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

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

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

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

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

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

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

----

----

|                                             | SERIES      7                                                       |   | SERIES      8                                     |   | SERIES      9                                                       |
|--------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                             | December      31,                                                   |   | March      31,                                    |   | December      31,                                                   |   | March      31, |   | December      31, |   | March      31, |
|                                             | 2008                                                                |   | 2008                                              |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                   | $       101,661             |   | $    162,586             |   | $         95,447  |   | $    252,598  |   | $         55,469  |   | $       64,247  |
| Investments      in Securities                   | 161,927                                                        |   | 202,647                                      |   | 80,964                                                         |   | 75,993  |   | 81,603  |   | 145,770  |
| Receivable      - Other                          | -                                                              |   | 696                                          |   | -                                                              |   | -  |   | -  |   | -  |
| Total      Current Assets                        | 263,588                                                        |   | 365,929                                      |   | 176,411                                                        |   | 328,591  |   | 137,072  |   | 210,017  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships, net    | 91,774                                                         |   | 284,147                                      |   | 21,274                                                         |   | 296,532  |   | 36,800  |   | 292,761  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                | $       355,362             |   | $    650,076             |   | $       197,685             |   | $    625,123  |   | $       173,872  |   | $     502,778  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                        |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                 | $         57,059  |   | $      64,060  |   | $       133,088             |   | $      96,986  |   | $         28,390  |   | $       32,071  |
| Distribution      Payable                        | 78                                                             |   | -                                            |   | 36                                                             |   | 68,000  |   | -  |   | -  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                   | 57,137                                                         |   | 64,060                                       |   | 133,124                                                        |   | 164,986  |   | 28,390  |   | 32,071  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                 | 877,243                                                        |   | 815,948                                      |   | 927,412                                                        |   | 862,696  |   | 563,588  |   | 526,959  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Deficit:                          |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partners - 10,395, 9,980, and 6,254 |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| units      for Series 7, 8, and 9, respectively, |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| at      December 31, 2008 and March 31, 2008     | (525,375)                                                           |   | (136,355)                                         |   | (834,598)                                                           |   | (378,909) |   | (359,089) |   | (854) |
| General      Partners                            | (53,643)                                                            |   | (93,577)                                          |   | (28,253)                                                            |   | (23,650) |   | (59,017) |   | (55,398) |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Deficit                     | (579,018)                                                           |   | (229,932)                                         |   | (862,851)                                                           |   | (402,559) |   | (418,106) |   | (56,252) |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit     | $       355,362             |   | $    650,076             |   | $       197,685             |   | $    625,123  |   | $       173,872  |   | $     502,778  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                  | SERIES      10                                                            |   | SERIES      11                                    |   | TOTAL      SERIES 7 - 11                                      |
|-------------------------------------------------------|---------------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------|
|                                                  | December      31,                                                         |   | March      31,                                    |   | December      31,                                             |   | March      31, |   | December      31, |   | March      31, |
|                                                  | 2008                                                                      |   | 2008                                              |   | 2008                                                          |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                                |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Current      Assets:                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Cash      and Cash Equivalents                        | $          41,222  |   | $      79,049  |   | $        40,363  |   | $      81,179  |   | $        334,162  |   | $       639,659  |
| Investments      in Securities                        | 86,140                                                               |   | 84,937                                       |   | 172,609                                                  |   | 166,036  |   | 583,243  |   | 675,383  |
| Receivable      - Other                               | -                                                                    |   | -                                            |   | -                                                        |   | -  |   | -  |   | 696  |
| Total      Current Assets                             | 127,362                                                              |   | 163,986                                      |   | 212,972                                                  |   | 247,215  |   | 917,405  |   | 1,315,738  |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Investments      in Securities                        | 37,429                                                               |   | 35,462                                       |   | 40,461                                                   |   | 38,230  |   | 77,890  |   | 73,692  |
| Investments      in Project Partnerships, net         | 170,736                                                              |   | 672,563                                      |   | 617,663                                                  |   | 935,152  |   | 938,247  |   | 2,481,155  |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Total      Assets                                     | $        335,527             |   | $    872,011             |   | $      871,096             |   | $      1,220,597  |   | $     1,933,542  |   | $    3,870,585  |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' EQUITY (DEFICIT)       |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Current      Liabilities:                             |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Payable      to General Partners                      | $          30,478  |   | $      33,120  |   | $        13,464  |   | $      13,389  |   | $        262,479  |   | $       239,626  |
| Distribution      Payable                             | -                                                                    |   | -                                            |   | -                                                        |   | -  |   | 114  |   | 68,000  |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Total      Current Liabilities                        | 30,478                                                               |   | 33,120                                       |   | 13,464                                                   |   | 13,389  |   | 262,593  |   | 307,626  |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Long-Term      Liabilities:                           |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Payable      to General Partners                      | 137,491                                                              |   | 112,303                                      |   | 69,952                                                   |   | 48,688  |   | 2,575,686  |   | 2,366,594  |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                      |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Limited      Partners - 5,043 and 5,127 units         |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| for      Series 10 and 11, respectively, at           |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| December      31, 2008 and March 31, 2008             | 210,061                                                              |   | 763,501                                      |   | 825,793                                                  |   | 1,192,925  |   | (683,208) |   | 1,440,308  |
| General      Partners                                 | (42,503)                                                                  |   | (36,913)                                          |   | (38,113)                                                      |   | (34,405) |   | (221,529) |   | (243,943) |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Total      Partners' Equity (Deficit)                 | 167,558                                                              |   | 726,588                                      |   | 787,680                                                  |   | 1,158,520  |   | (904,737) |   | 1,196,365  |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |
| Total      Liabilities and Partners' Equity (Deficit) | $        335,527             |   | $    872,011             |   | $      871,096             |   | $      1,220,597  |   | $     1,933,542  |   | $    3,870,585  |
|                                                  |                                                                      |   |                                              |   |                                                          |   |   |   |   |   |   |

