                      |   | $   (52,062) |   | $      38,303  |   | $    (290,060) |
| General      Partners                                            | (347)                                                            |   | (588)                                            |   | (573)                                            |   | (526) |   | 8,828  |   | (2,931) |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
|                                                             | $   (34,710)                                      |   | $   (58,758)                      |   | $   (57,263)                      |   | $   (52,588) |   | $      47,131  |   | $    (292,991) |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $      (6.81)                      |   | $    (11.53)                 |   | $    (11.06)                 |   | $    (10.15) |   |   |   |   |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |
| Number      of Limited Partnership Units Outstanding             | 5,043                                                       |   | 5,043                                       |   | 5,127                                       |   | 5,127  |   |   |   |   |
|                                                             |                                                             |   |                                             |   |                                             |   |   |   |   |   |   |

----

|                                                             | SERIES      7                                                |   | SERIES      8                                      |   | SERIES      9                                     |
|------------------------------------------------------------------|--------------------------------------------------------------|--------|----------------------------------------------------|--------|---------------------------------------------------|
|                                                             | 2009                                                         |   | 2008                                               |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                        |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                         | $      18,964             |   | $      12,491   |   | $    13,760              |   | $      11,293  |   | $    12,853  |   | $      4,545  |
| Total      Revenues                                              | 18,964                                                  |   | 12,491                                        |   | 13,760                                       |   | 11,293  |   | 12,853  |   | 4,545  |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Expenses:                                                        |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 36,864                                                  |   | 42,566                                        |   | 42,890                                       |   | 43,144  |   | 24,294  |   | 24,420  |
| General      and Administrative:                                 |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| General      Partner                                             | 45,641                                                  |   | 61,171                                        |   | -                                            |   | 66,527  |   | 33,204  |   | 38,015  |
| Other                                                            | 24,779                                                  |   | 28,815                                        |   | 26,081                                       |   | 31,515  |   | 17,827  |   | 20,453  |
| Amortization                                                     | 146                                                     |   | 2,507                                         |   | 578                                          |   | 5,536  |   | 1,496  |   | 5,022  |
| Impairment      Loss on Investment in Project Partnerships       | -                                                       |   | 25,894                                        |   | -                                            |   | -  |   | -  |   | -  |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                              | 107,430                                                 |   | 160,953                                       |   | 69,549                                       |   | 146,722  |   | 76,821  |   | 87,910  |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| and      Other Income                                            | (88,466)                                                     |   | (148,462)                                          |   | (55,789)                                          |   | (135,429) |   | (63,968) |   | (83,365) |
| Equity      in Income (Loss) of Project Partnerships             | -                                                       |   | 23,887                                        |   | (11,312)                                          |   | 9,432  |   | (301) |   | (16,494) |
| Gain      on Sale of Project Partnerships                        | 301,008                                                 |   | -                                             |   | -                                            |   | -  |   | -  |   | -  |
| Interest      Income                                             | 16                                                      |   | 5,295                                         |   | 11                                           |   | 3,267  |   | 6  |   | 3,621  |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss)                                           | $    212,558                        |   | $   (119,280)                       |   | $   (67,090)                       |   | $   (122,730) |   | $   (64,263) |   | $   (96,238) |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Allocation      of Net Income (Loss):                            |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Limited      Partners                                            | $    156,021                        |   | $   (118,087)                       |   | $   (66,419)                       |   | $   (121,503) |   | $   (63,620) |   | $   (95,276) |
| General      Partners                                            | 56,537                                                  |   | (1,193)                                            |   | (671)                                             |   | (1,227) |   | (643) |   | (962) |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
|                                                             | $    212,558                        |   | $   (119,280)                       |   | $   (67,090)                       |   | $   (122,730) |   | $   (64,263) |   | $   (96,238) |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss) Per Limited Partnership Unit              | $        15.01  |   | $       (11.36) |   | $       (6.66) |   | $       (12.17) |   | $     (10.17) |   | $     (15.23) |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| 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                                     |
|------------------------------------------------------------------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|
|                                                             | 2009                                                         |   | 2008                                                         |   | 2009                                                         |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                        |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Distribution      Income                                         | $        2,512  |   | $        4,643  |   | $        3,582  |   | $        2,182  |   | $      51,671  |   | $      35,154  |
| Total      Revenues                                              | 2,512                                                   |   | 4,643                                                   |   | 3,582                                                   |   | 2,182  |   | 51,671  |   | 35,154  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Expenses:                                                        |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 16,712                                                  |   | 16,792                                                  |   | 14,062                                                  |   | 14,176  |   | 134,822  |   | 141,098  |
| General      and Administrative:                                 |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| General      Partner                                             | 20,753                                                  |   | 23,759                                                  |   | 16,602                                                  |   | 19,008  |   | 116,200  |   | 208,480  |
| Other                                                            | 13,015                                                  |   | 13,788                                                  |   | 13,109                                                  |   | 13,123  |   | 94,811  |   | 107,694  |
| Amortization                                                     | 334                                                     |   | 10,457                                                  |   | 6,260                                                   |   | 14,490  |   | 8,814  |   | 38,012  |
| Impairment      Loss on Investment in Project Partnerships       | -                                                       |   | 75,343                                                  |   | -                                                       |   | -  |   | -  |   | 101,237  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Total      Expenses                                              | 50,814                                                  |   | 140,139                                                 |   | 50,033                                                  |   | 60,797  |   | 354,647  |   | 596,521  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| and      Other Income                                            | (48,302)                                                     |   | (135,496)                                                    |   | (46,451)                                                     |   | (58,615) |   | (302,976) |   | (561,367) |
| Equity      in (Loss) Income of Project Partnerships             | (9,367)                                                      |   | 61,804                                                  |   | (58,592)                                                     |   | (26,733) |   | (79,572) |   | 51,896  |
| Gain      on Sale of Project Partnerships                        | -                                                       |   | -                                                       |   | -                                                       |   | -  |   | 301,008  |   | -  |
| Interest      Income                                             | 1,400                                                   |   | 4,212                                                   |   | 1,600                                                   |   | 6,368  |   | 3,033  |   | 22,763  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Net      Loss                                                    | $     (56,269)                      |   | $     (69,480)                      |   | $   (103,443)                                 |   | $     (78,980) |   | $     (78,507) |   | $   (486,708) |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Limited      Partners                                            | $     (55,706)                      |   | $     (68,785)                      |   | $   (102,409)                                 |   | $     (78,190) |   | $   (132,133) |   | $   (481,841) |
| General      Partners                                            | (563)                                                        |   | (695)                                                        |   | (1,034)                                                      |   | (790) |   | 53,626  |   | (4,867) |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
|                                                             | $     (56,269)                      |   | $     (69,480)                      |   | $   (103,443)                                 |   | $     (78,980) |   | $     (78,507) |   | $   (486,708) |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $       (11.05)           |   | $       (13.64)           |   | $       (19.97)           |   | $       (15.25) |   |   |   |   |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| 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, 2008     | $    (136,355) |   | $    (93,577)                      |   | $    (229,932) |   | $   (378,909) |   | $    (23,650) |   | $   (402,559) |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
| Net      Loss                      | (118,087)                          |   | (1,193)                                                |   | (119,280) |   | (121,503) |   | (1,227) |   | (122,730) |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $    (254,442) |   | $    (94,770)                      |   | $    (349,212) |   | $   (500,412) |   | $    (24,877) |   | $   (525,289) |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009     | $    (568,361) |   | $    (54,077)                      |   | $    (622,438) |   | $   (891,845) |   | $    (28,479) |   | $   (920,324) |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
| Net      Income (Loss)             | 156,021                       |   | 56,537                                            |   | 212,558  |   | (66,419) |   | (671) |   | (67,090) |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
| Distributions                      | (301,008)                          |   | -                                                 |   | (301,008) |   | -  |   | -  |   | -  |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2009 | $    (713,348) |   | $       2,460  |   | $    (710,888) |   | $   (958,264) |   | $    (29,150) |   | $   (987,414) |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                   |   |   |   |   |   |   |   |   |

