|   | [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                                            |
|--------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|----------------------------------------------------------|
|                                             | June      30,                                                       |   | March      31,                                    |   | June      30,                                            |   | March      31, |   | June      30, |   | March      31, |
|                                             | 2009                                                                |   | 2009                                              |   | 2009                                                     |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                           |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Current      Assets:                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Cash      and Cash Equivalents                   | $       264,056             |   | $    246,867             |   | $       194,867  |   | $    185,918  |   | $       103,059  |   | $     124,326  |
| Total      Current Assets                        | 264,056                                                        |   | 246,867                                      |   | 194,867                                             |   | 185,918  |   | 103,059  |   | 124,326  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Investments      in Project Partnerships, net    | 87,151                                                         |   | 88,308                                       |   | 865                                                 |   | 15,007  |   | 8,632  |   | 9,681  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Assets                                | $       351,207             |   | $    335,175             |   | $       195,732  |   | $    200,925  |   | $       111,691  |   | $     134,007  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT           |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Current      Liabilities:                        |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Payable      to General Partners                 | $         55,302  |   | $      61,563  |   | $       176,441  |   | $    171,880  |   | $         27,325  |   | $       31,416  |
| Distribution      Payable                        | 46,598                                                         |   | 78                                           |   | 385                                                 |   | 385  |   | -  |   | -  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Current Liabilities                   | 101,900                                                        |   | 61,641                                       |   | 176,826                                             |   | 172,265  |   | 27,325  |   | 31,416  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Long-Term      Liabilities:                      |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Payable      to General Partners                 | 914,593                                                        |   | 895,972                                      |   | 970,429                                             |   | 948,984  |   | 587,946  |   | 575,799  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Partners'      Deficit:                          |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Limited      Partners - 10,395, 9,980, and 6,254 |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| units      for Series 7, 8, and 9, respectively, |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| at      June 30, 2009 and March 31, 2009         | (657,300)                                                           |   | (568,361)                                         |   | (922,732)                                                |   | (891,845) |   | (443,708) |   | (413,640) |
| General      Partners                            | (7,986)                                                             |   | (54,077)                                          |   | (28,791)                                                 |   | (28,479) |   | (59,872) |   | (59,568) |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Partners' Deficit                     | (665,286)                                                           |   | (622,438)                                         |   | (951,523)                                                |   | (920,324) |   | (503,580) |   | (473,208) |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit     | $       351,207             |   | $    335,175             |   | $       195,732  |   | $    200,925  |   | $       111,691  |   | $     134,007  |
|                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |

----

|                                                  | SERIES      10                                                      |   | SERIES      11                                    |   | TOTAL      SERIES 7 - 11                                            |
|-------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                  | June      30,                                                       |   | March      31,                                    |   | June      30,                                                       |   | March      31, |   | June      30, |   | March      31, |
|                                                  | 2009                                                                |   | 2009                                              |   | 2009                                                                |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                        | $       106,299             |   | $    121,062             |   | $       191,003             |   | $    204,816  |   | $       859,284  |   | $        882,989  |
| Investments      in Securities                        | 38,791                                                         |   | 38,104                                       |   | 42,020                                                         |   | 41,233  |   | 80,811  |   | 79,337  |
| Total      Current Assets                             | 145,090                                                        |   | 159,166                                      |   | 233,023                                                        |   | 246,049  |   | 940,095  |   | 962,326  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships, net         | 134,145                                                        |   | 136,408                                      |   | 507,160                                                        |   | 536,485  |   | 737,953  |   | 785,889  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                     | $       279,235             |   | $    295,574             |   | $       740,183             |   | $    782,534  |   | $    1,678,048  |   | $     1,748,215  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' EQUITY (DEFICIT)       |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                      | $         29,638  |   | $      32,774  |   | $         11,847  |   | $      15,049  |   | $       300,553  |   | $        312,682  |
| Distribution      Payable                             | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 46,983  |   | 463  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                        | 29,638                                                         |   | 32,774                                       |   | 11,847                                                         |   | 15,049  |   | 347,536  |   | 313,145  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                      | 154,243                                                        |   | 145,887                                      |   | 84,071                                                         |   | 77,040  |   | 2,711,282  |   | 2,643,682  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partners - 5,043 and 5,127 units         |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| for      Series 10 and 11, respectively, at           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| June      30, 2009 and March 31, 2009                 | 138,580                                                        |   | 159,923                                      |   | 683,813                                                        |   | 729,531  |   | (1,201,347) |   | (984,392) |
| General      Partners                                 | (43,226)                                                            |   | (43,010)                                          |   | (39,548)                                                            |   | (39,086) |   | (179,423) |   | (224,220) |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Equity (Deficit)                 | 95,354                                                         |   | 116,913                                      |   | 644,265                                                        |   | 690,445  |   | (1,380,770) |   | (1,208,612) |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Equity (Deficit) | $       279,235             |   | $    295,574             |   | $       740,183             |   | $    782,534  |   | $    1,678,048  |   | $     1,748,215  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                             | SERIES      7                                                |   | SERIES      8                                              |   | SERIES      9                                     |
|------------------------------------------------------------------|--------------------------------------------------------------|--------|------------------------------------------------------------|--------|---------------------------------------------------|
|                                                             | 2009                                                         |   | 2008                                                       |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                        |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                         | $       6,438        |   | $        876  |   | $      9,236   |   | $      7,765  |   | $      3,838  |   | $        2,821  |
| Total      Revenues                                              | 6,438                                                   |   | 876                                                   |   | 9,236                                        |   | 7,765  |   | 3,838  |   | 2,821  |
|                                                             |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Expenses:                                                        |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 18,621                                                  |   | 21,283                                                |   | 21,445                                       |   | 21,572  |   | 12,147  |   | 12,210  |
| General      and Administrative:                                 |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| General      Partner                                             | 25,633                                                  |   | 33,691                                                |   | -                                            |   | 36,283  |   | 17,925  |   | 20,733  |
| Other                                                            | 3,882                                                   |   | 5,004                                                 |   | 4,854                                        |   | 5,264  |   | 3,092  |   | 3,350  |
| Amortization                                                     | 73                                                      |   | 1,254                                                 |   | 289                                          |   | 2,768  |   | 748  |   | 2,511  |
|                                                             |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                              | 48,209                                                  |   | 61,232                                                |   | 26,588                                       |   | 65,887  |   | 33,912  |   | 38,804  |
|                                                             |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| and      Other Income                                            | (41,771)                                                     |   | (60,356)                                                   |   | (17,352)                                          |   | (58,122) |   | (30,074) |   | (35,983) |
| Equity      in (Loss) Income of Project Partnerships             | (1,084)                                                      |   | 691                                                   |   | (13,853)                                          |   | 2,232  |   | (301) |   | (12,161) |
| Gain      on Sale of Project Partnerships                        | 46,520                                                  |   | -                                                     |   | -                                            |   | -  |   | -  |   | -  |
| Interest      Income                                             | 7                                                       |   | 3,071                                                 |   | 6                                            |   | 1,852  |   | 3  |   | 2,173  |
|                                                             |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss)                                           | $       3,672        |   | $   (56,594)                                |   | $   (31,199)                       |   | $  (54,038) |   | $   (30,372) |   | $     (45,971) |
|                                                             |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Limited      Partners                                            | $    (42,419)                            |   | $   (56,028)                                |   | $   (30,887)                       |   | $  (53,498) |   | $   (30,068) |   | $     (45,511) |
| General      Partners                                            | 46,091                                                  |   | (566)                                                      |   | (312)                                             |   | (540) |   | (304) |   | (460) |
|                                                             |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
|                                                             | $         3,672 |   | $   (56,594)                                |   | $   (31,199)                       |   | $  (54,038) |   | $   (30,372) |   | $     (45,971) |
|                                                             |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $        (4.08)      |   | $       (5.39)          |   | $       (3.09) |   | $      (5.36) |   | $       (4.81) |   | $         (7.28) |
|                                                             |                                                         |   |                                                       |   |                                              |   |   |   |   |   |   |
| 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                                         | $        1,812   |   | $      3,243   |   | $         600  |   | $              -  |   | $      21,924  |   | $      14,705  |
| Total      Revenues                                              | 1,812                                                    |   | 3,243                                        |   | 600                                                         |   | -  |   | 21,924  |   | 14,705  |
|                                                             |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| Expenses:                                                        |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 8,356                                                    |   | 8,396                                        |   | 7,031                                                       |   | 7,088  |   | 67,600  |   | 70,549  |
| General      and Administrative:                                 |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| General      Partner                                             | 11,203                                                   |   | 12,958                                       |   | 8,963                                                       |   | 10,367  |   | 63,724  |   | 114,032  |
| Other                                                            | 2,238                                                    |   | 2,897                                        |   | 2,254                                                       |   | 2,665  |   | 16,320  |   | 19,180  |
| Amortization                                                     | 167                                                      |   | 5,229                                        |   | 3,130                                                       |   | 7,245  |   | 4,407  |   | 19,007  |
|                                                             |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| Total      Expenses                                              | 21,964                                                   |   | 29,480                                       |   | 21,378                                                      |   | 27,365  |   | 152,051  |   | 222,768  |
|                                                             |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| and      Other Income                                            | (20,152)                                                      |   | (26,237)                                          |   | (20,778)                                                         |   | (27,365) |   | (130,127) |   | (208,063) |
| Equity      in (Loss) Income of Project Partnerships             | (2,097)                                                       |   | 13,343                                       |   | (26,195)                                                         |   | (2,357) |   | (43,530) |   | 1,748  |
| Gain      on Sale of Project Partnerships                        | -                                                        |   | -                                            |   | -                                                           |   | -  |   | 46,520  |   | -  |
| Interest      Income                                             | 690                                                      |   | 2,172                                        |   | 793                                                         |   | 3,330  |   | 1,499  |   | 12,598  |
|                                                             |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| Net      Loss                                                    | $     (21,559)                       |   | $   (10,722)                       |   | $   (46,180)                                      |   | $   (26,392) |   | $   (125,638) |   | $   (193,717) |
|                                                             |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| Limited      Partners                                            | $     (21,343)                       |   | $   (10,615)                       |   | $   (45,718)                                      |   | $   (26,128) |   | $   (170,435) |   | $   (191,780) |
| General      Partners                                            | (216)                                                         |   | (107)                                             |   | (462)                                                            |   | (264) |   | 44,797  |   | (1,937) |
|                                                             |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
|                                                             | $     (21,559)                       |   | $   (10,722)                       |   | $   (46,180)                                      |   | $   (26,392) |   | $   (125,638) |   | $   (193,717) |
|                                                             |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $         (4.23) |   | $       (2.10) |   | $       (8.92)                |   | $       (5.10) |   |   |   |   |
|                                                             |                                                          |   |                                              |   |                                                             |   |   |   |   |   |   |
| 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                  | (56,028)                           |   | (566)                                        |   | (56,594) |   | (53,498) |   | (540) |   | (54,038) |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008  | $    (192,383) |   | $    (94,143)            |   | $    (286,526) |   | $   (432,407) |   | $    (24,190) |   | $   (456,597) |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009 | $    (568,361) |   | $    (54,077)            |   | $    (622,438) |   | $   (891,845) |   | $    (28,479) |   | $   (920,324) |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |
| Net      (Loss) Income         | (42,419)                           |   | 46,091                                  |   | 3,672  |   | (30,887) |   | (312) |   | (31,199) |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |
| Distributions                  | (46,520)                           |   | -                                       |   | (46,520) |   | -  |   | -  |   | -  |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2009  | $    (657,300) |   | $      (7,986) |   | $    (665,286) |   | $   (922,732) |   | $    (28,791) |   | $   (951,523) |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |
|                           |                               |   |                                         |   |   |   |   |   |   |   |   |