----

|                                                       | SERIES      7                                                |   | SERIES      8                                                                          |   | SERIES      9                                                |
|------------------------------------------------------------|--------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|
|                                                       | 2008                                                         |   | 2007                                                                                   |   | 2008                                                         |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                  |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Distribution      Income                                   | $        2,656  |   | $             -  |   | $        1,104  |   | $      2,617  |   | $                -  |   | $           600  |
| Total      Revenues                                        | 2,656                                                   |   | -                                                                                 |   | 1,104                                                   |   | 2,617  |   | -  |   | 600  |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Expenses:                                                  |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                | 18,729                                                  |   | 21,399                                                                            |   | 21,572                                                  |   | 22,255  |   | 12,210  |   | 12,267  |
| General      and Administrative:                           |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| General      Partner                                       | 26,858                                                  |   | 29,677                                                                            |   | 32,230                                                  |   | 32,721  |   | 18,417  |   | 18,263  |
| Other                                                      | 5,546                                                   |   | 7,433                                                                             |   | 6,482                                                   |   | 7,135  |   | 4,070  |   | 4,745  |
| Amortization                                               | 1,254                                                   |   | 6,535                                                                             |   | 2,769                                                   |   | 3,205  |   | 2,511  |   | 3,013  |
| Impairment      Loss on Investment in Project Partnerships | 157,405                                                 |   | -                                                                                 |   | 221,243                                                 |   | -  |   | 173,523  |   | -  |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Total      Expenses                                        | 209,792                                                 |   | 65,044                                                                            |   | 284,296                                                 |   | 65,316  |   | 210,731  |   | 38,288  |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Loss      Before Equity in Loss of Project Partnerships    |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| and      Other Income                                      | (207,136)                                                    |   | (65,044)                                                                               |   | (283,192)                                                    |   | (62,699) |   | (210,731) |   | (37,688) |
| Equity      in Loss of Project Partnerships                | (23,180)                                                     |   | (7,402)                                                                                |   | (54,671)                                                     |   | (21,888) |   | (55,828) |   | (17,527) |
| Gain      on Sale of Project Partnerships                  | 43,425                                                  |   | -                                                                                 |   | -                                                       |   | -  |   | -  |   | -  |
| Interest      Income                                       | 510                                                     |   | 5,243                                                                             |   | 301                                                     |   | 3,463  |   | 943  |   | 3,104  |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Net      Loss                                              | $  (186,381)                                       |   | $      (67,203)                                                                        |   | $  (337,562)                                       |   | $  (81,124) |   | $  (265,616) |   | $    (52,111) |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                      |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Limited      Partners                                      | $  (227,508)                                       |   | $      (66,531)                                                                        |   | $  (334,186)                                       |   | $  (80,313) |   | $  (262,960) |   | $    (51,590) |
| General      Partners                                      | 41,127                                                  |   | (672)                                                                                  |   | (3,376)                                                      |   | (811) |   | (2,656) |   | (521) |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
|                                                       | $  (186,381)                                       |   | $      (67,203)                                                                        |   | $  (337,562)                                       |   | $  (81,124) |   | $  (265,616) |   | $    (52,111) |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                 | $      (21.89)                 |   | $     (6.40)                                                  |   | $      (33.49)                 |   | $      (8.05) |   | $      (42.05) |   | $        (8.25) |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |
| Number      of Limited Partnership Units Outstanding       | 10,395                                                  |   | 10,395                                                                            |   | 9,980                                                   |   | 9,980  |   | 6,254  |   | 6,254  |
|                                                       |                                                         |   |                                                                                   |   |                                                         |   |   |   |   |   |   |

----

|                                                       | SERIES      10                                                               |   | SERIES      11                                             |   | TOTAL      SERIES 7 - 11                                                                                 |
|------------------------------------------------------------|------------------------------------------------------------------------------|--------|------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
|                                                       | 2008                                                                         |   | 2007                                                       |   | 2008                                                                                                     |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                  |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Distribution      Income                                   | $           432  |   | $        749  |   | $                -  |   | $              -  |   | $            4,192  |   | $        3,966  |
| Total      Revenues                                        | 432                                                                     |   | 749                                                   |   | -                                                                                                   |   | -  |   | 4,192  |   | 3,966  |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Expenses:                                                  |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                | 8,396                                                                   |   | 8,384                                                 |   | 7,088                                                                                               |   | 7,253  |   | 67,995  |   | 71,558  |
| General      and Administrative:                           |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| General      Partner                                       | 11,511                                                                  |   | 11,414                                                |   | 9,208                                                                                               |   | 9,132  |   | 98,224  |   | 101,207  |
| Other                                                      | 2,835                                                                   |   | 3,783                                                 |   | 3,506                                                                                               |   | 3,510  |   | 22,439  |   | 26,606  |
| Amortization                                               | 5,229                                                                   |   | 6,027                                                 |   | 7,245                                                                                               |   | 8,374  |   | 19,008  |   | 27,154  |
| Impairment      Loss on Investment in Project Partnerships | 403,450                                                                 |   | -                                                     |   | 190,666                                                                                             |   | -  |   | 1,146,287  |   | -  |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Total      Expenses                                        | 431,421                                                                 |   | 29,608                                                |   | 217,713                                                                                             |   | 28,269  |   | 1,353,953  |   | 226,525  |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Loss      Before Equity in Loss of Project Partnerships    |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| and      Other Income                                      | (430,989)                                                                    |   | (28,859)                                                   |   | (217,713)                                                                                                |   | (28,269) |   | (1,349,761) |   | (222,559) |
| Equity      in Loss of Project Partnerships                | (60,034)                                                                     |   | (20,129)                                                   |   | (75,870)                                                                                                 |   | (597) |   | (269,583) |   | (67,543) |
| Gain      on Sale of Project Partnerships                  | -                                                                       |   | -                                                     |   | -                                                                                                   |   | -  |   | 43,425  |   | -  |
| Interest      Income                                       | 1,473                                                                   |   | 3,071                                                 |   | 1,723                                                                                               |   | 4,271  |   | 4,950  |   | 19,152  |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Net      Loss                                              | $  (489,550)                                                       |   | $      (45,917)                                            |   | $  (291,860)                                                                                   |   | $  (24,595) |   | $  (1,570,969) |   | $  (270,950) |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                      |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Limited      Partners                                      | $  (484,655)                                                       |   | $      (45,458)                                            |   | $  (288,941)                                                                                   |   | $  (24,349) |   | $  (1,598,250) |   | $  (268,241) |
| General      Partners                                      | (4,895)                                                                      |   | (459)                                                      |   | (2,919)                                                                                                  |   | (246) |   | 27,281  |   | (2,709) |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
|                                                       | $  (489,550)                                                       |   | $      (45,917)                                            |   | $  (291,860)                                                                                   |   | $  (24,595) |   | $  (1,570,969) |   | $  (270,950) |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                 | $      (96.10)                                 |   | $     (9.01)                      |   | $      (56.36)                                                             |   | $      (4.75) |   |   |   |   |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |
| Number      of Limited Partnership Units Outstanding       | 5,043                                                                   |   | 5,043                                                 |   | 5,127                                                                                               |   | 5,127  |   |   |   |   |
|                                                       |                                                                         |   |                                                       |   |                                                                                                     |   |   |   |   |   |   |