----

|                               | SERIES      9                                                            |   | SERIES      10                    |
|------------------------------------|--------------------------------------------------------------------------|--------|-----------------------------------|
|                               | Limited                                                                  |   | General                           |   |   |   | Limited |   | General |   |   |
|                               | Partners                                                                 |   | Partners                          |   | Total |   | Partners |   | Partners |   | Total |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008     | $           (854) |   | $    (55,398) |   | $      (56,252) |   | $      763,501  |   | $    (36,913) |   | $      726,588  |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Net      Loss                      | (95,276)                                                                 |   | (962)                             |   | (96,238) |   | (68,785) |   | (695) |   | (69,480) |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $      (96,130)                            |   | $    (56,360) |   | $    (152,490) |   | $      694,716  |   | $    (37,608) |   | $      657,108  |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009     | $    (413,640)                                       |   | $    (59,568) |   | $    (473,208) |   | $      159,923  |   | $    (43,010) |   | $      116,913  |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Net      Loss                      | (63,620)                                                                 |   | (643)                             |   | (64,263) |   | (55,706) |   | (563) |   | (56,269) |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2009 | $    (477,260)                                       |   | $    (60,211) |   | $    (537,471) |   | $      104,217  |   | $    (43,573) |   | $        60,644  |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |
|                               |                                                                     |   |                              |   |   |   |   |   |   |   |   |

----

|                               | SERIES      11                                     |   | TOTAL      SERIES 7 - 11          |
|------------------------------------|----------------------------------------------------|--------|-----------------------------------|
|                               | Limited                                            |   | General                           |   |   |   | Limited |   | General |   |   |
|                               | Partners                                           |   | Partners                          |   | Total |   | Partners |   | Partners |   | Total |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008     | $   1,192,925                  |   | $    (34,405) |   | $   1,158,520  |   | $    1,440,308  |   | $   (243,943) |   | $      1,196,365  |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
| Net      Loss                      | (78,190)                                           |   | (790)                             |   | (78,980) |   | (481,841) |   | (4,867) |   | (486,708) |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $   1,114,735                  |   | $    (35,195) |   | $   1,079,540  |   | $       958,467  |   | $   (248,810) |   | $         709,657  |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009     | $      729,531  |   | $    (39,086) |   | $      690,445  |   | $      (984,392) |   | $   (224,220) |   | $     (1,208,612) |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
| Net      (Loss) Income             | (102,409)                                          |   | (1,034)                           |   | (103,443) |   | (132,133) |   | 53,626  |   | (78,507) |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
| Distributions                      | -                                             |   | -                            |   | -  |   | (301,008) |   | -  |   | (301,008) |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2009 | $      627,122  |   | $    (40,120) |   | $      587,002  |   | $   (1,417,533) |   | $   (170,594) |   | $     (1,588,127) |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |
|                               |                                               |   |                              |   |   |   |   |   |   |   |   |

