|   | [X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------|

|   | [  ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

----

----

|                                               | SERIES      7                                                       |   | SERIES      8                                     |   | SERIES      9                                            |
|----------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|----------------------------------------------------------|
|                                               | December      31,                                                   |   | March      31,                                    |   | December      31,                                        |   | March      31, |   | December      31, |   | March      31, |
|                                               | 2009                                                                |   | 2009                                              |   | 2009                                                     |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Current      Assets:                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Cash      and Cash Equivalents                     | $       205,114             |   | $    246,867             |   | $       232,161  |   | $    185,918  |   | $         95,860  |   | $     124,326  |
| Total      Current Assets                          | 205,114                                                        |   | 246,867                                      |   | 232,161                                             |   | 185,918  |   | 95,860  |   | 124,326  |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Investments      in Project Partnerships, net      | 84,088                                                         |   | 88,308                                       |   | 287                                                 |   | 15,007  |   | 5,356  |   | 9,681  |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Assets                                  | $       289,202             |   | $    335,175             |   | $       232,448  |   | $    200,925  |   | $       101,216  |   | $     134,007  |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT             |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Current      Liabilities:                          |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Payable      to General Partners                   | $         81,744  |   | $      61,563  |   | $       207,430  |   | $    171,880  |   | $         48,468  |   | $       31,416  |
| Distribution      Payable                          | 5,555                                                          |   | 78                                           |   | 385                                                 |   | 385  |   | -  |   | -  |
| Deferred      Gain on Sale of Project Partnerships | -                                                              |   | -                                            |   | 23,000                                              |   | -  |   | 10,000  |   | -  |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Current Liabilities                     | 87,299                                                         |   | 61,641                                       |   | 230,815                                             |   | 172,265  |   | 58,468  |   | 31,416  |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Long-Term      Liabilities:                        |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Payable      to General Partners                   | 947,998                                                        |   | 895,972                                      |   | 1,013,319                                           |   | 948,984  |   | 612,240  |   | 575,799  |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                   |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Limited      Partners - 10,395, 9,980, and 6,254   |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| units      for Series 7, 8, and 9, respectively,   |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| at      December 31, 2009 and March 31, 2009       | (748,552)                                                           |   | (568,361)                                         |   | (982,293)                                                |   | (891,845) |   | (508,961) |   | (413,640) |
| General      Partners                              | 2,457                                                          |   | (54,077)                                          |   | (29,393)                                                 |   | (28,479) |   | (60,531) |   | (59,568) |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Partners' Deficit                       | (746,095)                                                           |   | (622,438)                                         |   | (1,011,686)                                              |   | (920,324) |   | (569,492) |   | (473,208) |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit       | $       289,202             |   | $    335,175             |   | $       232,448  |   | $    200,925  |   | $       101,216  |   | $     134,007  |
|                                               |                                                                |   |                                              |   |                                                     |   |   |   |   |   |   |