----

|                           | 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                  | (45,511)                                                                 |   | (460)                             |   | (45,971) |   | (10,615) |   | (107) |   | (10,722) |
|                           |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008  | $      (46,365)                            |   | $    (55,858) |   | $    (102,223) |   | $      752,886  |   | $    (37,020) |   | $      715,866  |
|                           |                                                                     |   |                              |   |   |   |   |   |   |   |   |
|                           |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009 | $    (413,640)                                       |   | $    (59,568) |   | $    (473,208) |   | $      159,923  |   | $    (43,010) |   | $      116,913  |
|                           |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Net      Loss                  | (30,068)                                                                 |   | (304)                             |   | (30,372) |   | (21,343) |   | (216) |   | (21,559) |
|                           |                                                                     |   |                              |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2009  | $    (443,708)                                       |   | $    (59,872) |   | $    (503,580) |   | $      138,580  |   | $    (43,226) |   | $        95,354  |
|                           |                                                                     |   |                              |   |   |   |   |   |   |   |   |
|                           |                                                                     |   |                              |   |   |   |   |   |   |   |   |
|                           |                                                                     |   |                              |   |   |   |   |   |   |   |   |

----

|                           | 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                  | (26,128)                                           |   | (264)                             |   | (26,392) |   | (191,780) |   | (1,937) |   | (193,717) |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008  | $   1,166,797                  |   | $    (34,669) |   | $   1,132,128  |   | $    1,248,528  |   | $   (245,880) |   | $      1,002,648  |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009 | $      729,531  |   | $    (39,086) |   | $      690,445  |   | $      (984,392) |   | $   (224,220) |   | $     (1,208,612) |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |
| Net      (Loss) Income         | (45,718)                                           |   | (462)                             |   | (46,180) |   | (170,435) |   | 44,797 |   | (125,638) |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |
| Distributions                  | -                                             |   | -                            |   | -  |   | (46,520) |   | -  |   | (46,520) |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2009  | $      683,813  |   | $    (39,548) |   | $      644,265  |   | $   (1,201,347) |   | $   (179,423) |   | $     (1,380,770) |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |
|                           |                                               |   |                              |   |   |   |   |   |   |   |   |

----

|                                                                                           | SERIES      7                                                                                                              |   | SERIES      8                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2009                                                                                                                       |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Net      Income (Loss)                                                                         | $           3,672                                              |   | $       (56,594)                                                                  |   | $       (31,199) |   | $          (54,038) |
| Adjustments      to Reconcile Net Income (Loss) to Net Cash Used in Operating      Activities: |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Amortization                                                                                   | 73                                                                                                                    |   | 1,254                                                                                                           |   | 289  |   | 2,768  |
| Premium      on Investment in Securities                                                       | -                                                                                                                     |   | 70                                                                                                              |   | -  |   | 27  |
| Equity      in Loss (Income) of Project Partnerships                                           | 1,084                                                                                                                 |   | (691)                                                                                                                |   | 13,853  |   | (2,232) |
| Gain      on Sale of Project Partnerships                                                      | (46,520)                                                                                                                   |   | -                                                                                                               |   | -  |   | -  |
| Distribution      Income                                                                       | (6,438)                                                                                                                    |   | (876)                                                                                                                |   | (9,236) |   | (7,765) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | -                                                                                                                     |   | 2,577                                                                                                           |   | -  |   | 966  |
| Decrease      in Receivable - Other                                                            | -                                                                                                                     |   | 696                                                                                                             |   | -  |   | -  |
| Increase      (Decrease) in Payable to General Partners                                        | 12,360                                                                                                                |   | 15,426                                                                                                          |   | 26,006  |   | (10,539) |
| Net      Cash Used in Operating Activities                                                     | (35,769)                                                                                                                   |   | (38,138)                                                                                                             |   | (287) |   | (70,813) |
|                                                                                           |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                          | 6,438                                                                                                                 |   | 5,792                                                                                                           |   | 9,236  |   | 7,765  |
| Net      Proceeds from Sale of Project Partnerships                                            | 46,520                                                                                                                |   | -                                                                                                               |   | -  |   | -  |
| Redemption      of Investment Securities                                                       | -                                                                                                                     |   | 200,000                                                                                                         |   | -  |   | 75,000  |
| Net      Cash Provided by Investing Activities                                                 | 52,958                                                                                                                |   | 205,792                                                                                                         |   | 9,236  |   | 82,765  |
|                                                                                           |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Increase      in Cash and Cash Equivalents                                                     | 17,189                                                                                                                |   | 167,654                                                                                                         |   | 8,949  |   | 11,952  |
| Cash      and Cash Equivalents at Beginning of Year                                            | 246,867                                                                                                               |   | 162,586                                                                                                         |   | 185,918  |   | 252,598  |
|                                                                                           |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $       264,056                                                                    |   | $      330,240                                                                    |   | $      194,867  |   | $         264,550  |
|                                                                                           |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $         46,520                                                         |   | $                  -  |   | $                  -  |   | $                     -  |
| Distribution      to Limited Partners                                                          | (46,520)                                                                                                                   |   | -                                                                                                               |   | -  |   | -  |
|                                                                                           | $                        -  |   | $                  -  |   | $                  -  |   | $                     -  |
|                                                                                           |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                       |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                       |   |                                                                                                                 |   |   |   |   |