----

|                                                                                           | SERIES      7                                                                                                        |   | SERIES      8                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Income (Loss)                                                                         | $       212,558                                                              |   | $     (119,280)                                                                             |   | $       (67,090) |   | $        (122,730) |
| Adjustments      to Reconcile Net Income (Loss) to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Amortization                                                                                   | 146                                                                                                             |   | 2,507                                                                                                           |   | 578  |   | 5,536  |
| Impairment      Loss on Investment in Project Partnerships                                     | -                                                                                                               |   | 25,894                                                                                                          |   | -  |   | -  |
| Discount      on Investment in Securities                                                      | -                                                                                                               |   | (684)                                                                                                                |   | -  |   | (350) |
| Equity      in (Income) Loss of Project Partnerships                                           | -                                                                                                               |   | (23,887)                                                                                                             |   | 11,312  |   | (9,432) |
| Gain      on Sale of Project Partnerships                                                      | (301,008)                                                                                                            |   | -                                                                                                               |   | -  |   | -  |
| Distribution      Income                                                                       | (18,964)                                                                                                             |   | (12,491)                                                                                                             |   | (13,760) |   | (11,293) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | -                                                                                                               |   | 1,811                                                                                                           |   | -  |   | 583  |
| Decrease      in Receivable - Other                                                            | -                                                                                                               |   | 696                                                                                                             |   | -  |   | -  |
| Increase      in Payable to General Partners                                                   | 29,428                                                                                                          |   | 33,621                                                                                                          |   | 68,678  |   | 40,534  |
| Net      Cash Used in Operating Activities                                                     | (77,840)                                                                                                             |   | (91,813)                                                                                                             |   | (282) |   | (97,152) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                          | 22,963                                                                                                          |   | 17,407                                                                                                          |   | 16,301  |   | 11,293  |
| Net      Proceeds from Sale of Project Partnerships                                            | 301,008                                                                                                         |   | -                                                                                                               |   | -  |   | -  |
| Redemption      of Investment Securities                                                       | -                                                                                                               |   | 200,000                                                                                                         |   | -  |   | 75,000  |
| Purchase      of Investment Securities                                                         | -                                                                                                               |   | (160,337)                                                                                                            |   | -  |   | (80,169) |
| Net      Cash Provided by Investing Activities                                                 | 323,971                                                                                                         |   | 57,070                                                                                                          |   | 16,301  |   | 6,124  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Limited Partners                                                    | (295,530)                                                                                                            |   | -                                                                                                               |   | -  |   | (67,964) |
| Net      Cash Used in Financing Activities                                                     | (295,530)                                                                                                            |   | -                                                                                                               |   | -  |   | (67,964) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                          | (49,399)                                                                                                             |   | (34,743)                                                                                                             |   | 16,019  |   | (158,992) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 246,867                                                                                                         |   | 162,586                                                                                                         |   | 185,918  |   | 252,598  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $       197,468                                                              |   | $       127,843                                                              |   | $      201,937  |   | $            93,606  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Receivable - Other                                                            | $                  -  |   | $       (45,000)                                                                  |   | $                  -  |   | $                      -  |
| Increase      in Deferred Gain on Sale of Project Partnerships                                 | -                                                                                                               |   | 43,425                                                                                                          |   | -  |   | -  |
| Increase      in Payable to General Partners                                                   | -                                                                                                               |   | 1,575                                                                                                           |   | -  |   | -  |
|                                                                                           | $                  -  |   | $                  -  |   | $                  -  |   | $                      -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                  | SERIES      9                                                       |   | SERIES      10                                                      |
|---------------------------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                                                  | 2009                                                                |   | 2008                                                                |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                                |   |                                                                |   |   |   |   |
| Net      Loss                                                                         | $       (64,263)                 |   | $       (96,238)                 |   | $       (56,269) |   | $          (69,480) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                                |   |                                                                |   |   |   |   |
| Amortization                                                                          | 1,496                                                          |   | 5,022                                                          |   | 334  |   | 10,457  |
| Impairment      Loss on Investment in Project Partnerships                            | -                                                              |   | -                                                              |   | -  |   | 75,343  |
| Accreted      Interest Income on Investment in Securities                             | -                                                              |   | (1,436)                                                             |   | (1,394) |   | (2,542) |
| Discount      on Investment in Securities                                             | -                                                              |   | (127)                                                               |   | -  |   | (216) |
| Equity      in Loss (Income) of Project Partnerships                                  | 301                                                            |   | 16,494                                                         |   | 9,367  |   | (61,804) |
| Distribution      Income                                                              | (12,853)                                                            |   | (4,545)                                                             |   | (2,512) |   | (4,643) |
| Changes      in Operating Assets and Liabilities:                                     |                                                                |   |                                                                |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                                              |   | 1,123                                                          |   | -  |   | 408  |
| Increase      in Payable to General Partners                                          | 18,258                                                         |   | 19,341                                                         |   | 12,238  |   | 13,134  |
| Net      Cash Used in Operating Activities                                            | (57,061)                                                            |   | (60,366)                                                            |   | (38,236) |   | (39,343) |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                                |   |                                                                |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 12,853                                                         |   | 5,345                                                          |   | 12,661  |   | 13,043  |
| Redemption      of Investment Securities                                              | -                                                              |   | 100,000                                                        |   | -  |   | 50,000  |
| Purchase      of Investment Securities                                                | -                                                              |   | (34,641)                                                            |   | -  |   | (49,487) |
| Net      Cash Provided by Investing Activities                                        | 12,853                                                         |   | 70,704                                                         |   | 12,661  |   | 13,556  |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                 | (44,208)                                                            |   | 10,338                                                         |   | (25,575) |   | (25,787) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 124,326                                                        |   | 64,247                                                         |   | 121,062  |   | 79,049  |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $         80,118  |   | $         74,585  |   | $         95,487  |   | $            53,262  |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |

----

|                                                                                  | SERIES      11                                                                                                       |   | TOTAL      SERIES 7 - 11                                                                                             |
|---------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                  | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Loss                                                                         | $     (103,443)                                                                             |   | $       (78,980)                                                                  |   | $       (78,507) |   | $        (486,708) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Amortization                                                                          | 6,260                                                                                                           |   | 14,490                                                                                                          |   | 8,814  |   | 38,012  |
| Impairment      Loss on Investment in Project Partnerships                            | -                                                                                                               |   | -                                                                                                               |   | -  |   | 101,237  |
| Accreted      Interest Income on Investment in Securities                             | (1,589)                                                                                                              |   | (2,983)                                                                                                              |   | (2,983) |   | (6,961) |
| Discount      on Investment in Securities                                             | -                                                                                                               |   | (566)                                                                                                                |   | -  |   | (1,943) |
| Equity      in Loss (Income) of Project Partnerships                                  | 58,592                                                                                                          |   | 26,733                                                                                                          |   | 79,572  |   | (51,896) |
| Gain      on Sale of Project Partnerships                                             | -                                                                                                               |   | -                                                                                                               |   | (301,008) |   | -  |
| Distribution      Income                                                              | (3,582)                                                                                                              |   | (2,182)                                                                                                              |   | (51,671) |   | (35,154) |
| Changes      in Operating Assets and Liabilities:                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                                                                                               |   | 990                                                                                                             |   | -  |   | 4,915  |
| Decrease      in Receivable - Other                                                   | -                                                                                                               |   | -                                                                                                               |   | -  |   | 696  |
| Increase      in Payable to General Partners                                          | 9,780                                                                                                           |   | 12,788                                                                                                          |   | 138,382  |   | 119,418  |
| Net      Cash Used in Operating Activities                                            | (33,982)                                                                                                             |   | (29,710)                                                                                                             |   | (207,401) |   | (318,384) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 3,582                                                                                                           |   | 3,682                                                                                                           |   | 68,360  |   | 50,770  |
| Net      Proceeds from Sale of Project Partnerships                                   | -                                                                                                               |   | -                                                                                                               |   | 301,008  |   | -  |
| Redemption      of Investment Securities                                              | -                                                                                                               |   | 125,000                                                                                                         |   | -  |   | 550,000  |
| Purchase      of Investment Securities                                                | -                                                                                                               |   | (129,655)                                                                                                            |   | -  |   | (454,289) |
| Net      Cash Provided by (Used in) Investing Activities                              | 3,582                                                                                                           |   | (973)                                                                                                                |   | 369,368  |   | 146,481  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Limited Partners                                           | -                                                                                                               |   | -                                                                                                               |   | (295,530) |   | (67,964) |
| Net      Cash Used in Financing Activities                                            | -                                                                                                               |   | -                                                                                                               |   | (295,530) |   | (67,964) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                            | (30,400)                                                                                                             |   | (30,683)                                                                                                             |   | (133,563) |   | (239,867) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 204,816                                                                                                         |   | 81,179                                                                                                          |   | 882,989  |   | 639,659  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $       174,416                                                              |   | $         50,496                                                   |   | $      749,426  |   | $         399,792  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Receivable - Other                                                   | $                  -  |   | $                  -  |   | $                  -  |   | $          (45,000) |
| Increase      in Deferred Gain on Sale of Project Partnerships                        | -                                                                                                               |   | -                                                                                                               |   | -  |   | 43,425  |
| Increase      in Payable to General Partners                                          | -                                                                                                               |   | -                                                                                                               |   | -  |   | 1,575  |
|                                                                                  | $                  -  |   | $                  -  |   | $                  -  |   | $                     -  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

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

----

----

----

|                       | Series      10                                                                              |   | Series      11                                                                  |
|----------------------------|---------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
|                       | September      30, 2009                                                                     |   | March      31, 2009                                                             |   | September      30, 2009 |   | March      31, 2009 |
| Amortized      Cost        | $             39,498  |   | $           38,104  |   | $            42,822  |   | $           41,233  |
| Gross      Unrealized Gain | 496                                                                                    |   | 1,730                                                                      |   | 1,172  |   | 2,584  |
|                       |                                                                                        |   |                                                                            |   |   |   |   |
| Fair      Value            | $             39,994  |   | $           39,834  |   | $            43,994  |   | $           43,817  |

|                       | Total      Series 10 - 11                                                                   |   |
|----------------------------|---------------------------------------------------------------------------------------------|--------|
|                       | September      30, 2009                                                                     |   | March      31, 2009 |   |
| Amortized      Cost        | $             82,320  |   | $           79,337  |   |
| Gross      Unrealized Gain | 1,668                                                                                  |   | 4,314  |   |
|                       |                                                                                        |   |   |   |
| Fair      Value            | $             83,988  |   | $           83,651  |   |

|                                       | Series      10                                                                  |   | Series      11                                                                  |   | Total                                                                           |
|--------------------------------------------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
| Due      within 1 year                     | $           39,498  |   | $           42,822  |   | $           82,320  |
| After      1 year through 5 years          | -                                                                          |   | -                                                                          |   | -                                                                          |
| Total      Amount Carried on Balance Sheet | $           39,498  |   | $           42,822  |   | $           82,320  |