----

|                                                  | SERIES      10                                                      |   | SERIES      11                                    |   | TOTAL      SERIES 7 - 11                                            |
|-------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                  | December      31,                                                   |   | March      31,                                    |   | December      31,                                                   |   | March      31, |   | December      31, |   | March      31, |
|                                                  | 2009                                                                |   | 2009                                              |   | 2009                                                                |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                        | $       108,923             |   | $    121,062             |   | $       166,043             |   | $    204,816  |   | $       808,101  |   | $        882,989  |
| Investments      in Securities                        | 40,217                                                         |   | 38,104                                       |   | 43,640                                                         |   | 41,233  |   | 83,857  |   | 79,337  |
| Total      Current Assets                             | 149,140                                                        |   | 159,166                                      |   | 209,683                                                        |   | 246,049  |   | 891,958  |   | 962,326  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships, net         | 106,534                                                        |   | 136,408                                      |   | 431,877                                                        |   | 536,485  |   | 628,142  |   | 785,889  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                     | $       255,674             |   | $    295,574             |   | $       641,560             |   | $    782,534  |   | $    1,520,100  |   | $     1,748,215  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' EQUITY (DEFICIT)       |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                      | $         43,653  |   | $      32,774  |   | $         12,283  |   | $      15,049  |   | $       393,578  |   | $        312,682  |
| Distribution      Payable                             | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 5,940  |   | 463  |
| Deferred      Gain on Sale of Project Partnerships    | 10,000                                                         |   | -                                            |   | -                                                              |   | -  |   | 43,000  |   | -  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                        | 53,653                                                         |   | 32,774                                       |   | 12,283                                                         |   | 15,049  |   | 442,518  |   | 313,145  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                      | 170,955                                                        |   | 145,887                                      |   | 98,133                                                         |   | 77,040  |   | 2,842,645  |   | 2,643,682  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partners - 5,043 and 5,127 units         |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| for      Series 10 and 11, respectively, at           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| December      31, 2009 and March 31, 2009             | 74,934                                                         |   | 159,923                                      |   | 571,823                                                        |   | 729,531  |   | (1,593,049) |   | (984,392) |
| General      Partners                                 | (43,868)                                                            |   | (43,010)                                          |   | (40,679)                                                            |   | (39,086) |   | (172,014) |   | (224,220) |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Equity (Deficit)                 | 31,066                                                         |   | 116,913                                      |   | 531,144                                                        |   | 690,445  |   | (1,765,063) |   | (1,208,612) |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Equity (Deficit) | $       255,674             |   | $    295,574             |   | $       641,560             |   | $    782,534  |   | $    1,520,100  |   | $     1,748,215  |
|                                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                                        | SERIES      7                                                 |   | SERIES      8                                                |   | SERIES      9                                     |
|-----------------------------------------------------------------------------|---------------------------------------------------------------|--------|--------------------------------------------------------------|--------|---------------------------------------------------|
|                                                                        | 2009                                                          |   | 2008                                                         |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                   |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                                    | $        7,640   |   | $        2,656  |   | $      3,218   |   | $        1,104  |   | $      1,959  |   | $                -  |
| Total      Revenues                                                         | 7,640                                                    |   | 2,656                                                   |   | 3,218                                        |   | 1,104  |   | 1,959  |   | -  |
|                                                                        |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Expenses:                                                                   |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                                 | 15,162                                                   |   | 18,729                                                  |   | 21,445                                       |   | 21,572  |   | 12,147  |   | 12,210  |
| General      and Administrative:                                            |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| General      Partner                                                        | 21,805                                                   |   | 26,858                                                  |   | -                                            |   | 32,230  |   | 17,181  |   | 18,417  |
| Other                                                                       | 5,812                                                    |   | 5,546                                                   |   | 5,761                                        |   | 6,482  |   | 3,906  |   | 4,070  |
| Amortization                                                                | 73                                                       |   | 1,254                                                   |   | 289                                          |   | 2,769  |   | 748  |   | 2,511  |
| Impairment      Loss on Investment in Project Partnerships                  | -                                                        |   | 157,405                                                 |   | -                                            |   | 221,243  |   | -  |   | 173,523  |
|                                                                        |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                                         | 42,852                                                   |   | 209,792                                                 |   | 27,495                                       |   | 284,296  |   | 33,982  |   | 210,731  |
|                                                                        |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in Loss of Project Partnerships and Other    Income | (35,212)                                                      |   | (207,136)                                                    |   | (24,277)                                          |   | (283,192) |   | (32,023) |   | (210,731) |
| Equity      in Loss of Project Partnerships                                 | -                                                        |   | (23,180)                                                     |   | -                                            |   | (54,671) |   | -  |   | (55,828) |
| Gain      on Sale of Project Partnerships                                   | -                                                        |   | 43,425                                                  |   | -                                            |   | -  |   | -  |   | -  |
| Interest      Income                                                        | 5                                                        |   | 510                                                     |   | 5                                            |   | 301  |   | 2  |   | 943  |
|                                                                        |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Net      Loss                                                               | $     (35,207)                       |   | $   (186,381)                                 |   | $   (24,272)                       |   | $   (337,562) |   | $   (32,021) |   | $   (265,616) |
|                                                                        |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                       |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Limited      Partners                                                       | $     (35,204)                       |   | $   (227,508)                                 |   | $   (24,029)                       |   | $   (334,186) |   | $   (31,701) |   | $   (262,960) |
| General      Partners                                                       | (3)                                                           |   | 41,127                                                  |   | (243)                                             |   | (3,376) |   | (320) |   | (2,656) |
|                                                                        |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
|                                                                        | $     (35,207)                       |   | $   (186,381)                                 |   | $   (24,272)                       |   | $   (337,562) |   | $   (32,021) |   | $   (265,616) |
|                                                                        |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                                  | $         (3.39) |   | $       (21.89)           |   | $       (2.41) |   | $       (33.49) |   | $       (5.07) |   | $       (42.05) |
|                                                                        |                                                          |   |                                                         |   |                                              |   |   |   |   |   |   |
| 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                                                    | $      1,432   |   | $           432  |   | $              -  |   | $               -  |   | $      14,249  |   | $           4,192  |
| Total      Revenues                                                         | 1,432                                        |   | 432                                                                     |   | -                                                                                       |   | -  |   | 14,249  |   | 4,192  |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Expenses:                                                                   |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                                 | 8,356                                        |   | 8,396                                                                   |   | 7,031                                                                                   |   | 7,088  |   | 64,141  |   | 67,995  |
| General      and Administrative:                                            |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| General      Partner                                                        | 10,639                                       |   | 11,511                                                                  |   | 8,722                                                                                   |   | 9,208  |   | 58,347  |   | 98,224  |
| Other                                                                       | 2,714                                        |   | 2,835                                                                   |   | 2,671                                                                                   |   | 3,506  |   | 20,864  |   | 22,439  |
| Amortization                                                                | 167                                          |   | 5,229                                                                   |   | 3,129                                                                                   |   | 7,245  |   | 4,406  |   | 19,008  |
| Impairment      Loss on Investment in Project Partnerships                  | -                                            |   | 403,450                                                                 |   | -                                                                                       |   | 190,666  |   | -  |   | 1,146,287  |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Total      Expenses                                                         | 21,876                                       |   | 431,421                                                                 |   | 21,553                                                                                  |   | 217,713  |   | 147,758  |   | 1,353,953  |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Loss      Before Equity in Loss of Project Partnerships and Other    Income | (20,444)                                          |   | (430,989)                                                                    |   | (21,553)                                                                                     |   | (217,713) |   | (133,509) |   | (1,349,761) |
| Equity      in Loss of Project Partnerships                                 | (9,856)                                           |   | (60,034)                                                                     |   | (35,127)                                                                                     |   | (75,870) |   | (44,983) |   | (269,583) |
| Gain      on Sale of Project Partnerships                                   | -                                            |   | -                                                                       |   | -                                                                                       |   | -  |   | -  |   | 43,425  |
| Interest      Income                                                        | 722                                          |   | 1,473                                                                   |   | 822                                                                                     |   | 1,723  |   | 1,556  |   | 4,950  |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Net      Loss                                                               | $   (29,578)                       |   | $   (489,550)                                                 |   | $   (55,858)                                                                  |   | $   (291,860) |   | $   (176,936) |   | $   (1,570,969) |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                       |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Limited      Partners                                                       | $   (29,282)                       |   | $   (484,655)                                                 |   | $   (55,299)                                                                  |   | $   (288,941) |   | $   (175,515) |   | $   (1,598,250) |
| General      Partners                                                       | (296)                                             |   | (4,895)                                                                      |   | (559)                                                                                        |   | (2,919) |   | (1,421) |   | 27,281  |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
|                                                                        | $   (29,578)                       |   | $   (489,550)                                                 |   | $   (55,858)                                                                  |   | $   (291,860) |   | $   (176,936) |   | $   (1,570,969) |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                                  | $       (5.81) |   | $       (96.10)                           |   | $     (10.79)                                                       |   | $       (56.36) |   |   |   |   |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |
| Number      of Limited Partnership Units Outstanding                        | 5,043                                        |   | 5,043                                                                   |   | 5,127                                                                                   |   | 5,127  |   |   |   |   |
|                                                                        |                                              |   |                                                                         |   |                                                                                         |   |   |   |   |   |   |