----

|                                                                                  | SERIES      9                                            |   | SERIES      10                                           |
|---------------------------------------------------------------------------------------|----------------------------------------------------------|--------|----------------------------------------------------------|
|                                                                                  | 2009                                                     |   | 2008                                                     |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                     |   |                                                     |   |   |   |   |
| Net      Loss                                                                         | $       (30,372)      |   | $       (45,971)      |   | $       (21,559) |   | $          (10,722) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                     |   |                                                     |   |   |   |   |
| Amortization                                                                          | 748                                                 |   | 2,511                                               |   | 167  |   | 5,229  |
| Accreted      Interest Income on Investment in Securities                             | -                                                   |   | (712)                                                    |   | (687) |   | (1,253) |
| Premium      on Investment in Securities                                              | -                                                   |   | 36                                                  |   | -  |   | 18  |
| Equity      in Loss (Income) of Project Partnerships                                  | 301                                                 |   | 12,161                                              |   | 2,097  |   | (13,343) |
| Distribution      Income                                                              | (3,838)                                                  |   | (2,821)                                                  |   | (1,812) |   | (3,243) |
| Changes      in Operating Assets and Liabilities:                                     |                                                     |   |                                                     |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                                   |   | 1,288                                               |   | -  |   | 644  |
| Increase      in Payable to General Partners                                          | 8,056                                               |   | 8,031                                               |   | 5,220  |   | 5,739  |
| Net      Cash Used in Operating Activities                                            | (25,105)                                                 |   | (25,477)                                                 |   | (16,574) |   | (16,931) |
|                                                                                  |                                                     |   |                                                     |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                     |   |                                                     |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 3,838                                               |   | 2,821                                               |   | 1,811  |   | 3,993  |
| Redemption      of Investment Securities                                              | -                                                   |   | 100,000                                             |   | -  |   | 50,000  |
| Net      Cash Provided by Investing Activities                                        | 3,838                                               |   | 102,821                                             |   | 1,811  |   | 53,993  |
|                                                                                  |                                                     |   |                                                     |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                 | (21,267)                                                 |   | 77,344                                              |   | (14,763) |   | 37,062  |
| Cash      and Cash Equivalents at Beginning of Year                                   | 124,326                                             |   | 64,247                                              |   | 121,062  |   | 79,049  |
|                                                                                  |                                                     |   |                                                     |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $       103,059  |   | $       141,591  |   | $      106,299  |   | $         116,111  |
|                                                                                  |                                                     |   |                                                     |   |   |   |   |
|                                                                                  |                                                     |   |                                                     |   |   |   |   |
|                                                                                  |                                                     |   |                                                     |   |   |   |   |

----

|                                                                                  | SERIES      11                                                                                                       |   | TOTAL      SERIES 7 - 11                                                                                             |
|---------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                  | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Loss                                                                         | $       (46,180)                                                                  |   | $       (26,392)                                                                  |   | $     (125,638) |   | $        (193,717) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Amortization                                                                          | 3,130                                                                                                           |   | 7,245                                                                                                           |   | 4,407  |   | 19,007  |
| Accreted      Interest Income on Investment in Securities                             | (787)                                                                                                                |   | (1,477)                                                                                                              |   | (1,474) |   | (3,442) |
| Premium      on Investment in Securities                                              | -                                                                                                               |   | 44                                                                                                              |   | -  |   | 195  |
| Equity      in Loss (Income) of Project Partnerships                                  | 26,195                                                                                                          |   | 2,357                                                                                                           |   | 43,530  |   | (1,748) |
| Gain      on Sale of Project Partnerships                                             | -                                                                                                               |   | -                                                                                                               |   | (46,520) |   | -  |
| Distribution      Income                                                              | (600)                                                                                                                |   | -                                                                                                               |   | (21,924) |   | (14,705) |
| Changes      in Operating Assets and Liabilities:                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                                                                                               |   | 1,610                                                                                                           |   | -  |   | 7,085  |
| Decrease      in Receivable - Other                                                   | -                                                                                                               |   | -                                                                                                               |   | -  |   | 696  |
| Increase      in Payable to General Partners                                          | 3,829                                                                                                           |   | 5,999                                                                                                           |   | 55,471  |   | 24,656  |
| Net      Cash Used in Operating Activities                                            | (14,413)                                                                                                             |   | (10,614)                                                                                                             |   | (92,148) |   | (161,973) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 600                                                                                                             |   | -                                                                                                               |   | 21,923  |   | 20,371  |
| Net      Proceeds from Sale of Project Partnerships                                   | -                                                                                                               |   | -                                                                                                               |   | 46,520  |   | -  |
| Redemption      of Investment Securities                                              | -                                                                                                               |   | 125,000                                                                                                         |   | -  |   | 550,000  |
| Net      Cash Provided by Investing Activities                                        | 600                                                                                                             |   | 125,000                                                                                                         |   | 68,443  |   | 570,371  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                 | (13,813)                                                                                                             |   | 114,386                                                                                                         |   | (23,705) |   | 408,398  |
| Cash      and Cash Equivalents at Beginning of Year                                   | 204,816                                                                                                         |   | 81,179                                                                                                          |   | 882,989  |   | 639,659  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $       191,003                                                              |   | $      195,565                                                                    |   | $      859,284  |   | $      1,048,057  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                 | $                  -  |   | $                  -  |   | $        46,520  |   | $                     -  |
| Distribution      to Limited Partners                                                 | -                                                                                                               |   | -                                                                                                               |   | (46,520) |   | -  |
|                                                                                  | $                  -  |   | $                  -  |   | $                  -  |   | $                     -  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