----

|                                                             | SERIES      7                                     |   | SERIES      8                                           |   | SERIES      9                                     |
|------------------------------------------------------------------|---------------------------------------------------|--------|---------------------------------------------------------|--------|---------------------------------------------------|
|                                                             | 2008                                              |   | 2007                                                    |   | 2008                                              |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                        |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                         | $      15,147  |   | $       19,434  |   | $      12,397  |   | $      18,224  |   | $           4,545  |   | $        4,603  |
| Total      Revenues                                              | 15,147                                       |   | 19,434                                             |   | 12,397                                       |   | 18,224  |   | 4,545  |   | 4,603  |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Expenses:                                                        |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 61,295                                       |   | 64,197                                             |   | 64,716                                       |   | 66,765  |   | 36,630  |   | 36,801  |
| General      and Administrative:                                 |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| General      Partner                                             | 88,029                                       |   | 88,799                                             |   | 98,757                                       |   | 97,906  |   | 56,432  |   | 54,645  |
| Other                                                            | 34,361                                       |   | 30,435                                             |   | 37,997                                       |   | 30,624  |   | 24,523  |   | 20,592  |
| Amortization                                                     | 3,761                                        |   | 19,605                                             |   | 8,305                                        |   | 9,616  |   | 7,533  |   | 9,039  |
| Impairment      Loss on Investment in Project Partnerships       | 183,299                                      |   | -                                                  |   | 221,243                                      |   | -  |   | 173,523  |   | -  |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                              | 370,745                                      |   | 203,036                                            |   | 431,018                                      |   | 204,911  |   | 298,641  |   | 121,077  |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| and      Other Income                                            | (355,598)                                         |   | (183,602)                                               |   | (418,621)                                         |   | (186,687) |   | (294,096) |   | (116,474) |
| Equity      in Income (Loss) of Project Partnerships             | 707                                          |   | (13,179)                                                |   | (45,239)                                          |   | (28,553) |   | (72,322) |   | (56,388) |
| Gain      on Sale of Project Partnerships                        | 43,425                                       |   | -                                                  |   | -                                            |   | -  |   | -  |   | -  |
| Interest      Income                                             | 5,805                                        |   | 17,367                                             |   | 3,568                                        |   | 12,014  |   | 4,564  |   | 10,245  |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Net      Loss                                                    | $  (305,661)                            |   | $  (179,414)                                  |   | $  (460,292)                            |   | $  (203,226) |   | $     (361,854) |   | $  (162,617) |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Limited      Partners                                            | $  (345,595)                            |   | $  (177,620)                                  |   | $  (455,689)                            |   | $  (201,194) |   | $     (358,235) |   | $  (160,991) |
| General      Partners                                            | 39,934                                       |   | (1,794)                                                 |   | (4,603)                                           |   | (2,032) |   | (3,619) |   | (1,626) |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
|                                                             | $  (305,661)                            |   | $  (179,414)                                  |   | $  (460,292)                            |   | $  (203,226) |   | $     (361,854) |   | $  (162,617) |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $      (33.25)      |   | $      (17.09)            |   | $      (45.66)      |   | $      (20.16) |   | $         (57.28) |   | $      (25.74) |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |
| Number      of Limited Partnership Units Outstanding             | 10,395                                       |   | 10,395                                             |   | 9,980                                        |   | 9,980  |   | 6,254  |   | 6,254  |
|                                                             |                                              |   |                                                    |   |                                              |   |   |   |   |   |   |