----

|                                                             | SERIES      7                                                |   | SERIES      8                                      |   | SERIES      9                                     |
|------------------------------------------------------------------|--------------------------------------------------------------|--------|----------------------------------------------------|--------|---------------------------------------------------|
|                                                             | 2009                                                         |   | 2008                                               |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                        |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                         | $      26,604             |   | $      15,147   |   | $    16,978              |   | $      12,397  |   | $    14,812  |   | $        4,545  |
| Total      Revenues                                              | 26,604                                                  |   | 15,147                                        |   | 16,978                                       |   | 12,397  |   | 14,812  |   | 4,545  |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Expenses:                                                        |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 52,026                                                  |   | 61,295                                        |   | 64,335                                       |   | 64,716  |   | 36,441  |   | 36,630  |
| General      and Administrative:                                 |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| General      Partner                                             | 67,446                                                  |   | 88,029                                        |   | -                                            |   | 98,757  |   | 50,385  |   | 56,432  |
| Other                                                            | 30,591                                                  |   | 34,361                                        |   | 31,842                                       |   | 37,997  |   | 21,733  |   | 24,523  |
| Amortization                                                     | 219                                                     |   | 3,761                                         |   | 867                                          |   | 8,305  |   | 2,244  |   | 7,533  |
| Impairment      Loss on Investment in Project Partnerships       | -                                                       |   | 183,299                                       |   | -                                            |   | 221,243  |   | -  |   | 173,523  |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                              | 150,282                                                 |   | 370,745                                       |   | 97,044                                       |   | 431,018  |   | 110,803  |   | 298,641  |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| and      Other Income                                            | (123,678)                                                    |   | (355,598)                                          |   | (80,066)                                          |   | (418,621) |   | (95,991) |   | (294,096) |
| Equity      in Income (Loss) of Project Partnerships             | -                                                       |   | 707                                           |   | (11,312)                                          |   | (45,239) |   | (301) |   | (72,322) |
| Gain      on Sale of Project Partnerships                        | 301,008                                                 |   | 43,425                                        |   | -                                            |   | -  |   | -  |   | -  |
| Interest      Income                                             | 21                                                      |   | 5,805                                         |   | 16                                           |   | 3,568  |   | 8  |   | 4,564  |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss)                                           | $    177,351                        |   | $   (305,661)                       |   | $   (91,362)                       |   | $   (460,292) |   | $   (96,284) |   | $   (361,854) |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Allocation      of Net Income (Loss):                            |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Limited      Partners                                            | $    120,817                        |   | $   (345,595)                       |   | $   (90,448)                       |   | $   (455,689) |   | $   (95,321) |   | $   (358,235) |
| General      Partners                                            | 56,534                                                  |   | 39,934                                        |   | (914)                                             |   | (4,603) |   | (963) |   | (3,619) |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
|                                                             | $    177,351                        |   | $   (305,661)                       |   | $   (91,362)                       |   | $   (460,292) |   | $   (96,284) |   | $   (361,854) |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss) Per Limited Partnership Unit              | $        11.62  |   | $       (33.25) |   | $       (9.06) |   | $       (45.66) |   | $     (15.24) |   | $       (57.28) |
|                                                             |                                                         |   |                                               |   |                                              |   |   |   |   |   |   |
| 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                                         | $        3,944  |   | $        5,075  |   | $        3,582  |   | $        2,182  |   | $      65,920  |   | $         39,346  |
| Total      Revenues                                              | 3,944                                                   |   | 5,075                                                   |   | 3,582                                                   |   | 2,182  |   | 65,920  |   | 39,346  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Expenses:                                                        |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 25,068                                                  |   | 25,188                                                  |   | 21,093                                                  |   | 21,264  |   | 198,963  |   | 209,093  |
| General      and Administrative:                                 |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| General      Partner                                             | 31,392                                                  |   | 35,270                                                  |   | 25,324                                                  |   | 28,216  |   | 174,547  |   | 306,704  |
| Other                                                            | 15,729                                                  |   | 16,623                                                  |   | 15,780                                                  |   | 16,629  |   | 115,675  |   | 130,133  |
| Amortization                                                     | 501                                                     |   | 15,686                                                  |   | 9,389                                                   |   | 21,735  |   | 13,220  |   | 57,020  |
| Impairment      Loss on Investment in Project Partnerships       | -                                                       |   | 478,793                                                 |   | -                                                       |   | 190,666  |   | -  |   | 1,247,524  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Total      Expenses                                              | 72,690                                                  |   | 571,560                                                 |   | 71,586                                                  |   | 278,510  |   | 502,405  |   | 1,950,474  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| and      Other Income                                            | (68,746)                                                     |   | (566,485)                                                    |   | (68,004)                                                     |   | (276,328) |   | (436,485) |   | (1,911,128) |
| Equity      in (Loss) Income of Project Partnerships             | (19,223)                                                     |   | 1,770                                                   |   | (93,719)                                                     |   | (102,603) |   | (124,555) |   | (217,687) |
| Gain      on Sale of Project Partnerships                        | -                                                       |   | -                                                       |   | -                                                       |   | -  |   | 301,008  |   | 43,425  |
| Interest      Income                                             | 2,122                                                   |   | 5,685                                                   |   | 2,422                                                   |   | 8,091  |   | 4,589  |   | 27,713  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Net      Loss                                                    | $     (85,847)                      |   | $   (559,030)                                 |   | $   (159,301)                                 |   | $   (370,840) |   | $   (255,443) |   | $   (2,057,677) |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Limited      Partners                                            | $     (84,989)                      |   | $   (553,440)                                 |   | $   (157,708)                                 |   | $   (367,132) |   | $   (307,649) |   | $   (2,080,091) |
| General      Partners                                            | (858)                                                        |   | (5,590)                                                      |   | (1,593)                                                      |   | (3,708) |   | 52,206  |   | 22,414  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
|                                                             | $     (85,847)                      |   | $   (559,030)                                 |   | $   (159,301)                                 |   | $   (370,840) |   | $   (255,443) |   | $   (2,057,677) |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $       (16.85)           |   | $     (109.74)                      |   | $       (30.76)           |   | $       (71.61) |   |   |   |   |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| 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) Income            | (345,595)                                |   | 39,934                                                  |   | (305,661) |   | (455,689) |   | (4,603) |   | (460,292) |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions                     | (43,425)                                 |   | -                                                       |   | (43,425) |   | -  |   | -  |   | -  |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $     (525,375) |   | $     (53,643)                      |   | $     (579,018) |   | $    (834,598) |   | $     (28,253) |   | $      (862,851) |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009    | $     (568,361) |   | $     (54,077)                      |   | $     (622,438) |   | $    (891,845) |   | $     (28,479) |   | $      (920,324) |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Net      Income (Loss)            | 120,817                             |   | 56,534                                                  |   | 177,351  |   | (90,448) |   | (914) |   | (91,362) |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions                     | (301,008)                                |   | -                                                       |   | (301,008) |   | -  |   | -  |   | -  |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2009 | $     (748,552) |   | $        2,457  |   | $     (746,095) |   | $    (982,293) |   | $     (29,393) |   | $   (1,011,686) |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |
|                              |                                     |   |                                                         |   |   |   |   |   |   |   |   |

----

|                              | 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                     | (358,235)                                                                      |   | (3,619)                                 |   | (361,854) |   | (553,440) |   | (5,590) |   | (559,030) |
|                              |                                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $     (359,089)                                       |   | $     (59,017) |   | $     (418,106) |   | $      210,061  |   | $     (42,503) |   | $      167,558  |
|                              |                                                                           |   |                                    |   |   |   |   |   |   |   |   |
|                              |                                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009    | $     (413,640)                                       |   | $     (59,568) |   | $     (473,208) |   | $      159,923  |   | $     (43,010) |   | $      116,913  |
|                              |                                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Net      Loss                     | (95,321)                                                                       |   | (963)                                   |   | (96,284) |   | (84,989) |   | (858) |   | (85,847) |
|                              |                                                                           |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2009 | $     (508,961)                                       |   | $     (60,531) |   | $     (569,492) |   | $        74,934  |   | $     (43,868) |   | $        31,066  |
|                              |                                                                           |   |                                    |   |   |   |   |   |   |   |   |
|                              |                                                                           |   |                                    |   |   |   |   |   |   |   |   |
|                              |                                                                           |   |                                    |   |   |   |   |   |   |   |   |