| 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                                                                  |
|----------------------------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
|                       | June      30, 2009                                                              |   | March      31, 2009                                                             |   | June      30, 2009 |   | March      31, 2009 |
| Amortized      Cost        | $           38,791  |   | $           38,104  |   | $           42,020  |   | $           41,233  |
| Gross      Unrealized Gain | 1,142                                                                      |   | 1,730                                                                      |   | 1,907  |   | 2,584  |
|                       |                                                                            |   |                                                                            |   |   |   |   |
| Fair      Value            | $           39,933  |   | $           39,834  |   | $           43,927  |   | $           43,817  |

|                       | Total      Series 10 - 11                                                       |   |
|----------------------------|---------------------------------------------------------------------------------|--------|
|                       | June      30, 2009                                                              |   | March      31, 2009 |   |
| Amortized      Cost        | $           80,811  |   | $           79,337  |   |
| Gross      Unrealized Gain | 3,049                                                                      |   | 4,314  |   |
|                       |                                                                            |   |   |   |
| Fair      Value            | $           83,860  |   | $           83,651  |   |

|                                       | Series      10                                                                  |   | Series      11                                                                  |   | Total                                                                           |
|--------------------------------------------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
| Due      within 1 year                     | $           38,791  |   | $           42,020  |   | $           80,811  |
| After      1 year through 5 years          | -                                                                          |   | -                                                                          |   | -                                                                          |
| Total      Amount Carried on Balance Sheet | $           38,791  |   | $           42,020  |   | $           80,811  |

----

|           | 2009                      |   | 2008                      |
|----------------|---------------------------|--------|---------------------------|
| Series      7  | $   18,621 |   | $   21,283 |
| Series      8  | 21,445                    |   | 21,572                    |
| Series      9  | 12,147                    |   | 12,210                    |
| Series      10 | 8,356                     |   | 8,396                     |
| Series      11 | 7,031                     |   | 7,088                     |
| Total          | $   67,600 |   | $   70,549 |

|           | 2009                      |   | 2008                      |
|----------------|---------------------------|--------|---------------------------|
| Series      7  | $   25,633 |   | $   33,691 |
| Series      8  | -                         |   | 36,283                    |
| Series      9  | 17,925                    |   | 20,733                    |
| Series      10 | 11,203                    |   | 12,958                    |
| Series      11 | 8,963                     |   | 10,367                    |
| Total          | $   63,724 |   | $      114,032            |

----

|  As      of June 30, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 7 - 34, Series 8 - 42, and Series 9 - 24) which own and operate      government assisted multi-family housing complexes.  Cash flows      from operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

|                                               | SERIES      7                                                 |   | SERIES      8                                                 |   | SERIES      9                                                                            |
|----------------------------------------------------|---------------------------------------------------------------|--------|---------------------------------------------------------------|--------|------------------------------------------------------------------------------------------|
|                                               | June      30,                                                 |   | March      31,                                                |   | June      30,                                                                            |   | March      31, |   | June      30, |   | March      31, |
|                                               | 2009                                                          |   | 2009                                                          |   | 2009                                                                                     |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| interests      in Project Partnerships             | $   6,738,696                             |   | $   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)                          | (6,274,358)                                                   |   | (6,402,875)                                                   |   | (7,354,692)                                                                              |   | (7,340,840) |   | (4,566,385) |   | (4,566,084) |
|                                               |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| Project      Partnerships                          | (248,558)                                                     |   | (252,589)                                                     |   | (187,826)                                                                                |   | (187,825) |   | (168,985) |   | (168,985) |
|                                               |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| Adjustment                                         | 215,780                                                  |   | 205,650                                                  |   | (117,587)                                                                                |   | (103,734) |   | 178,746  |   | 179,047  |
|                                               |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| assets      acquired:                              |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 688,872                                                  |   | 703,733                                                  |   | 536,715                                                                             |   | 536,715  |   | 244,087  |   | 244,087  |
| Accumulated      amortization of acquisition       |                                                          |   |                                                          |   |                                                                                     |   |   |   |   |   |   |
| fees      and expenses                             | (264,944)                                                     |   | (268,518)                                                     |   | (165,674)                                                                                |   | (165,385) |   | (106,269) |   | (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           | $        87,151  |   | $        88,308  |   | $             865  |   | $          15,007  |   | $          8,632  |   | $            9,681  |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $5,735,254      in Series 7, $7,778,871 in Series 8, and $2,941,678 in Series 9 for the      period ended June 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 June 30, 2009 and March 31,      2009.  (See discussion of EITF 98-13 in Note 2 - Significant      Accounting Policies.)                                                                                                             |