----

|                                                             | SERIES      10                                               |   | SERIES      11                                               |   | TOTAL      SERIES 7 - 11                                     |
|------------------------------------------------------------------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|
|                                                             | 2008                                                         |   | 2007                                                         |   | 2008                                                         |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                        |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Distribution      Income                                         | $        5,075  |   | $        2,129  |   | $        2,182  |   | $        2,182  |   | $         39,346  |   | $      46,572  |
| Total      Revenues                                              | 5,075                                                   |   | 2,129                                                   |   | 2,182                                                   |   | 2,182  |   | 39,346  |   | 46,572  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Expenses:                                                        |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 25,188                                                  |   | 25,152                                                  |   | 21,264                                                  |   | 21,445  |   | 209,093  |   | 214,360  |
| General      and Administrative:                                 |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| General      Partner                                             | 35,270                                                  |   | 34,153                                                  |   | 28,216                                                  |   | 27,323  |   | 306,704  |   | 302,826  |
| Other                                                            | 16,623                                                  |   | 14,643                                                  |   | 16,629                                                  |   | 14,634  |   | 130,133  |   | 110,928  |
| Amortization                                                     | 15,686                                                  |   | 18,080                                                  |   | 21,735                                                  |   | 25,122  |   | 57,020  |   | 81,462  |
| Impairment      Loss on Investment in Project Partnerships       | 478,793                                                 |   | -                                                       |   | 190,666                                                 |   | -  |   | 1,247,524  |   | -  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Total      Expenses                                              | 571,560                                                 |   | 92,028                                                  |   | 278,510                                                 |   | 88,524  |   | 1,950,474  |   | 709,576  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| and      Other Income                                            | (566,485)                                                    |   | (89,899)                                                     |   | (276,328)                                                    |   | (86,342) |   | (1,911,128) |   | (663,004) |
| Equity      in Income (Loss) of Project Partnerships             | 1,770                                                   |   | (43,828)                                                     |   | (102,603)                                                    |   | (62,171) |   | (217,687) |   | (204,119) |
| Gain      on Sale of Project Partnerships                        | -                                                       |   | -                                                       |   | -                                                       |   | -  |   | 43,425  |   | -  |
| Interest      Income                                             | 5,685                                                   |   | 9,796                                                   |   | 8,091                                                   |   | 13,294  |   | 27,713  |   | 62,716  |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Net      Loss                                                    | $  (559,030)                                       |   | $  (123,931)                                       |   | $  (370,840)                                       |   | $  (135,219) |   | $  (2,057,677) |   | $  (804,407) |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Limited      Partners                                            | $  (553,440)                                       |   | $  (122,692)                                       |   | $  (367,132)                                       |   | $  (133,867) |   | $  (2,080,091) |   | $  (796,364) |
| General      Partners                                            | (5,590)                                                      |   | (1,239)                                                      |   | (3,708)                                                      |   | (1,352) |   | 22,414  |   | (8,043) |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
|                                                             | $  (559,030)                                       |   | $  (123,931)                                       |   | $  (370,840)                                       |   | $  (135,219) |   | $  (2,057,677) |   | $  (804,407) |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $    (109.74)                            |   | $      (24.33)                 |   | $      (71.61)                 |   | $      (26.11) |   |   |   |   |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |
| Number      of Limited Partnership Units Outstanding             | 5,043                                                   |   | 5,043                                                   |   | 5,127                                                   |   | 5,127  |   |   |   |   |
|                                                             |                                                         |   |                                                         |   |                                                         |   |   |   |   |   |   |

----

|                              | SERIES      7                                                 |   | SERIES      8               |
|-----------------------------------|---------------------------------------------------------------|--------|-----------------------------|
|                              | Limited                                                       |   | General                     |   |   |   | Limited |   | General |   |   |
|                              | Partners                                                      |   | Partners                    |   | Total |   | Partners |   | Partners |   | Total |
|                              |                                                          |   |                        |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007    | $      205,836             |   | $   (90,121) |   | $      115,715  |   | $          5,547  |   | $   (88,454) |   | $     (82,907) |
|                              |                                                          |   |                        |   |   |   |   |   |   |   |   |
| Net      Loss                     | (177,620)                                                     |   | (1,794)                     |   | (179,414) |   | (201,194) |   | (2,032) |   | (203,226) |
|                              |                                                          |   |                        |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2007 | $        28,216  |   | $   (91,915) |   | $     (63,699) |   | $   (195,647) |   | $   (90,486) |   | $   (286,133) |
|                              |                                                          |   |                        |   |   |   |   |   |   |   |   |
|                              |                                                          |   |                        |   |   |   |   |   |   |   |   |
| 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) |
|                              |                                                          |   |                        |   |   |   |   |   |   |   |   |
|                              |                                                          |   |                        |   |   |   |   |   |   |   |   |
|                              |                                                          |   |                        |   |   |   |   |   |   |   |   |

----

|                              | SERIES      9                                                      |   | SERIES      10              |
|-----------------------------------|--------------------------------------------------------------------|--------|-----------------------------|
|                              | Limited                                                            |   | General                     |   |   |   | Limited |   | General |   |   |
|                              | Partners                                                           |   | Partners                    |   | Total |   | Partners |   | Partners |   | Total |
|                              |                                                               |   |                        |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007    | $      239,442                  |   | $   (52,971) |   | $      186,471  |   | $  1,319,459  |   | $    (31,297) |   | $  1,288,162  |
|                              |                                                               |   |                        |   |   |   |   |   |   |   |   |
| Net      Loss                     | (160,991)                                                          |   | (1,626)                     |   | (162,617) |   | (122,692) |   | (1,239) |   | (123,931) |
|                              |                                                               |   |                        |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2007 | $        78,451       |   | $   (54,597) |   | $        23,854  |   | $  1,196,767  |   | $    (32,536) |   | $  1,164,231  |
|                              |                                                               |   |                        |   |   |   |   |   |   |   |   |
|                              |                                                               |   |                        |   |   |   |   |   |   |   |   |
| 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  |
|                              |                                                               |   |                        |   |   |   |   |   |   |   |   |
|                              |                                                               |   |                        |   |   |   |   |   |   |   |   |
|                              |                                                               |   |                        |   |   |   |   |   |   |   |   |