----

|                              | 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                     | (367,132)                                          |   | (3,708)                                 |   | (370,840) |   | (2,080,091) |   | 22,414  |   | (2,057,677) |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Distributions                     | -                                             |   | -                                  |   | -  |   | (43,425) |   | -  |   | (43,425) |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $      825,793  |   | $     (38,113) |   | $      787,680  |   | $      (683,208) |   | $    (221,529) |   | $        (904,737) |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009    | $      729,531  |   | $     (39,086) |   | $      690,445  |   | $      (984,392) |   | $    (224,220) |   | $     (1,208,612) |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Net      (Loss) Income            | (157,708)                                          |   | (1,593)                                 |   | (159,301) |   | (307,649) |   | 52,206  |   | (255,443) |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Distributions                     | -                                             |   | -                                  |   | -  |   | (301,008) |   | -  |   | (301,008) |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2009 | $      571,823  |   | $     (40,679) |   | $      531,144  |   | $   (1,593,049) |   | $    (172,014) |   | $     (1,765,063) |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                              |                                               |   |                                    |   |   |   |   |   |   |   |   |

----

|                                                        | SERIES      7                                            |   | SERIES      8                                            |
|-------------------------------------------------------------|----------------------------------------------------------|--------|----------------------------------------------------------|
|                                                        | 2009                                                     |   | 2008                                                     |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                  |                                                     |   |                                                     |   |   |   |   |
| Net      Income (Loss)                                      | $       177,351  |   | $     (305,661)                 |   | $       (91,362) |   | $        (460,292) |
| Adjustments      to Reconcile Net Income (Loss) to Net Cash |                                                     |   |                                                     |   |   |   |   |
| (Used      in) Provided by Operating Activities:            |                                                     |   |                                                     |   |   |   |   |
| Amortization                                                | 219                                                 |   | 3,761                                               |   | 867  |   | 8,305  |
| Impairment      Loss on Investment in Project Partnerships  | -                                                   |   | 183,299                                             |   | -  |   | 221,243  |
| Discount      on Investment in Securities                   | -                                                   |   | (1,519)                                                  |   | -  |   | (768) |
| Equity      in (Income) Loss of Project Partnerships        | -                                                   |   | (707)                                                    |   | 11,312  |   | 45,239  |
| Gain      on Sale of Project Partnerships                   | (301,008)                                                |   | (43,425)                                                 |   | -  |   | -  |
| Distribution      Income                                    | (26,604)                                                 |   | (15,147)                                                 |   | (16,978) |   | (12,397) |
| Changes      in Operating Assets and Liabilities:           |                                                     |   |                                                     |   |   |   |   |
| Decrease      in Interest Receivable                        | -                                                   |   | 2,577                                               |   | -  |   | 966  |
| Decrease      in Receivable - Other                         | -                                                   |   | 696                                                 |   | -  |   | -  |
| Increase      in Payable to General Partners                | 72,207                                              |   | 54,294                                              |   | 99,885  |   | 100,818  |
| Net      Cash (Used in) Provided by Operating Activities    | (77,835)                                                 |   | (121,832)                                                |   | 3,724  |   | (96,886) |
|                                                        |                                                     |   |                                                     |   |   |   |   |
| Cash      Flows from Investing Activities:                  |                                                     |   |                                                     |   |   |   |   |
| Distributions      Received from Project Partnerships       | 30,604                                              |   | 21,166                                              |   | 19,519  |   | 12,868  |
| Net      Proceeds from Sale of Project Partnerships         | 301,008                                             |   | 43,425                                              |   | 23,000  |   | -  |
| Redemption      of Investment Securities                    | -                                                   |   | 200,000                                             |   | -  |   | 75,000  |
| Purchase      of Investment Securities                      | -                                                   |   | (160,337)                                                |   | -  |   | (80,169) |
| Net      Cash Provided by Investing Activities              | 331,612                                             |   | 104,254                                             |   | 42,519  |   | 7,699  |
|                                                        |                                                     |   |                                                     |   |   |   |   |
| Cash      Flows from Financing Activities:                  |                                                     |   |                                                     |   |   |   |   |
| Distributions      Paid to Limited Partners                 | (295,530)                                                |   | (43,347)                                                 |   | -  |   | (67,964) |
| Net      Cash Used in Financing Activities                  | (295,530)                                                |   | (43,347)                                                 |   | -  |   | (67,964) |
|                                                        |                                                     |   |                                                     |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents       | (41,753)                                                 |   | (60,925)                                                 |   | 46,243  |   | (157,151) |
| Cash      and Cash Equivalents at Beginning of Year         | 246,867                                             |   | 162,586                                             |   | 185,918  |   | 252,598  |
|                                                        |                                                     |   |                                                     |   |   |   |   |
| Cash      and Cash Equivalents at End of Period             | $       205,114  |   | $       101,661  |   | $       232,161  |   | $            95,447  |
|                                                        |                                                     |   |                                                     |   |   |   |   |
|                                                        |                                                     |   |                                                     |   |   |   |   |
|                                                        |                                                     |   |                                                     |   |   |   |   |

----

|                                                                                  | SERIES      9                                                       |   | SERIES      10                                                      |
|---------------------------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                                                  | 2009                                                                |   | 2008                                                                |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                                |   |                                                                |   |   |   |   |
| Net      Loss                                                                         | $       (96,284)                 |   | $     (361,854)                            |   | $       (85,847) |   | $        (559,030) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                                |   |                                                                |   |   |   |   |
| Amortization                                                                          | 2,244                                                          |   | 7,533                                                          |   | 501  |   | 15,686  |
| Impairment      Loss on Investment in Project Partnerships                            | -                                                              |   | 173,523                                                        |   | -  |   | 478,793  |
| Accreted      Interest Income on Investment in Securities                             | -                                                              |   | (2,172)                                                             |   | (2,113) |   | (3,855) |
| Discount      on Investment in Securities                                             | -                                                              |   | (308)                                                               |   | -  |   | (472) |
| Equity      in Loss (Income) of Project Partnerships                                  | 301                                                            |   | 72,322                                                         |   | 19,223  |   | (1,770) |
| Distribution      Income                                                              | (14,812)                                                            |   | (4,545)                                                             |   | (3,944) |   | (5,075) |
| Changes      in Operating Assets and Liabilities:                                     |                                                                |   |                                                                |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                                              |   | 1,288                                                          |   | -  |   | 644  |
| Increase      in Payable to General Partners                                          | 53,493                                                         |   | 32,948                                                         |   | 35,947  |   | 22,546  |
| Net      Cash Used in Operating Activities                                            | (55,058)                                                            |   | (81,265)                                                            |   | (36,233) |   | (52,533) |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                                |   |                                                                |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 16,592                                                         |   | 7,128                                                          |   | 14,094  |   | 14,193  |
| Net      Proceeds from Sale of Project Partnerships                                   | 10,000                                                         |   | -                                                              |   | 10,000  |   | -  |
| Redemption      of Investment Securities                                              | -                                                              |   | 100,000                                                        |   | -  |   | 50,000  |
| Purchase      of Investment Securities                                                | -                                                              |   | (34,641)                                                            |   | -  |   | (49,487) |
| Net      Cash Provided by Investing Activities                                        | 26,592                                                         |   | 72,487                                                         |   | 24,094  |   | 14,706  |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                            | (28,466)                                                            |   | (8,778)                                                             |   | (12,139) |   | (37,827) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 124,326                                                        |   | 64,247                                                         |   | 121,062  |   | 79,049  |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $         95,860  |   | $         55,469  |   | $       108,923  |   | $            41,222  |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |
|                                                                                  |                                                                |   |                                                                |   |   |   |   |