----

|  As      of June 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                           |
|----------------------------------------------------|----------------------------------------------------|--------|----------------------------------------------------|--------|----------------------------------------------------|
|                                               | June      30,                                      |   | March      31,                                     |   | June      30,                                      |   | March      31, |   | June      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  |   | $   27,096,237  |   | $   27,218,655  |
|                                               |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships     | -                                             |   | -                                             |   | -                                             |   | -  |   | 24,220  |   | 24,220  |
|                                               |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Partnerships      (1)                              | (2,508,904)                                        |   | (2,506,807)                                        |   | (1,853,742)                                        |   | (1,827,547) |   | (22,558,081) |   | (22,644,153) |
|                                               |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Project      Partnerships                          | (229,840)                                          |   | (229,841)                                          |   | (194,894)                                          |   | (194,894) |   | (1,030,103) |   | (1,034,134) |
|                                               |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Adjustment                                         | 1,175,928                                     |   | 1,178,024                                     |   | 2,079,406                                     |   | 2,105,601  |   | 3,532,273  |   | 3,564,588  |
|                                               |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| assets      acquired:                              |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 196,738                                       |   | 196,738                                       |   | 290,335                                       |   | 290,335  |   | 1,956,747  |   | 1,971,608  |
| Accumulated      amortization of acquisition       |                                               |   |                                               |   |                                               |   |   |   |   |   |   |
| fees      and expenses                             | (152,595)                                          |   | (152,428)                                          |   | (213,603)                                          |   | (210,473) |   | (903,085) |   | (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           | $      134,145  |   | $      136,408  |   | $      507,160  |   | $      536,485  |   | $        737,953  |   | $        785,889  |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $693,922      in Series 10 and $1,270,742 in Series 11 for the period ended June 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                                  | $    4,727,585                              |   | $    4,931,860                                                        |   | $    4,641,864  |   | $       4,748,839  |
| Investment      properties, net                      | 19,758,579                                                      |   | 24,421,354                                                                                |   | 23,482,923  |   | 24,672,709  |
| Other      assets                                    | 24,785                                                          |   | 51,722                                                                                    |   | 270,993  |   | 290,475  |
| Total      assets                                    | $  24,510,949                                         |   | $  29,404,936                                                                   |   | $  28,395,780  |   | $     29,712,023  |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| Liabilities      and Partners' Deficit:              |                                                                 |   |                                                                                           |   |   |   |   |
| Current      liabilities                             | $       816,510              |   | $    1,009,069                                                        |   | $    1,508,384  |   | $       1,394,683  |
| Long-term      debt                                  | 29,832,615                                                      |   | 34,955,515                                                                                |   | 35,579,018  |   | 35,854,400  |
| Total      liabilities                               | 30,649,125                                                      |   | 35,964,584                                                                                |   | 37,087,402  |   | 37,249,083  |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| Partners'      deficit                               |                                                                 |   |                                                                                           |   |   |   |   |
| Limited      Partner                                 | (5,754,509)                                                          |   | (6,126,904)                                                                                    |   | (7,930,050) |   | (6,847,279) |
| General      Partners                                | (383,667)                                                            |   | (432,744)                                                                                      |   | (761,572) |   | (689,781) |
| Total      partners' deficit                         | (6,138,176)                                                          |   | (6,559,648)                                                                                    |   | (8,691,622) |   | (7,537,060) |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| Total      liabilities and partners' deficit         | $  24,510,949                                         |   | $  29,404,936                                                                   |   | $  28,395,780  |   | $     29,712,023  |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS             |                                                                 |   |                                                                                           |   |
| Rental      and other income                         | $    1,191,609                              |   | $    1,364,062                                                        |   | $    1,360,746  |   | $       1,350,329  |
| Expenses:                                            |                                                                 |   |                                                                                           |   |   |   |   |
| Operating      expenses                              | 860,720                                                         |   | 871,871                                                                                   |   | 1,034,076  |   | 852,924  |
| Interest      expense                                | 155,300                                                         |   | 185,984                                                                                   |   | 183,764  |   | 191,930  |
| Depreciation      and amortization                   | 313,038                                                         |   | 373,899                                                                                   |   | 374,823  |   | 372,361  |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| Total      expenses                                  | 1,329,058                                                       |   | 1,431,754                                                                                 |   | 1,592,663  |   | 1,417,215  |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| Net      loss                                        | $      (137,449)                       |   | $        (67,692)                                      |   | $      (231,917) |   | $           (66,886) |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| Other      partners' share of net loss               | $          (1,374) |   | $             (677)           |   | $          (3,486) |   | $             (1,144) |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| Gateway's      share of net loss                     | $      (136,075)                       |   | $        (67,015)                                      |   | $      (228,431) |   | $           (65,742) |
| Suspended      losses                                | 134,991                                                         |   | 67,706                                                                                    |   | 214,578  |   | 67,974  |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships | $          (1,084) |   | $              691  |   | $        (13,853) |   | $              2,232  |
|                                                 |                                                                 |   |                                                                                           |   |   |   |   |

----

|                         | March      2009                                                                              |   | March      2008                                                                              |
|------------------------------|----------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|
| Total      Assets            | $           486,474              |   | $           502,270              |
| Total      Liabilities       | 802,084                                                                                 |   | 809,281                                                                                 |
| Gateway      Deficit         | (301,626)                                                                                    |   | (275,292)                                                                                    |
| Other      Partner's Deficit | (31,984)                                                                                     |   | (31,719)                                                                                     |
| Total      Revenue           | 31,352                                                                                  |   | 29,674                                                                                  |
| Net      Loss                | $              (9,370) |   | $              (3,316) |
|                         |                                                                                         |   |                                                                                         |