----

|           | 2009                            |   | 2008                            |
|----------------|---------------------------------|--------|---------------------------------|
| Series      7  | $    36,864 |   | $    42,566 |
| Series      8  | 42,890                          |   | 43,144                          |
| Series      9  | 24,294                          |   | 24,420                          |
| Series      10 | 16,712                          |   | 16,792                          |
| Series      11 | 14,062                          |   | 14,176                          |
| Total          | $  134,822            |   | $  141,098            |

|           | 2009                            |   | 2008                            |
|----------------|---------------------------------|--------|---------------------------------|
| Series      7  | $    45,641 |   | $    61,171 |
| Series      8  | -                               |   | 66,527                          |
| Series      9  | 33,204                          |   | 38,015                          |
| Series      10 | 20,753                          |   | 23,759                          |
| Series      11 | 16,602                          |   | 19,008                          |
| Total          | $  116,200            |   | $  208,480            |

----

|  As      of September 30, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 7 - 30, Series 8 - 42, and Series 9 - 24) which own and operate      government assisted multi-family housing complexes.  Cash flows      from operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

|                                               | SERIES      7                                                             |   | SERIES      8                                                             |   | SERIES      9                                                                                        |
|----------------------------------------------------|---------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|
|                                               | September      30,                                                        |   | March      31,                                                            |   | September      30,                                                                                   |   | March      31, |   | September      30, |   | March      31, |
|                                               | 2009                                                                      |   | 2009                                                                      |   | 2009                                                                                                 |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     5,721,083                             |   | $     6,861,114                             |   | $     7,400,711                                                        |   | $     7,400,711  |   | $     4,914,116  |   | $     4,914,116  |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships     | -                                                                    |   | -                                                                    |   | 24,220                                                                                          |   | 24,220  |   | -  |   | -  |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Partnerships      (1) (2)                          | (5,194,990)                                                               |   | (6,402,875)                                                               |   | (7,352,151)                                                                                          |   | (7,340,840) |   | (4,566,385) |   | (4,566,084) |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | (216,294)                                                                 |   | (252,589)                                                                 |   | (190,367)                                                                                            |   | (187,825) |   | (168,985) |   | (168,985) |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Adjustment                                         | 309,799                                                              |   | 205,650                                                              |   | (117,587)                                                                                            |   | (103,734) |   | 178,746  |   | 179,047  |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| assets      acquired:                              |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 573,481                                                              |   | 703,733                                                              |   | 536,715                                                                                         |   | 536,715  |   | 244,087  |   | 244,087  |
| Accumulated      amortization of acquisition       |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| fees      and expenses                             | (246,561)                                                                 |   | (268,518)                                                                 |   | (165,963)                                                                                            |   | (165,385) |   | (107,017) |   | (105,521) |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in       |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | (552,557)                                                                 |   | (552,557)                                                                 |   | (252,589)                                                                                            |   | (252,589) |   | (307,932) |   | (307,932) |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $          84,162  |   | $          88,308  |   | $               576  |   | $          15,007  |   | $            7,884  |   | $            9,681  |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $5,094,348      in Series 7, $8,030,190 in Series 8, and $3,068,703 in Series 9 for the      period ended September 30, 2009; and cumulative suspended losses of      $5,704,356 in Series 7, $7,564,293 in Series 8, and $2,844,368 in Series 9      for the year ended March 31, 2009 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 September 30, 2009 and March 31,      2009.  (See discussion in Note 2 - Significant Accounting      Policies.)                                                                                                                      |