----

|                                                                                  | SERIES      11                                           |   | TOTAL      SERIES 7 - 11                                            |
|---------------------------------------------------------------------------------------|----------------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                                                  | 2009                                                     |   | 2008                                                                |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                     |   |                                                                |   |   |   |   |
| Net      Loss                                                                         | $     (159,301)                 |   | $     (370,840)                            |   | $     (255,443) |   | $     (2,057,677) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                     |   |                                                                |   |   |   |   |
| Amortization                                                                          | 9,389                                               |   | 21,735                                                         |   | 13,220  |   | 57,020  |
| Impairment      Loss on Investment in Project Partnerships                            | -                                                   |   | 190,666                                                        |   | -  |   | 1,247,524  |
| Accreted      Interest Income on Investment in Securities                             | (2,407)                                                  |   | (4,517)                                                             |   | (4,520) |   | (10,544) |
| Discount      on Investment in Securities                                             | -                                                   |   | (1,242)                                                             |   | -  |   | (4,309) |
| Equity      in Loss of Project Partnerships                                           | 93,719                                              |   | 102,603                                                        |   | 124,555  |   | 217,687  |
| Gain      on Sale of Project Partnerships                                             | -                                                   |   | -                                                              |   | (301,008) |   | (43,425) |
| Distribution      Income                                                              | (3,582)                                                  |   | (2,182)                                                             |   | (65,920) |   | (39,346) |
| 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                                          | 18,327                                              |   | 21,339                                                         |   | 279,859  |   | 231,945  |
| Net      Cash Used in Operating Activities                                            | (43,855)                                                 |   | (40,828)                                                            |   | (209,257) |   | (393,344) |
|                                                                                  |                                                     |   |                                                                |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                     |   |                                                                |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 5,082                                               |   | 4,667                                                          |   | 85,891  |   | 60,022  |
| Net      Proceeds from Sale of Project Partnerships                                   | -                                                   |   | -                                                              |   | 344,008  |   | 43,425  |
| Redemption      of Investment Securities                                              | -                                                   |   | 125,000                                                        |   | -  |   | 550,000  |
| Purchase      of Investment Securities                                                | -                                                   |   | (129,655)                                                           |   | -  |   | (454,289) |
| Net      Cash Provided by Investing Activities                                        | 5,082                                               |   | 12                                                             |   | 429,899  |   | 199,158  |
|                                                                                  |                                                     |   |                                                                |   |   |   |   |
| Cash      Flows from Financing Activities:                                            |                                                     |   |                                                                |   |   |   |   |
| Distributions      Paid to Limited Partners                                           | -                                                   |   | -                                                              |   | (295,530) |   | (111,311) |
| Net      Cash Used in Financing Activities                                            | -                                                   |   | -                                                              |   | (295,530) |   | (111,311) |
|                                                                                  |                                                     |   |                                                                |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                            | (38,773)                                                 |   | (40,816)                                                            |   | (74,888) |   | (305,497) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 204,816                                             |   | 81,179                                                         |   | 882,989  |   | 639,659  |
|                                                                                  |                                                     |   |                                                                |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $       166,043  |   | $         40,363  |   | $       808,101  |   | $          334,162  |
|                                                                                  |                                                     |   |                                                                |   |   |   |   |
|                                                                                  |                                                     |   |                                                                |   |   |   |   |
|                                                                                  |                                                     |   |                                                                |   |   |   |   |

----

| 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                                                                  |
|-----------------------------------|---------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
|                              | December      31, 2009                                                                      |   | March      31, 2009                                                             |   | December      31, 2009 |   | March      31, 2009 |
| Amortized      Cost               | $             40,217  |   | $           38,104  |   | $            43,640  |   | $           41,233  |
| Gross      Unrealized (Loss) Gain | (221)                                                                                       |   | 1,730                                                                      |   | 356  |   | 2,584  |
|                              |                                                                                        |   |                                                                            |   |   |   |   |
| Fair      Value                   | $             39,996  |   | $           39,834  |   | $            43,996  |   | $           43,817  |

|                       | Total      Series 10 - 11                                                                   |   |
|----------------------------|---------------------------------------------------------------------------------------------|--------|
|                       | December      31, 2009                                                                      |   | March      31, 2009 |   |
| Amortized      Cost        | $             83,857  |   | $           79,337  |   |
| Gross      Unrealized Gain | 135                                                                                    |   | 4,314  |   |
|                       |                                                                                        |   |   |   |
| Fair      Value            | $             83,992  |   | $           83,651  |   |

|                                       | Series      10                                                                  |   | Series      11                                                                  |   | Total                                                                           |
|--------------------------------------------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
| Due      within 1 year                     | $           40,217  |   | $           43,640  |   | $           83,857  |
| After      1 year through 5 years          | -                                                                          |   | -                                                                          |   | -                                                                          |
| Total      Amount Carried on Balance Sheet | $           40,217  |   | $           43,640  |   | $           83,857  |

----

|           | 2009                            |   | 2008                            |
|----------------|---------------------------------|--------|---------------------------------|
| Series      7  | $    52,026 |   | $    61,295 |
| Series      8  | 64,335                          |   | 64,716                          |
| Series      9  | 36,441                          |   | 36,630                          |
| Series      10 | 25,068                          |   | 25,188                          |
| Series      11 | 21,093                          |   | 21,264                          |
| Total          | $  198,963            |   | $  209,093            |

|           | 2009                            |   | 2008                            |
|----------------|---------------------------------|--------|---------------------------------|
| Series      7  | $    67,446 |   | $    88,029 |
| Series      8  | -                               |   | 98,757                          |
| Series      9  | 50,385                          |   | 56,432                          |
| Series      10 | 31,392                          |   | 35,270                          |
| Series      11 | 25,324                          |   | 28,216                          |
| Total          | $  174,547            |   | $  306,704            |