----

|                              | SERIES      11                                     |   | TOTAL      SERIES 7 - 11          |
|-----------------------------------|----------------------------------------------------|--------|-----------------------------------|
|                              | Limited                                            |   | General                           |   |   |   | Limited |   | General |   |   |
|                              | Partners                                           |   | Partners                          |   | Total |   | Partners |   | Partners |   | Total |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007    | $   1,815,414                  |   | $    (28,117) |   | $   1,787,297  |   | $   3,585,698  |   | $      (290,960) |   | $   3,294,738  |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |
| Net      Loss                     | (133,867)                                          |   | (1,352)                           |   | (135,219) |   | (796,364) |   | (8,043) |   | (804,407) |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2007 | $   1,681,547                  |   | $    (29,469) |   | $   1,652,078  |   | $   2,789,334  |   | $      (299,003) |   | $   2,490,331  |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008    | $   1,192,925                  |   | $    (34,405) |   | $   1,158,520  |   | $   1,440,308  |   | $      (243,943) |   | $   1,196,365  |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |
| Net      (Loss) Income            | (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) |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |
|                              |                                               |   |                              |   |   |   |   |   |   |   |   |

----

|                                                                                  | SERIES      7                          |   | SERIES      8                                     |
|---------------------------------------------------------------------------------------|----------------------------------------|--------|---------------------------------------------------|
|                                                                                  | 2008                                   |   | 2007                                              |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                            |                                   |   |                                              |   |   |   |   |
| Net      Loss                                                                         | $  (305,661)                 |   | $  (179,414)                            |   | $  (460,292) |   | $  (203,226) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                   |   |                                              |   |   |   |   |
| Amortization                                                                          | 3,761                             |   | 19,605                                       |   | 8,305  |   | 9,616  |
| Impairment      Loss on Investment in Project Partnerships                            | 183,299                           |   | -                                            |   | 221,243  |   | -  |
| Accreted      Interest Income on Investment in Securities                             | -                                 |   | (4,635)                                           |   | -  |   | (4,179) |
| Discount      on Investment in Securities                                             | (1,519)                                |   | (697)                                             |   | (768) |   | (467) |
| Equity      in (Income) Loss of Project Partnerships                                  | (707)                                  |   | 13,179                                       |   | 45,239  |   | 28,553  |
| Gain      on Sale of Project Partnerships                                             | (43,425)                               |   | -                                            |   | -  |   | - |
| Distribution      Income                                                              | (15,147)                               |   | (19,434)                                          |   | (12,397) |   | (18,224) |
| Changes      in Operating Assets and Liabilities:                                     |                                   |   |                                              |   |   |   |   |
| Decrease      in Interest Receivable                                                  | 2,577                             |   | 1,553                                        |   | 966  |   | 1,143  |
| Decrease      in Receivable - Other                                                   | 696                               |   | -                                            |   | -  |   | -  |
| Increase      in Payable to General Partners                                          | 54,294                            |   | 60,617                                       |   | 100,818  |   | 63,222  |
| Net      Cash Used in Operating Activities                                            | (121,832)                              |   | (109,226)                                         |   | (96,886) |   | (123,562) |
|                                                                                  |                                   |   |                                              |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                   |   |                                              |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 21,166                            |   | 19,552                                       |   | 12,868  |   | 19,489  |
| Net      Proceeds from Sale of Project Partnerships                                   | 43,425                            |   | -                                            |   | -  |   | -  |
| Redemption      of Investment Securities                                              | 200,000                           |   | 203,000                                      |   | 75,000  |   | 127,000  |
| Purchase      of Investment Securities                                                | (160,337)                              |   | (200,266)                                         |   | (80,169) |   | (75,100) |
| Net      Cash Provided by Investing Activities                                        | 104,254                           |   | 22,286                                       |   | 7,699  |   | 71,389  |
|                                                                                  |                                   |   |                                              |   |   |   |   |
| Cash      Flows from Financing Activities:                                            |                                   |   |                                              |   |   |   |   |
| Distributions      Paid to Limited Partners                                           | (43,347)                               |   | -                                            |   | (67,964) |   | -  |
| Net      Cash Used in Financing Activities                                            | (43,347)                               |   | -                                            |   | (67,964) |   | -  |
|                                                                                  |                                   |   |                                              |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                            | (60,925)                               |   | (86,940)                                          |   | (157,151) |   | (52,173) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 162,586                           |   | 179,018                                      |   | 252,598  |   | 135,130  |
|                                                                                  |                                   |   |                                              |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $    101,661  |   | $      92,078  |   | $      95,447  |   | $      82,957  |
|                                                                                  |                                   |   |                                              |   |   |   |   |
|                                                                                  |                                   |   |                                              |   |   |   |   |
|                                                                                  |                                   |   |                                              |   |   |   |   |