----

|  As      of September 30, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 10 - 15 and Series 11 - 12) which own and operate government      assisted multi-family housing complexes.  Cash flows from      operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|                                               | SERIES      10                                                 |   | SERIES      11                                                 |   | TOTAL      SERIES 7 - 11                                       |
|----------------------------------------------------|----------------------------------------------------------------|--------|----------------------------------------------------------------|--------|----------------------------------------------------------------|
|                                               | September      30,                                             |   | March      31,                                                 |   | September      30,                                             |   | March      31, |   | September      30, |   | March      31, |
|                                               | 2009                                                           |   | 2009                                                           |   | 2009                                                           |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     3,914,672                  |   | $     3,914,672                  |   | $     4,128,042                  |   | $     4,128,042  |   | $   26,078,624  |   | $   27,218,655  |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships     | -                                                         |   | -                                                         |   | -                                                         |   | -  |   | 24,220  |   | 24,220  |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Partnerships      (1)                              | (2,516,174)                                                    |   | (2,506,807)                                                    |   | (1,886,139)                                                    |   | (1,827,547) |   | (21,515,839) |   | (22,644,153) |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Project      Partnerships                          | (239,990)                                                      |   | (229,841)                                                      |   | (194,894)                                                      |   | (194,894) |   | (1,010,530) |   | (1,034,134) |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Adjustment                                         | 1,158,508                                                 |   | 1,178,024                                                 |   | 2,047,009                                                 |   | 2,105,601  |   | 3,576,475  |   | 3,564,588  |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| assets      acquired:                              |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 196,738                                                   |   | 196,738                                                   |   | 290,335                                                   |   | 290,335  |   | 1,841,356  |   | 1,971,608  |
| Accumulated      amortization of acquisition       |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| fees      and expenses                             | (152,762)                                                      |   | (152,428)                                                      |   | (216,733)                                                      |   | (210,473) |   | (889,036) |   | (902,325) |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in       |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Project      Partnerships                          | (1,085,926)                                                    |   | (1,085,926)                                                    |   | (1,648,978)                                                    |   | (1,648,978) |   | (3,847,982) |   | (3,847,982) |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $        116,558  |   | $        136,408  |   | $        471,633  |   | $        536,485  |   | $        680,813  |   | $        785,889  |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $759,886      in Series 10 and $1,308,222 in Series 11 for the period ended September      30, 2009; and cumulative suspended losses of $660,430 in Series 10 and      $1,231,664 in Series 11 for the year ended March 31, 2009 are not      included. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                 | SERIES      7                                                                                                              |   | SERIES      8   (1)                                   |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                                                 | 2009                                                                                                                       |   | 2008                                                                 |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                       |                                                                                                                       |   |                                                                 |   |   |   |   |
| Assets:                                              |                                                                                                                       |   |                                                                 |   |   |   |   |
| Current      assets                                  | $    3,594,374                                                                                    |   | $    4,781,187                              |   | $    4,697,568  |   | $    4,746,997  |
| Investment      properties, net                      | 16,556,628                                                                                                            |   | 21,006,595                                                      |   | 23,119,796  |   | 24,308,409  |
| Other      assets                                    | 41,995                                                                                                                |   | 24,469                                                          |   | 287,963  |   | 330,508  |
| Total      assets                                    | $  20,192,997                                                                                               |   | $  25,812,251                                         |   | $  28,105,327  |   | $  29,385,914  |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| Liabilities      and Partners' Deficit:              |                                                                                                                       |   |                                                                 |   |   |   |   |
| Current      liabilities                             | $       713,193                                                                    |   | $       686,996              |   | $    1,470,212  |   | $    1,187,900  |
| Long-term      debt                                  | 24,669,423                                                                                                            |   | 30,700,844                                                      |   | 35,579,018  |   | 35,854,400  |
| Total      liabilities                               | 25,382,616                                                                                                            |   | 31,387,840                                                      |   | 37,049,230  |   | 37,042,300  |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| Partners'      deficit                               |                                                                                                                       |   |                                                                 |   |   |   |   |
| Limited      Partner                                 | (4,932,090)                                                                                                                |   | (5,174,516)                                                          |   | (8,178,828) |   | (6,960,412) |
| General      Partners                                | (257,529)                                                                                                                  |   | (401,073)                                                            |   | (765,075) |   | (695,974) |
| Total      partners' deficit                         | (5,189,619)                                                                                                                |   | (5,575,589)                                                          |   | (8,943,903) |   | (7,656,386) |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| Total      liabilities and partners' deficit         | $  20,192,997                                                                                               |   | $  25,812,251                                         |   | $  28,105,327  |   | $  29,385,914  |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS             |                                                                                                                       |   |                                                                 |   |
| Rental      and other income                         | $    1,980,593                                                                                    |   | $    2,402,839                              |   | $    2,750,725  |   | $    2,704,941  |
| Expenses:                                            |                                                                                                                       |   |                                                                 |   |   |   |   |
| Operating      expenses                              | 1,581,690                                                                                                             |   | 1,551,876                                                       |   | 2,118,069  |   | 1,762,875  |
| Interest      expense                                | 258,376                                                                                                               |   | 326,725                                                         |   | 367,528  |   | 383,861  |
| Depreciation      and amortization                   | 500,779                                                                                                               |   | 641,635                                                         |   | 749,326  |   | 744,417  |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| Total      expenses                                  | 2,340,845                                                                                                             |   | 2,520,236                                                       |   | 3,234,923  |   | 2,891,153  |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| Net      loss                                        | $      (360,252)                                                                             |   | $      (117,397)                       |   | $      (484,198) |   | $      (186,212) |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| Other      partners' share of net loss               | $          (2,874)                                                       |   | $          (1,174) |   | $          (6,989) |   | $          (2,704) |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| Gateway's      share of net loss                     | $      (357,378)                                                                             |   | $      (116,223)                       |   | $      (477,209) |   | $      (183,508) |
| Suspended      losses                                | 357,378                                                                                                               |   | 140,110                                                         |   | 465,897  |   | 192,940  |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |
| Equity      in Income (Loss) of Project Partnerships | $                   -  |   | $         23,887   |   | $        (11,312) |   | $           9,432  |
|                                                 |                                                                                                                       |   |                                                                 |   |   |   |   |

----

|                         | June      2009                                                                    |   | June      2008                                                                               |
|------------------------------|-----------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|
| Total      Assets            | $           457,374   |   | $           490,375              |
| Total      Liabilities       | 802,571                                                                      |   | 801,292                                                                                 |
| Gateway      Deficit         | (313,096)                                                                         |   | (279,159)                                                                                    |
| Other      Partner's Deficit | (32,101)                                                                          |   | (31,758)                                                                                     |
| Total      Revenue           | 62,862                                                                       |   | 57,020                                                                                  |
| Net      Loss                | $            (20,957) |   | $              (7,222) |
|                         |                                                                              |   |                                                                                         |