----

|  As      of December 31, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 7 - 30, Series 8 - 42, and Series 9 - 24) which own and operate      government assisted multi-family housing complexes.  Cash flows      from operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

|                                               | SERIES      7                                                             |   | SERIES      8                                                             |   | SERIES      9                                                                                        |
|----------------------------------------------------|---------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|
|                                               | December      31,                                                         |   | March      31,                                                            |   | December      31,                                                                                    |   | March      31, |   | December      31, |   | March      31, |
|                                               | 2009                                                                      |   | 2009                                                                      |   | 2009                                                                                                 |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     5,721,083                             |   | $     6,861,114                             |   | $     7,400,711                                                        |   | $     7,400,711  |   | $     4,914,116  |   | $     4,914,116  |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships     | -                                                                    |   | -                                                                    |   | 24,220                                                                                          |   | 24,220  |   | -  |   | -  |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Partnerships      (1) (2)                          | (5,194,990)                                                               |   | (6,402,875)                                                               |   | (7,352,151)                                                                                          |   | (7,340,840) |   | (4,566,385) |   | (4,566,084) |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | (216,295)                                                                 |   | (252,589)                                                                 |   | (190,367)                                                                                            |   | (187,825) |   | (170,765) |   | (168,985) |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Adjustment                                         | 309,798                                                              |   | 205,650                                                              |   | (117,587)                                                                                            |   | (103,734) |   | 176,966  |   | 179,047  |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| assets      acquired:                              |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 573,481                                                              |   | 703,733                                                              |   | 536,715                                                                                         |   | 536,715  |   | 244,087  |   | 244,087  |
| Accumulated      amortization of acquisition       |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| fees      and expenses                             | (246,634)                                                                 |   | (268,518)                                                                 |   | (166,252)                                                                                            |   | (165,385) |   | (107,765) |   | (105,521) |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in       |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | (552,557)                                                                 |   | (552,557)                                                                 |   | (252,589)                                                                                            |   | (252,589) |   | (307,932) |   | (307,932) |
|                                               |                                                                      |   |                                                                      |   |                                                                                                 |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $          84,088  |   | $          88,308  |   | $               287  |   | $          15,007  |   | $            5,356  |   | $            9,681  |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $5,309,332      in Series 7, $8,274,156 in Series 8, and $3,287,034 in Series 9 for the      period ended December 31, 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 December 31, 2009 and March 31,      2009.  (See discussion in Note 2 - Significant Accounting      Policies.)                                                                                                                           |

----

|  As      of December 31, 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                                       |
|----------------------------------------------------|----------------------------------------------------------------|--------|----------------------------------------------------------------|--------|----------------------------------------------------------------|
|                                               | December      31,                                              |   | March      31,                                                 |   | December      31,                                              |   | March      31, |   | December      31, |   | March      31, |
|                                               | 2009                                                           |   | 2009                                                           |   | 2009                                                           |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     3,914,672                  |   | $     3,914,672                  |   | $     4,128,042                  |   | $     4,128,042  |   | $   26,078,624  |   | $   27,218,655  |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships     | -                                                         |   | -                                                         |   | -                                                         |   | -  |   | 24,220  |   | 24,220  |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Partnerships      (1)                              | (2,526,030)                                                    |   | (2,506,807)                                                    |   | (1,921,266)                                                    |   | (1,827,547) |   | (21,560,822) |   | (22,644,153) |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Project      Partnerships                          | (239,991)                                                      |   | (229,841)                                                      |   | (196,394)                                                      |   | (194,894) |   | (1,013,812) |   | (1,034,134) |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Adjustment                                         | 1,148,651                                                 |   | 1,178,024                                                 |   | 2,010,382                                                 |   | 2,105,601  |   | 3,528,210  |   | 3,564,588  |
|                                               |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| assets      acquired:                              |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 196,738                                                   |   | 196,738                                                   |   | 290,335                                                   |   | 290,335  |   | 1,841,356  |   | 1,971,608  |
| Accumulated      amortization of acquisition       |                                                           |   |                                                           |   |                                                           |   |   |   |   |   |   |
| fees      and expenses                             | (152,929)                                                      |   | (152,428)                                                      |   | (219,862)                                                      |   | (210,473) |   | (893,442) |   | (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           | $        106,534  |   | $        136,408  |   | $        431,877  |   | $        536,485  |   | $        628,142  |   | $        785,889  |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $848,457      in Series 10 and $1,338,996 in Series 11 for the period ended December 31,      2009; and cumulative suspended losses of $660,430 in Series 10 and      $1,231,664 in Series 11 for the year ended March 31, 2009 are not      included. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                 | SERIES      7                                                                                                                    |   | SERIES      8   (1)                                                                   |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|
|                                                 | 2009                                                                                                                             |   | 2008                                                                                                 |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                       |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Assets:                                              |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Current      assets                                  | $     3,657,899                                                                                    |   | $     4,924,546                                                        |   | $     4,745,962  |   | $     4,726,966  |
| Investment      properties, net                      | 16,319,613                                                                                                                  |   | 20,739,161                                                                                      |   | 22,745,223  |   | 24,071,468  |
| Other      assets                                    | 32,935                                                                                                                      |   | 22,535                                                                                          |   | 335,717  |   | 307,004  |
| Total      assets                                    | $   20,010,447                                                                                               |   | $   25,686,242                                                                   |   | $   27,826,902  |   | $   29,105,438  |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Liabilities      and Partners' Deficit:              |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Current      liabilities                             | $        746,803                                                                    |   | $        824,092                                        |   | $     1,438,787  |   | $     1,570,652  |
| Long-term      debt                                  | 24,666,597                                                                                                                  |   | 30,700,844                                                                                      |   | 35,579,018  |   | 35,854,400  |
| Total      liabilities                               | 25,413,400                                                                                                                  |   | 31,524,936                                                                                      |   | 37,017,805  |   | 37,425,052  |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Partners'      deficit                               |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Limited      Partner                                 | (5,143,290)                                                                                                                      |   | (5,434,990)                                                                                          |   | (8,422,794) |   | (7,615,127) |
| General      Partners                                | (259,663)                                                                                                                        |   | (403,704)                                                                                            |   | (768,109) |   | (704,487) |
| Total      partners' deficit                         | (5,402,953)                                                                                                                      |   | (5,838,694)                                                                                          |   | (9,190,903) |   | (8,319,614) |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Total      liabilities and partners' deficit         | $   20,010,447                                                                                               |   | $   25,686,242                                                                   |   | $   27,826,902  |   | $   29,105,438  |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS             |                                                                                                                             |   |                                                                                                 |   |
| Rental      and other income                         | $     2,977,595                                                                                    |   | $     3,591,392                                                        |   | $     4,149,000  |   | $     4,056,111  |
| Expenses:                                            |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Operating      expenses                              | 2,412,447                                                                                                                   |   | 2,519,353                                                                                       |   | 3,205,102  |   | 3,213,272  |
| Interest      expense                                | 387,565                                                                                                                     |   | 490,088                                                                                         |   | 551,292  |   | 575,791  |
| Depreciation      and amortization                   | 751,169                                                                                                                     |   | 962,452                                                                                         |   | 1,123,804  |   | 1,116,489  |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Total      expenses                                  | 3,551,181                                                                                                                   |   | 3,971,893                                                                                       |   | 4,880,198  |   | 4,905,552  |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Net      loss                                        | $      (573,586)                                                                                   |   | $      (380,501)                                                       |   | $      (731,198) |   | $      (849,441) |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Other      partners' share of net loss               | $          (1,224)                                                             |   | $          (3,805)                                 |   | $        (10,023) |   | $        (11,218) |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Gateway's      share of net loss                     | $      (572,362)                                                                                   |   | $      (376,696)                                                       |   | $      (721,175) |   | $      (838,223) |
| Suspended      losses                                | 572,362                                                                                                                     |   | 377,403                                                                                         |   | 709,863  |   | 792,984  |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |
| Equity      in Income (Loss) of Project Partnerships | $                    -  |   | $               707  |   | $        (11,312) |   | $        (45,239) |
|                                                 |                                                                                                                             |   |                                                                                                 |   |   |   |   |