----

|                                                  | SERIES      9                                                                        |   | SERIES      10                                                                       |
|-------------------------------------------------------|--------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|
|                                                  | 2009                                                                                 |   | 2008                                                                                 |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                        |                                                                                 |   |                                                                                 |   |   |   |   |
| Assets:                                               |                                                                                 |   |                                                                                 |   |   |   |   |
| Current      assets                                   | $    2,384,746                                              |   | $    2,378,145                                              |   | $    2,137,929  |   | $       2,092,838  |
| Investment      properties, net                       | 14,211,511                                                                      |   | 14,946,390                                                                      |   | 11,090,789  |   | 11,473,205  |
| Other      assets                                     | 41,076                                                                          |   | 44,417                                                                          |   | 31,237  |   | 11,208  |
| Total      assets                                     | $  16,637,333                                                         |   | $  17,368,952                                                         |   | $  13,259,955  |   | $     13,577,251  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):      |                                                                                 |   |                                                                                 |   |   |   |   |
| Current      liabilities                              | $       445,793                              |   | $       412,149                              |   | $       455,179  |   | $          412,799  |
| Long-term      debt                                   | 19,461,063                                                                      |   | 19,596,802                                                                      |   | 12,827,975  |   | 12,934,608  |
| Total      liabilities                                | 19,906,856                                                                      |   | 20,008,951                                                                      |   | 13,283,154  |   | 13,347,407  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| Partners'      equity (deficit)                       |                                                                                 |   |                                                                                 |   |   |   |   |
| Limited      Partner                                  | (2,832,176)                                                                          |   | (2,238,328)                                                                          |   | 471,318  |   | 685,816  |
| General      Partners                                 | (437,347)                                                                            |   | (401,671)                                                                            |   | (494,517) |   | (455,972) |
| Total      partners' equity (deficit)                 | (3,269,523)                                                                          |   | (2,639,999)                                                                          |   | (23,199) |   | 229,844  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| Total      liabilities and partners' equity (deficit) | $  16,637,333                                                         |   | $  17,368,952                                                         |   | $  13,259,955  |   | $     13,577,251  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS              |                                                                                 |   |                                                                                 |   |
| Rental      and other income                          | $       722,947                              |   | $       699,664                              |   | $       486,298  |   | $          479,911  |
| Expenses:                                             |                                                                                 |   |                                                                                 |   |   |   |   |
| Operating      expenses                               | 520,192                                                                         |   | 453,894                                                                         |   | 340,415  |   | 303,853  |
| Interest      expense                                 | 98,693                                                                          |   | 100,857                                                                         |   | 54,045  |   | 55,494  |
| Depreciation      and amortization                    | 197,660                                                                         |   | 196,006                                                                         |   | 121,653  |   | 119,851  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| Total      expenses                                   | 816,545                                                                         |   | 750,757                                                                         |   | 516,113  |   | 479,198  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| Net      (loss) Income                                | $        (93,598)                            |   | $        (51,093)                            |   | $        (29,815) |   | $                 713  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| Other      partners' share of net income (loss)       | $                 4,013  |   | $             (512) |   | $           5,774  |   | $               (269) |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| Gateway's      share of net (loss) income             | $        (97,611)                            |   | $        (50,581)                            |   | $        (35,589) |   | $                 982  |
| Suspended      losses                                 | 97,310                                                                          |   | 38,420                                                                          |   | 33,492  |   | 12,361  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships  | $             (301) |   | $        (12,161)                            |   | $          (2,097) |   | $            13,343  |
|                                                  |                                                                                 |   |                                                                                 |   |   |   |   |

----

|                                                  | SERIES      11                                                                 |   | TOTAL      SERIES 7 - 11                                             |
|-------------------------------------------------------|--------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                                                  | 2009                                                                           |   | 2008                                                                 |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                        |                                                                           |   |                                                                 |   |   |   |   |
| Assets:                                               |                                                                           |   |                                                                 |   |   |   |   |
| Current      assets                                   | $    1,211,803                                        |   | $    1,202,056                              |   | $  15,103,927  |   | $     15,353,738  |
| Investment      properties, net                       | 9,304,996                                                                 |   | 9,768,145                                                       |   | 77,848,798  |   | 85,281,803  |
| Other      assets                                     | 281,511                                                                   |   | 271,646                                                         |   | 649,602  |   | 669,468  |
| Total      assets                                     | $  10,798,310                                                   |   | $  11,241,847                                         |   | $  93,602,327  |   | $   101,305,009  |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):      |                                                                           |   |                                                                 |   |   |   |   |
| Current      liabilities                              | $       430,438                        |   | $       417,158              |   | $    3,656,304  |   | $       3,645,858  |
| Long-term      debt                                   | 9,916,521                                                                 |   | 10,035,475                                                      |   | 107,617,192  |   | 113,376,800  |
| Total      liabilities                                | 10,346,959                                                                |   | 10,452,633                                                      |   | 111,273,496  |   | 117,022,658  |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| Partners'      equity (deficit)                       |                                                                           |   |                                                                 |   |   |   |   |
| Limited      Partner                                  | 837,779                                                                   |   | 1,141,893                                                       |   | (15,207,638) |   | (13,384,802) |
| General      Partners                                 | (386,428)                                                                      |   | (352,679)                                                            |   | (2,463,531) |   | (2,332,847) |
| Total      partners' equity (deficit)                 | 451,351                                                                   |   | 789,214                                                         |   | (17,671,169) |   | (15,717,649) |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| Total      liabilities and partners' equity (deficit) | $  10,798,310                                                   |   | $  11,241,847                                         |   | $  93,602,327  |   | $   101,305,009  |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS              |                                                                           |   |                                                                 |   |
| Rental      and other income                          | $       452,056                        |   | $       444,153              |   | $    4,213,656  |   | $       4,338,119  |
| Expenses:                                             |                                                                           |   |                                                                 |   |   |   |   |
| Operating      expenses                               | 329,296                                                                   |   | 294,148                                                         |   | 3,084,699  |   | 2,776,690  |
| Interest      expense                                 | 53,249                                                                    |   | 53,165                                                          |   | 545,051  |   | 587,430  |
| Depreciation      and amortization                    | 130,870                                                                   |   | 132,468                                                         |   | 1,138,044  |   | 1,194,585  |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| Total      expenses                                   | 513,415                                                                   |   | 479,781                                                         |   | 4,767,794  |   | 4,558,705  |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| Net      loss                                         | $        (61,359)                      |   | $        (35,628)            |   | $      (554,138) |   | $         (220,586) |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| Other      partners' share of net income (loss)       | $           3,913  |   | $          (1,621) |   | $           8,840  |   | $             (4,223) |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| Gateway's      share of net loss                      | $        (65,272)                      |   | $        (34,007)            |   | $      (562,978) |   | $         (216,363) |
| Suspended      losses                                 | 39,077                                                                    |   | 31,650                                                          |   | 519,448  |   | 218,111  |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships  | $        (26,195)                      |   | $          (2,357) |   | $        (43,530) |   | $              1,748  |
|                                                  |                                                                           |   |                                                                 |   |   |   |   |