----

|                                                  | SERIES      9                                                                        |   | SERIES      10                                                       |
|-------------------------------------------------------|--------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                                                  | 2009                                                                                 |   | 2008                                                                 |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                        |                                                                                 |   |                                                                 |   |   |   |   |
| Assets:                                               |                                                                                 |   |                                                                 |   |   |   |   |
| Current      assets                                   | $    2,411,912                                              |   | $    2,362,477                              |   | $    2,190,970  |   | $       2,156,863  |
| Investment      properties, net                       | 14,019,550                                                                      |   | 14,750,384                                                      |   | 10,969,179  |   | 11,353,395  |
| Other      assets                                     | 53,452                                                                          |   | 53,760                                                          |   | 28,395  |   | 17,401  |
| Total      assets                                     | $  16,484,914                                                         |   | $  17,166,621                                         |   | $  13,188,544  |   | $     13,527,659  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):      |                                                                                 |   |                                                                 |   |   |   |   |
| Current      liabilities                              | $       429,565                              |   | $       268,703              |   | $       462,239  |   | $          330,258  |
| Long-term      debt                                   | 19,453,468                                                                      |   | 19,596,802                                                      |   | 12,826,121  |   | 12,934,608  |
| Total      liabilities                                | 19,883,033                                                                      |   | 19,865,505                                                      |   | 13,288,360  |   | 13,264,866  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Partners'      equity (deficit)                       |                                                                                 |   |                                                                 |   |   |   |   |
| Limited      Partner                                  | (2,959,486)                                                                          |   | (2,296,624)                                                          |   | 395,880  |   | 718,956  |
| General      Partners                                 | (438,633)                                                                            |   | (402,260)                                                            |   | (495,696) |   | (456,163) |
| Total      partners' equity (deficit)                 | (3,398,119)                                                                          |   | (2,698,884)                                                          |   | (99,816) |   | 262,793  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Total      liabilities and partners' equity (deficit) | $  16,484,914                                                         |   | $  17,166,621                                         |   | $  13,188,544  |   | $     13,527,659  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS              |                                                                                 |   |                                                                 |   |
| Rental      and other income                          | $    1,460,983                                              |   | $    1,421,222                              |   | $       972,682  |   | $       1,003,747  |
| Expenses:                                             |                                                                                 |   |                                                                 |   |   |   |   |
| Operating      expenses                               | 1,090,470                                                                       |   | 937,474                                                         |   | 727,718  |   | 619,393  |
| Interest      expense                                 | 197,387                                                                         |   | 201,714                                                         |   | 108,090  |   | 110,989  |
| Depreciation      and amortization                    | 395,320                                                                         |   | 392,012                                                         |   | 243,306  |   | 239,702  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Total      expenses                                   | 1,683,177                                                                       |   | 1,531,200                                                       |   | 1,079,114  |   | 970,084  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Net      (loss) Income                                | $      (222,194)                                       |   | $      (109,978)                       |   | $      (106,432) |   | $            33,663  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Other      partners' share of net income (loss)       | $           2,442        |   | $          (1,100) |   | $           2,391  |   | $                (459) |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Gateway's      share of net (loss) income             | $      (224,636)                                       |   | $      (108,878)                       |   | $      (108,823) |   | $            34,122  |
| Suspended      losses                                 | 224,335                                                                         |   | 92,384                                                          |   | 99,456  |   | 27,682  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships  | $             (301) |   | $        (16,494)            |   | $          (9,367) |   | $            61,804  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |

----

|                                                  | SERIES      11                                                       |   | TOTAL      SERIES 7 - 11                                             |
|-------------------------------------------------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                                                  | 2009                                                                 |   | 2008                                                                 |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                        |                                                                 |   |                                                                 |   |   |   |   |
| Assets:                                               |                                                                 |   |                                                                 |   |   |   |   |
| Current      assets                                   | $    1,225,322                              |   | $    1,173,954                              |   | $  14,120,146  |   | $     15,221,478  |
| Investment      properties, net                       | 9,220,083                                                       |   | 9,635,978                                                       |   | 73,885,236  |   | 81,054,761  |
| Other      assets                                     | 312,885                                                         |   | 273,820                                                         |   | 724,690  |   | 699,958  |
| Total      assets                                     | $  10,758,290                                         |   | $   11,083,752                                   |   | $  88,730,072  |   | $     96,976,197  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):      |                                                                 |   |                                                                 |   |   |   |   |
| Current      liabilities                              | $       475,660              |   | $       311,422              |   | $    3,550,869  |   | $       2,785,279  |
| Long-term      debt                                   | 9,916,521                                                       |   | 10,035,475                                                      |   | 102,444,551  |   | 109,122,129  |
| Total      liabilities                                | 10,392,181                                                      |   | 10,346,897                                                      |   | 105,995,420  |   | 111,907,408  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Partners'      equity (deficit)                       |                                                                 |   |                                                                 |   |   |   |   |
| Limited      Partner                                  | 760,025                                                         |   | 1,091,501                                                       |   | (14,914,499) |   | (12,621,095) |
| General      Partners                                 | (393,916)                                                            |   | (354,646)                                                            |   | (2,350,849) |   | (2,310,116) |
| Total      partners' equity (deficit)                 | 366,109                                                         |   | 736,855                                                         |   | (17,265,348) |   | (14,931,211) |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Total      liabilities and partners' equity (deficit) | $  10,758,290                                         |   | $  11,083,752                                         |   | $  88,730,072  |   | $     96,976,197  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS              |                                                                 |   |                                                                 |   |
| Rental      and other income                          | $       896,437              |   | $       882,489              |   | $    8,061,420  |   | $       8,415,238  |
| Expenses:                                             |                                                                 |   |                                                                 |   |   |   |   |
| Operating      expenses                               | 668,089                                                         |   | 599,254                                                         |   | 6,186,036  |   | 5,470,872  |
| Interest      expense                                 | 106,498                                                         |   | 106,330                                                         |   | 1,037,879  |   | 1,129,619  |
| Depreciation      and amortization                    | 261,740                                                         |   | 264,893                                                         |   | 2,150,471  |   | 2,282,659  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Total      expenses                                   | 1,036,327                                                       |   | 970,477                                                         |   | 9,374,386  |   | 8,883,150  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Net      loss                                         | $      (139,890)                       |   | $        (87,988)            |   | $   (1,312,966) |   | $         (467,912) |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Other      partners' share of net loss                | $          (4,741) |   | $          (3,589) |   | $          (9,771) |   | $             (9,026) |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Gateway's      share of net loss                      | $      (135,149)                       |   | $        (84,399)            |   | $   (1,303,195) |   | $         (458,886) |
| Suspended      losses                                 | 76,557                                                          |   | 57,666                                                          |   | 1,223,623  |   | 510,782  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships  | $        (58,592)            |   | $        (26,733)            |   | $        (79,572) |   | $            51,896  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |

----

| Transaction       |                               |                                  | Net      Proceeds                   | Gain      on                          |
|-------------------|------------------------------------|---------------------------------------|-------------------------------------|---------------------------------------|
| Month      / Year | Project      Partnership           | Net      Proceeds                     | Per      LP Unit                    | 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                           | 46,520                           |
|              |                               |                                  |                                | $  301,008             |

| Transaction         |                         |                           | Net      Proceeds       | Gain      on                         |
|---------------------|------------------------------|--------------------------------|-------------------------|--------------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds              | Per      LP Unit        | Disposal                             |
| September      2008 | Cedar      Hollow Apartments | $   9,741  | $  0.94  | $    9,741  |
| September      2008 | Sunrise      I Apartments    | 14,741                    | 1.42               | 14,741                          |
| September      2008 | Burbank      Apartments      | 9,502                     | 0.91               | 9,502                           |
| September      2008 | Walnut      Apartments       | 9,441                     | 0.91               | 9,441                           |
|                |                         |                           |                    | $  43,425             |

| Transaction       |                        |                                                                 | Net      Proceeds                                        | Gain      on                 |
|-------------------|-----------------------------|----------------------------------------------------------------------|----------------------------------------------------------|------------------------------|
| Month      / Year | Project      Partnership    | Net      Proceeds                                                    | Per      LP Unit                                         | Disposal                     |
|              | Other,      net (see below) | $          -  | $        -  | $   349  |
|              |                        |                                                                 |                                                     | $   349  |

----

| Series 7                     |                                                                                     |   |                                                          |
|------------------------------|------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|
|                         |  Cardinal      Apartments                                                           |   |                                                          |
| Rental      and other income | $        44,694                             |   |                                                          |
| Gross      profit            | 14,160                                                                              |   |                                                          |
| Net      income              | $             735  |   |                                                          |
|                         |                                                                                     |   |                                                          |
| Series 10                    |                                                                                     |   |                                                          |
|                         |  Stigler      Properties                                                            |   |                                                          |
| Rental      and other income | $        46,508                             |   |                                                          |
| Gross      profit            | 18,911                                                                              |   |                                                          |
| Net      income              | $          4,337                  |   |                                                          |
|                         |                                                                                     |   |                                                          |
| Series 11                    |                                                                                     |   |                                                          |
|                         |  Creekstone      Apartments, L.P.                                                   |   |  Magnolia      Place Apartments, L.P.                    |
| Rental      and other income | $      109,618                                        |   | $        72,553  |
| Gross      profit            | 9,181                                                                               |   | 16,937                                                   |
| Net      loss                | $      (25,476)                                            |   | $        (4,171)      |
|                         |                                                                                     |   |                                                          |

----

----

----

----

----

----

| Transaction       |                               |                                  | Net      Proceeds                   | Gain      on                          |
|-------------------|------------------------------------|---------------------------------------|-------------------------------------|---------------------------------------|
| Month      / Year | Project      Partnership           | Net      Proceeds                     | Per      LP Unit                    | 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                           | 46,520                           |
|              |                               |                                  |                                | $  301,008             |

| Transaction         |                         |                           | Net      Proceeds       | Gain      on                         |
|---------------------|------------------------------|--------------------------------|-------------------------|--------------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds              | Per      LP Unit        | Disposal                             |
| September      2008 | Cedar      Hollow Apartments | $   9,741  | $  0.94  | $    9,741  |
| September      2008 | Sunrise      I Apartments    | 14,741                    | 1.42               | 14,741                          |
| September      2008 | Burbank      Apartments      | 9,502                     | 0.91               | 9,502                           |
| September      2008 | Walnut      Apartments       | 9,441                     | 0.91               | 9,441                           |
|                |                         |                           |                    | $  43,425             |

| Transaction       |                        |                                                                 | Net      Proceeds                                        | Gain      on                 |
|-------------------|-----------------------------|----------------------------------------------------------------------|----------------------------------------------------------|------------------------------|
| Month      / Year | Project      Partnership    | Net      Proceeds                                                    | Per      LP Unit                                         | Disposal                     |
|              | Other,      net (see below) | $          -  | $        -  | $   349  |
|              |                        |                                                                 |                                                     | $   349  |

----

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

| Antlers      Properties                                | Antlers      Properties II                     |
|--------------------------------------------------------|------------------------------------------------|
| AAA      Properties of Bentonville                     | Meadowview      Properties Limited Partnership |
| Concordia      Senior Housing, L.P.                    | Holdenville      Properties                    |
| Kirksville      Senior Apartments, Limited Partnership | Mountainburg      Properties                   |
| Wetumka      Properties                                |                                           |

| Abernathy      Properties   | Boxwood      Place Properties |
|-----------------------------|-------------------------------|
| Lamar      Properties, L.P. | Stilwell      Properties III  |
| Jay      Properties II      |                          |

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

----

| Pioneer      Apartments, an Arkansas Limited Partnership |   |
|----------------------------------------------------------|--------|

----

----

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

| Date:      November 13,      2009 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President                   |

| Date:      November 13,      2009 |   | By:/s/ Toni S.      Matthews                   |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Toni      S. Matthews                          |
|                              |   | Vice      President and Chief FinancialOfficer |

| Date:      November 13,      2009 |   | By:/s/ Sandra C.      Humphreys |
|-----------------------------------|--------|---------------------------------|
|                              |   | Sandra      C. Humphreys        |
|                              |   | Secretary      and Treasurer    |