----

|                                                                                  | SERIES      9                                     |   | SERIES      10                                    |
|---------------------------------------------------------------------------------------|---------------------------------------------------|--------|---------------------------------------------------|
|                                                                                  | 2008                                              |   | 2007                                              |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                            |                                              |   |                                              |   |   |   |   |
| Net      Loss                                                                         | $  (361,854)                            |   | $  (162,617)                            |   | $  (559,030) |   | $  (123,931) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                              |   |                                              |   |   |   |   |
| Amortization                                                                          | 7,533                                        |   | 9,039                                        |   | 15,686  |   | 18,080  |
| Impairment      Loss on Investment in Project Partnerships                            | 173,523                                      |   | -                                            |   | 478,793  |   | -  |
| Accreted      Interest Income on Investment in Securities                             | (2,172)                                           |   | (4,096)                                           |   | (3,855) |   | (5,355) |
| Discount      on Investment in Securities                                             | (308)                                             |   | (451)                                             |   | (472) |   | (379) |
| Equity      in Loss (Income) of Project Partnerships                                  | 72,322                                       |   | 56,388                                       |   | (1,770) |   | 43,828  |
| Distribution      Income                                                              | (4,545)                                           |   | (4,603)                                           |   | (5,075) |   | (2,129) |
| Changes      in Operating Assets and Liabilities:                                     |                                              |   |                                              |   |   |   |   |
| Decrease      in Interest Receivable                                                  | 1,288                                        |   | 1,140                                        |   | 644  |   | 911  |
| Increase      in Payable to General Partners                                          | 32,948                                       |   | 34,195                                       |   | 22,546  |   | 23,274  |
| Net      Cash Used in Operating Activities                                            | (81,265)                                          |   | (71,005)                                          |   | (52,533) |   | (45,701) |
|                                                                                  |                                              |   |                                              |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                              |   |                                              |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 7,128                                        |   | 6,327                                        |   | 14,193  |   | 8,791  |
| Redemption      of Investment Securities                                              | 100,000                                      |   | 127,000                                      |   | 50,000  |   | 101,000  |
| Purchase      of Investment Securities                                                | (34,641)                                          |   | (100,133)                                         |   | (49,487) |   | (50,066) |
| Net      Cash Provided by Investing Activities                                        | 72,487                                       |   | 33,194                                       |   | 14,706  |   | 59,725  |
|                                                                                  |                                              |   |                                              |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                 | (8,778)                                           |   | (37,811)                                          |   | (37,827) |   | 14,024  |
| Cash      and Cash Equivalents at Beginning of Year                                   | 64,247                                       |   | 70,044                                       |   | 79,049  |   | 40,351  |
|                                                                                  |                                              |   |                                              |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $      55,469  |   | $      32,233  |   | $      41,222  |   | $      54,375  |
|                                                                                  |                                              |   |                                              |   |   |   |   |
|                                                                                  |                                              |   |                                              |   |   |   |   |
|                                                                                  |                                              |   |                                              |   |   |   |   |

----

|                                                                                  | SERIES      11                                    |   | TOTAL      SERIES 7 - 11                          |
|---------------------------------------------------------------------------------------|---------------------------------------------------|--------|---------------------------------------------------|
|                                                                                  | 2008                                              |   | 2007                                              |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                            |                                              |   |                                              |   |   |   |   |
| Net      Loss                                                                         | $  (370,840)                            |   | $  (135,219)                            |   | $      (2,057,677) |   | $  (804,407) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                              |   |                                              |   |   |   |   |
| Amortization                                                                          | 21,735                                       |   | 25,122                                       |   | 57,020  |   | 81,462  |
| Impairment      Loss on Investment in Project Partnerships                            | 190,666                                      |   | -                                            |   | 1,247,524  |   | -  |
| Accreted      Interest Income on Investment in Securities                             | (4,517)                                           |   | (6,356)                                           |   | (10,544) |   | (24,621) |
| Discount      on Investment in Securities                                             | (1,242)                                           |   | (537)                                             |   | (4,309) |   | (2,531) |
| Equity      in Loss of Project Partnerships                                           | 102,603                                      |   | 62,171                                       |   | 217,687  |   | 204,119  |
| Gain      on Sale of Project Partnerships                                             | -                                            |   | -                                            |   | (43,425) |   | -  |
| Distribution      Income                                                              | (2,182)                                           |   | (2,182)                                           |   | (39,346) |   | (46,572) |
| Changes      in Operating Assets and Liabilities:                                     |                                              |   |                                              |   |   |   |   |
| Decrease      in Interest Receivable                                                  | 1,610                                        |   | 1,363                                        |   | 7,085  |   | 6,110  |
| Decrease      in Receivable - Other                                                   | -                                            |   | -                                            |   | 696  |   | -  |
| Increase      in Payable to General Partners                                          | 21,339                                       |   | 19,444                                       |   | 231,945  |   | 200,752  |
| Net      Cash Used in Operating Activities                                            | (40,828)                                          |   | (36,194)                                          |   | (393,344) |   | (385,688) |
|                                                                                  |                                              |   |                                              |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                              |   |                                              |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 4,667                                        |   | 3,969                                        |   | 60,022  |   | 58,128  |
| Net      Proceeds from Sale of Project Partnerships                                   | -                                            |   | -                                            |   | 43,425  |   | -  |
| Redemption      of Investment Securities                                              | 125,000                                      |   | 152,000                                      |   | 550,000  |   | 710,000  |
| Purchase      of Investment Securities                                                | (129,655)                                         |   | (125,166)                                         |   | (454,289) |   | (550,731) |
| Net      Cash Provided by Investing Activities                                        | 12                                           |   | 30,803                                       |   | 199,158  |   | 217,397  |
|                                                                                  |                                              |   |                                              |   |   |   |   |
| Cash      Flows from Financing Activities:                                            |                                              |   |                                              |   |   |   |   |
| Distributions      Paid to Limited Partners                                           | -                                            |   | -                                            |   | (111,311) |   | -  |
| Net      Cash Used in Financing Activities                                            | -                                            |   | -                                            |   | (111,311) |   | -  |
|                                                                                  |                                              |   |                                              |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                            | (40,816)                                          |   | (5,391)                                           |   | (305,497) |   | (168,291) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 81,179                                       |   | 53,170                                       |   | 639,659  |   | 477,713  |
|                                                                                  |                                              |   |                                              |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $      40,363  |   | $      47,779  |   | $      334,162  |   | $    309,422  |
|                                                                                  |                                              |   |                                              |   |   |   |   |
|                                                                                  |                                              |   |                                              |   |   |   |   |
|                                                                                  |                                              |   |                                              |   |   |   |   |