----

| Transaction       |                               |                      | Net      Proceeds       | Gain      on              |
|-------------------|------------------------------------|---------------------------|-------------------------|---------------------------|
| Month      / Year | Project      Partnership           | Net      Proceeds         | Per      LP Unit        | Disposal                  |
| May      2009     | Spring      Creek Apartments II LP | $  46,520  | $  4.48  | $  46,520  |
|              |                               |                      |                    | $  46,520  |

| 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                      | $                                        21,601             |   |                                                                                                                                                                                                                                                         |
| Gross      profit                                 | 5,618                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                         |
| Net      loss from continuing operations          | (1,095)                                                                                                                                                                                                                                                                  |   |                                                                                                                                                                                                                                                         |
| Net      loss                                     | $                                        (1,095)                 |   |                                                                                                                                                                                                                                                         |
|                                              |                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                         |
| Series 8                                          |                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                         |
|                                              |  Elderly      Housing of Pontotoc, L.P.                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                         |
| Rental      and other income                      | $                                        42,487             |   |                                                                                                                                                                                                                                                         |
| Gross      loss                                   | (3,486)                                                                                                                                                                                                                                                                  |   |                                                                                                                                                                                                                                                         |
| Net      loss from continuing operations          | (17,165)                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                         |
| Net      loss                                     | $                                      (17,165)                            |   |                                                                                                                                                                                                                                                         |
|                                              |                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                         |
| Series 10                                         |                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                         |
|                                              |  Stigler      Properties                                                                                                                                                                                                                                            |   |                                                                                                                                                                                                                                                         |
| Rental      and other income                      | $                                        23,798             |   |                                                                                                                                                                                                                                                         |
| Gross      profit                                 | 10,635                                                                                                                                                                                                                                                              |   |                                                                                                                                                                                                                                                         |
| Net      income from continuing operations        | 3,348                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                         |
| Net      income                                   | $                                          3,348  |   |                                                                                                                                                                                                                                                         |
|                                              |                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                         |
| Series 11                                         |                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                         |
|                                              |  Creekstone      Apartments, L.P.                                                                                                                                                                                                                                   |   |  Magnolia      Place Apartments, L.P.                                                                                                                                                                                                                   |
| Rental      and other income                      | $                                        57,806             |   | $                                      37,082             |
| Gross      profit                                 | 8,570                                                                                                                                                                                                                                                               |   | 16,786                                                                                                                                                                                                                                                  |
| Net      (loss) income from continuing operations | (8,759)                                                                                                                                                                                                                                                                  |   | 6,232                                                                                                                                                                                                                                                   |
| Net      (loss) income                            | $                                        (8,759)                 |   | $                                        6,232  |
|                                              |                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                         |

----

----

----

----

----

----

| Transaction       |                               |                      | Net      Proceeds       | Gain      on              |
|-------------------|------------------------------------|---------------------------|-------------------------|---------------------------|
| Month      / Year | Project      Partnership           | Net      Proceeds         | Per      LP Unit        | Disposal                  |
| May      2009     | Spring      Creek Apartments II LP | $  46,520  | $  4.48  | $  46,520  |
|              |                               |                      |                    | $  46,520  |

| 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                   | Jamestown      Village Limited Partnership   |
| Clinch      View Manor Limited Partnership | Mountain      City Manor Limited Partnership |
| Tazewell      Village Limited Partnership  |                                         |

| 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 GeneralPartner)            |

| Date:      August 14,      2009 |   | By:/s/ Ronald M.      Diner |
|---------------------------------|--------|-----------------------------|
|                            |   | Ronald      M. Diner        |
|                            |   | President                   |

| Date:      August 14,      2009 |   | By:/s/ Toni S.      Matthews                   |
|---------------------------------|--------|------------------------------------------------|
|                            |   | Toni      S. Matthews                          |
|                            |   | Vice      President and Chief FinancialOfficer |

| Date:      August 14,      2009 |   | By:/s/ Sandra C.      Humphreys |
|---------------------------------|--------|---------------------------------|
|                            |   | Sandra      C. Humphreys        |
|                            |   | Secretary      and Treasurer    |