----

|                         | September      2009                                                               |   | September      2008                                                               |
|------------------------------|-----------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|
| Total      Assets            | $           438,462   |   | $           486,093   |
| Total      Liabilities       | 803,920                                                                      |   | 809,698                                                                      |
| Gateway      Deficit         | (333,155)                                                                         |   | (291,720)                                                                         |
| Other      Partner's Deficit | (32,303)                                                                          |   | (31,885)                                                                          |
| Total      Revenue           | 93,012                                                                       |   | 86,151                                                                       |
| Net      Loss                | $            (41,218) |   | $            (19,910) |
|                         |                                                                              |   |                                                                              |

----

|                                                  | SERIES      9                                                                        |   | SERIES      10                                                       |
|-------------------------------------------------------|--------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                                                  | 2009                                                                                 |   | 2008                                                                 |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                        |                                                                                 |   |                                                                 |   |   |   |   |
| Assets:                                               |                                                                                 |   |                                                                 |   |   |   |   |
| Current      assets                                   | $     2,360,620                                        |   | $     2,439,986                        |   | $     2,178,747  |   | $     2,166,482  |
| Investment      properties, net                       | 13,837,720                                                                      |   | 14,570,885                                                      |   | 10,847,568  |   | 11,251,037  |
| Other      assets                                     | 45,889                                                                          |   | 50,426                                                          |   | 28,718  |   | 20,578  |
| Total      assets                                     | $   16,244,229                                                   |   | $   17,061,297                                   |   | $   13,055,033  |   | $   13,438,097  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):      |                                                                                 |   |                                                                 |   |   |   |   |
| Current      liabilities                              | $        421,171                        |   | $        478,090        |   | $        429,177  |   | $        430,866  |
| Long-term      debt                                   | 19,445,872                                                                      |   | 19,584,456                                                      |   | 12,824,266  |   | 12,931,615  |
| Total      liabilities                                | 19,867,043                                                                      |   | 20,062,546                                                      |   | 13,253,443  |   | 13,362,481  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Partners'      equity (deficit)                       |                                                                                 |   |                                                                 |   |   |   |   |
| Limited      Partner                                  | (3,181,934)                                                                          |   | (2,595,966)                                                          |   | 298,624  |   | 534,959  |
| General      Partners                                 | (440,880)                                                                            |   | (405,283)                                                            |   | (497,034) |   | (459,343) |
| Total      partners' equity (deficit)                 | (3,622,814)                                                                          |   | (3,001,249)                                                          |   | (198,410) |   | 75,616  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Total      liabilities and partners' equity (deficit) | $   16,244,229                                                   |   | $   17,061,297                                   |   | $   13,055,033  |   | $   13,438,097  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS              |                                                                                 |   |                                                                 |   |
| Rental      and other income                          | $     2,192,329                                        |   | $     2,129,679                        |   | $     1,462,951  |   | $     1,475,579  |
| Expenses:                                             |                                                                                 |   |                                                                 |   |   |   |   |
| Operating      expenses                               | 1,750,158                                                                       |   | 1,651,433                                                       |   | 1,140,884  |   | 1,103,057  |
| Interest      expense                                 | 296,080                                                                         |   | 302,572                                                         |   | 162,135  |   | 166,482  |
| Depreciation      and amortization                    | 592,980                                                                         |   | 588,017                                                         |   | 364,958  |   | 359,554  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Total      expenses                                   | 2,639,218                                                                       |   | 2,542,022                                                       |   | 1,667,977  |   | 1,629,093  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Net      loss                                         | $      (446,889)                                       |   | $      (412,343)                       |   | $      (205,026) |   | $      (153,514) |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Other      partners' share of net (loss) income       | $          (3,922)                 |   | $          (4,123) |   | $           2,224  |   | $          (3,639) |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Gateway's      share of net loss                      | $      (442,967)                                       |   | $      (408,220)                       |   | $      (207,250) |   | $      (149,875) |
| Suspended      losses                                 | 442,666                                                                         |   | 335,898                                                         |   | 188,027  |   | 151,645  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships  | $             (301) |   | $        (72,322)            |   | $        (19,223) |   | $           1,770  |
|                                                  |                                                                                 |   |                                                                 |   |   |   |   |