----

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

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

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

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

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

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

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

----

----

----

----

|                              | Series      7                                                              |   | Series      8                                                        |
|-----------------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                              | December      31, 2008                                                     |   | March      31, 2008                                                  |   | December      31, 2008 |   | March      31, 2008 |
| Amortized      Cost               | $          161,927  |   | $         202,647  |   | $            80,964  |   | $           75,993  |
| Gross      Unrealized Gain (Loss) | 73                                                                    |   | (803)                                                                |   | 36  |   | (301) |
|                              |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value                   | $          162,000  |   | $         201,844  |   | $            81,000  |   | $           75,692  |

|                       | Series      9                                                                         |   | Series      10                                                       |
|----------------------------|---------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | December      31, 2008                                                                |   | March      31, 2008                                                  |   | December      31, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $            81,603  |   | $         145,770  |   | $          123,569  |   | $         120,399  |
| Gross      Unrealized Gain | 392                                                                              |   | 1,540                                                           |   | 2,277  |   | 4,453  |
|                       |                                                                                  |   |                                                                 |   |   |   |   |
| Fair      Value            | $            81,995  |   | $         147,310  |   | $          125,846  |   | $         124,852  |

|                       | Series      11                                                             |   | Total      Series 7 – 11                                       |
|----------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | December      31, 2008                                                     |   | March      31, 2008                                                  |   | December      31, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $          213,070  |   | $         204,266  |   | $          661,133  |   | $         749,075  |
| Gross      Unrealized Gain | 3,761                                                                 |   | 6,086                                                           |   | 6,539  |   | 10,975  |
|                       |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value            | $          216,831  |   | $         210,352  |   | $          667,672  |   | $         760,050  |

|                                       | Series      7        |   | Series      8                   |   | Series      9                   |
|--------------------------------------------|----------------------|--------|---------------------------------|--------|---------------------------------|
| Due      within 1 year                     | $      161,927  |   | $   80,964  |   | $   81,603  |
| After      1 year through 5 years          | -               |   | -                          |   | -                          |
| Total      Amount Carried on Balance Sheet | $      161,927  |   | $   80,964  |   | $   81,603  |

|                                       | Series      10                  |   | Series      11       |   | Total                |
|--------------------------------------------|---------------------------------|--------|----------------------|--------|----------------------|
| Due      within 1 year                     | $   86,140  |   | $      172,609  |   | $      583,243  |
| After      1 year through 5 years          | 37,429                     |   | 40,461          |   | 77,890          |
| Total      Amount Carried on Balance Sheet | $      123,569             |   | $      213,070  |   | $      661,133  |

----

|           | 2008                      |   | 2007                      |
|----------------|---------------------------|--------|---------------------------|
| Series      7  | $   61,295 |   | $   64,197 |
| Series      8  | 64,716                    |   | 66,765                    |
| Series      9  | 36,630                    |   | 36,801                    |
| Series      10 | 25,188                    |   | 25,152                    |
| Series      11 | 21,264                    |   | 21,445                    |
| Total          | $      209,093            |   | $      214,360            |

|           | 2008                      |   | 2007                      |
|----------------|---------------------------|--------|---------------------------|
| Series      7  | $   88,029 |   | $   88,799 |
| Series      8  | 98,757                    |   | 97,906                    |
| Series      9  | 56,432                    |   | 54,645                    |
| Series      10 | 35,270                    |   | 34,153                    |
| Series      11 | 28,216                    |   | 27,323                    |
| Total          | $      306,704            |   | $      302,826            |

----

|  As      of December 31, 2008, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 7 - 35, 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, |
|                                               | 2008                                                                      |   | 2008                                   |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| Capital      Contributions to Project Partnerships |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     6,861,114                             |   | $      7,732,089                  |   | $    7,400,711                             |   | $   7,400,711  |   | $   4,914,116  |   | $   4,914,116  |
|                                               |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships     | -                                                                    |   | -                                 |   | 24,220                                                         |   | 24,220  |   | -  |   | -  |
|                                               |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Partnerships      (1) (2)                          | (6,402,875)                                                               |   | (7,331,807)                            |   | (7,340,840)                                                         |   | (7,295,601) |   | (4,550,718) |   | (4,478,396) |
|                                               |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Project      Partnerships                          | (250,376)                                                                 |   | (258,366)                              |   | (184,326)                                                           |   | (183,855) |   | (166,621) |   | (164,038) |
|                                               |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Adjustment                                         | 207,863                                                              |   | 141,916                           |   | (100,235)                                                           |   | (54,525) |   | 196,777  |   | 271,682  |
|                                               |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| assets      acquired:                              |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 703,733                                                              |   | 793,335                           |   | 536,715                                                        |   | 536,715  |   | 244,087  |   | 244,087  |
| Accumulated      amortization of acquisition       |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| fees      and expenses                             | (267,265)                                                                 |   | (281,846)                              |   | (162,617)                                                           |   | (154,312) |   | (103,009) |   | (95,476) |
|                                               |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in       |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Project      Partnerships                          | (552,557)                                                                 |   | (369,258)                              |   | (252,589)                                                           |   | (31,346) |   | (301,055) |   | (127,532) |
|                                               |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $          91,774  |   | $    284,147  |   | $         21,274  |   | $      296,532  |   | $        36,800  |   | $      292,761  |
|                                               |                                                                      |   |                                   |   |                                                                |   |   |   |   |   |   |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $5,463,274      in Series 7, $7,480,870 in Series 8, and $2,725,298 in Series 9 for the      period ended December 31, 2008; and cumulative suspended losses of      $5,952,195 in Series 7, $6,687,886 in Series 8, and $2,389,400 in Series 9      for the year ended March 31, 2008 are not included. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |
| (2)      In accordance with Gateway's accounting policy to apply equity in losses      of Project Partnerships to receivables from Project Partnerships, $24,220      in losses are included in Series 8 as of December 31, 2008 and March 31,      2008.  (See discussion of EITF 98-13 in Note 2 - Significant      Accounting Policies.)                                                                                                             |