----

|                                                  | SERIES      11                                                       |   | TOTAL      SERIES 7 - 11                                             |
|-------------------------------------------------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                                                  | 2009                                                                 |   | 2008                                                                 |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                        |                                                                 |   |                                                                 |   |   |   |   |
| Assets:                                               |                                                                 |   |                                                                 |   |   |   |   |
| Current      assets                                   | $     1,240,468                        |   | $     1,236,176                        |   | $   14,183,696  |   | $    15,494,156  |
| Investment      properties, net                       | 9,169,170                                                       |   | 9,514,690                                                       |   | 72,919,294  |   | 80,147,241  |
| Other      assets                                     | 297,854                                                         |   | 274,783                                                         |   | 741,113  |   | 675,326  |
| Total      assets                                     | $   10,707,492                                   |   | $   11,025,649                                   |   | $   87,844,103  |   | $    96,316,723  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):      |                                                                 |   |                                                                 |   |   |   |   |
| Current      liabilities                              | $        490,754        |   | $        393,023        |   | $     3,526,692  |   | $      3,696,723  |
| Long-term      debt                                   | 9,916,521                                                       |   | 10,035,475                                                      |   | 102,432,274  |   | 109,106,790  |
| Total      liabilities                                | 10,407,275                                                      |   | 10,428,498                                                      |   | 105,958,966  |   | 112,803,513  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Partners'      equity (deficit)                       |                                                                 |   |                                                                 |   |   |   |   |
| Limited      Partner                                  | 696,633                                                         |   | 955,016                                                         |   | (15,752,761) |   | (14,156,108) |
| General      Partners                                 | (396,416)                                                            |   | (357,865)                                                            |   | (2,362,102) |   | (2,330,682) |
| Total      partners' equity (deficit)                 | 300,217                                                         |   | 597,151                                                         |   | (18,114,863) |   | (16,486,790) |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Total      liabilities and partners' equity (deficit) | $   10,707,492                                   |   | $   11,025,649                                   |   | $   87,844,103  |   | $    96,316,723  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS              |                                                                 |   |                                                                 |   |
| Rental      and other income                          | $     1,368,621                        |   | $     1,330,562                        |   | $   12,150,496  |   | $    12,583,323  |
| Expenses:                                             |                                                                 |   |                                                                 |   |   |   |   |
| Operating      expenses                               | 1,022,046                                                       |   | 1,001,486                                                       |   | 9,530,637  |   | 9,488,601  |
| Interest      expense                                 | 159,746                                                         |   | 159,495                                                         |   | 1,556,818  |   | 1,694,428  |
| Depreciation      and amortization                    | 392,611                                                         |   | 397,273                                                         |   | 3,225,522  |   | 3,423,785  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Total      expenses                                   | 1,574,403                                                       |   | 1,558,254                                                       |   | 14,312,977  |   | 14,606,814  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Net      loss                                         | $      (205,782)                       |   | $      (227,692)                       |   | $   (2,162,481) |   | $     (2,023,491) |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Other      partners' share of net loss                | $          (4,732) |   | $          (6,808) |   | $        (17,677) |   | $          (29,593) |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Gateway's      share of net loss                      | $      (201,050)                       |   | $      (220,884)                       |   | $   (2,144,804) |   | $     (1,993,898) |
| Suspended      losses                                 | 107,331                                                         |   | 118,281                                                         |   | 2,020,249  |   | 1,776,211  |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |
| Equity      in Loss of Project Partnerships           | $        (93,719)            |   | $      (102,603)                       |   | $      (124,555) |   | $        (217,687) |
|                                                  |                                                                 |   |                                                                 |   |   |   |   |

----

| Transaction       |                               |                                  | Net      Proceeds                   | Gain      on                          |
|-------------------|------------------------------------|---------------------------------------|-------------------------------------|---------------------------------------|
| Month      / Year | Project      Partnership           | Net      Proceeds                     | Per      LP Unit                    | Disposal                              |
| August      2009  | Mountain      City Manor           | $    36,860  | $    3.54  | $    38,190  |
| August      2009  | Tazewell      Village              | 41,290                           | 3.97                           | 42,620                           |
| August      2009  | Jamestown      Village             | 36,450                           | 3.51                           | 37,864                           |
| August      2009  | Clinch      View Manor             | 134,400                          | 12.93                          | 135,814                          |
| May      2009     | Spring      Creek Apartments II LP | 46,520                           | 4.48                           | 46,520                           |
|              |                               |                                  |                                | $  301,008             |

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

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

----

| Series 7                     |                                                                     |   |                                                           |
|------------------------------|--------------------------------------------------------------------------|--------|----------------------------------------------------------------|
|                         |  Cardinal      Apartments                                           |   |                                                           |
| Rental      and other income | $        68,489             |   |                                                           |
| Gross      profit            | 24,695                                                              |   |                                                           |
| Net      income              | $          4,558  |   |                                                           |
|                         |                                                                     |   |                                                           |
| Series 10                    |                                                                     |   |                                                           |
|                         |  Stigler      Properties                                            |   |                                                           |
| Rental      and other income | $        69,337             |   |                                                           |
| Gross      profit            | 27,382                                                              |   |                                                           |
| Net      income              | $          5,521  |   |                                                           |
|                         |                                                                     |   |                                                           |
| Series 11                    |                                                                     |   |                                                           |
|                         |  Creekstone      Apartments, L.P.                                   |   |  Magnolia      Place Apartments, L.P.                     |
| Rental      and other income | $       168,205                  |   | $       108,791        |
| Gross      profit            | 7,078                                                               |   | 28,606                                                    |
| Net      loss                | $       (44,909)                      |   | $         (3,056) |

| Investments      in Project Partnerships, Net | December      31, 2009                |   | Level      1                          |   | Level      2                          |   | Level      3                          |   | Total      Losses                     |
|-----------------------------------------------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------|
| Series      7                                 | $    84,088  |   | $   -             |   | $   -             |   | $    84,088  |   | $   -             |
| Series      8                                 | 287                              |   |      -  |   |      -  |   | 287                              |   |      -  |
| Series      9                                 | 5,356                            |   |      -  |   |      -  |   | 5,356                            |   |      -  |
| Series      10                                | 106,534                          |   |      -  |   |      -  |   | 106,534                          |   |      -  |
| Series      11                                | 431,877                          |   |      -  |   |      -  |   | 431,877                          |   |      -  |
| Total                                         | $  628,142             |   | $   -             |   | $   -             |   | $  628,142             |   | $   -             |

----

----

----

----

----

----

----

| Transaction       |                               |                                  | Net      Proceeds                   | Gain      on                          |
|-------------------|------------------------------------|---------------------------------------|-------------------------------------|---------------------------------------|
| Month      / Year | Project      Partnership           | Net      Proceeds                     | Per      LP Unit                    | Disposal                              |
| August      2009  | Mountain      City Manor           | $    36,860  | $    3.54  | $    38,190  |
| August      2009  | Tazewell      Village              | 41,290                           | 3.97                           | 42,620                           |
| August      2009  | Jamestown      Village             | 36,450                           | 3.51                           | 37,864                           |
| August      2009  | Clinch      View Manor             | 134,400                          | 12.93                          | 135,814                          |
| May      2009     | Spring      Creek Apartments II LP | 46,520                           | 4.48                           | 46,520                           |
|              |                               |                                  |                                | $  301,008             |

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

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

----

| South      Brenchley Limited Partnership | Cimmaron      Station Limited Partnership |
|------------------------------------------|-------------------------------------------|

| Mountain      Glen Limited Partnership |   |
|----------------------------------------|--------|

| Redstone      Limited Partnership |   |
|-----------------------------------|--------|

----

| Mt.      Vernon Rental Housing, L.P.           | Meadow      Run Apartments, LP              |
|------------------------------------------------|---------------------------------------------|
| Lakeland      II, LP                           | Blue      Ridge Elderly Housing, Ltd., L.P. |
| Washington      Apartments Limited Partnership | Horton      Housing, L.P.                   |
| Atoka      Properties                          | Coalgate      Properties                    |

| Logan      Heights, Ltd.                       | 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                                |

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

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

----

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

----

----

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

| Date:      February 12,      2010 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President                   |

| Date:      February 12,      2010 |   | By:/s/ Toni S.      Matthews                   |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Toni      S. Matthews                          |
|                              |   | Vice      President and Chief FinancialOfficer |