----

|  As      of December 31, 2008, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 10 - 15 and Series 11 - 12) which own and operate government      assisted multi-family housing complexes.  Cash flows from      operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                            | SERIES      10                                                 |   | SERIES      11                                     |   | TOTAL      SERIES 7 - 11                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|--------|----------------------------------------------------|--------|----------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                            | December      31,                                              |   | March      31,                                     |   | December      31,                                              |   | March      31, |   | December      31, |   | March      31, |
|                                                                                                                                                                                                                                                                                                                                                                                                            | 2008                                                           |   | 2008                                               |   | 2008                                                           |   | 2008 |   | 2008 |   | 2008 |
| Capital      Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                              |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| and      purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| interests      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                          | $     3,914,672                  |   | $   3,914,672                  |   | $     4,128,042                  |   | $   4,128,042  |   | $   27,218,655  |   | $   28,089,630  |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Loan      receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                  | -                                                         |   | -                                             |   | -                                                         |   | -  |   | 24,220  |   | 24,220  |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Cumulative      equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                     |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Partnerships      (1)                                                                                                                                                                                                                                                                                                                                                                                           | (2,505,833)                                                    |   | (2,507,603)                                        |   | (1,814,499)                                                    |   | (1,711,896) |   | (22,614,765) |   | (23,325,303) |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Cumulative      distributions received from                                                                                                                                                                                                                                                                                                                                                                     |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                       | (229,840)                                                      |   | (220,722)                                          |   | (191,594)                                                      |   | (189,109) |   | (1,022,757) |   | (1,016,090) |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Investment      in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                  |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                      | 1,178,999                                                 |   | 1,186,347                                     |   | 2,121,949                                                 |   | 2,227,037  |   | 3,605,353  |   | 3,772,457  |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Excess      of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                              |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| assets      acquired:                                                                                                                                                                                                                                                                                                                                                                                           |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Acquisition      fees and expenses                                                                                                                                                                                                                                                                                                                                                                              | 196,738                                                   |   | 196,738                                       |   | 290,335                                                   |   | 290,335  |   | 1,971,608  |   | 2,061,210  |
| Accumulated      amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                    |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| fees      and expenses                                                                                                                                                                                                                                                                                                                                                                                          | (147,200)                                                      |   | (131,514)                                          |   | (203,227)                                                      |   | (181,492) |   | (883,318) |   | (844,640) |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                    |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                       | (1,057,801)                                                    |   | (579,008)                                          |   | (1,591,394)                                                    |   | (1,400,728) |   | (3,755,396) |   | (2,507,872) |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| Investments      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                        | $        170,736  |   | $      672,563  |   | $        617,663  |   | $      935,152  |   | $        938,247  |   | $     2,481,155  |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                                                           |   |                                               |   |                                                           |   |   |   |   |   |   |
| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $640,744      in Series 10 and $1,170,025 in Series 11 for the period ended December 31,      2008; and cumulative suspended losses of $489,099 in Series 10 and      $1,051,744 in Series 11 for the year ended March 31, 2008 are not      included. |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 7 and Series 8 as of      September 30 and the respective summarized statements of operations for      the nine months ended September 30 of each year: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                     | SERIES      7 |   | SERIES      8   (1) |
|                                                                                                                                                                                                                                                                                                                                                                                     | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                      | $      4,924,546  |   | $      4,813,755  |   | $      4,726,966  |   | $      4,921,112  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                          | 20,739,161  |   | 24,891,149  |   | 24,071,468  |   | 26,149,940  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                        | 22,535  |   | 37,862  |   | 307,004  |   | 66,176  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                        | $    25,686,242  |   | $    29,742,766  |   | $    29,105,438  |   | $    31,137,228  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                 | $         824,092  |   | $         469,241  |   | $      1,570,652  |   | $         938,778  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                      | 30,700,844  |   | 35,409,985  |   | 35,854,400  |   | 37,297,268  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                   | 31,524,936 |   | 35,879,226  |   | 37,425,052  |   | 38,236,046  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Partners'      deficit                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                     | (5,434,990) |   | (5,724,185) |   | (7,615,127) |   | (6,348,310) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                    | (403,704) |   | (412,275) |   | (704,487) |   | (750,508) |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                             | (5,838,694) |   | (6,136,460) |   | (8,319,614) |   | (7,098,818) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                             | $    25,686,242  |   | $    29,742,766  |   | $    29,105,438  |   | $    31,137,228  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                             | $      3,591,392  |   | $      4,025,469  |   | $      4,056,111  |   | $      4,094,808  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                  | 2,519,353  |   | 2,660,382  |   | 3,213,272  |   | 2,596,395  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                    | 490,088  |   | 567,685  |   | 575,791  |   | 610,654  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                       | 962,452  |   | 1,106,418  |   | 1,116,489  |   | 1,136,208  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                      | 3,971,893  |   | 4,334,485  |   | 4,905,552  |   | 4,343,257  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                            | $      (380,501) |   | $      (309,016) |   | $      (849,441) |   | $      (248,449) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                   | $          (3,805) |   | $          (3,089) |   | $        (11,218) |   | $          (2,878) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                         | $      (376,696) |   | $      (305,927) |   | $      (838,223) |   | $      (245,571) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                    | 377,403  |   | 292,748  |   | 792,984  |   | 217,018  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Equity      in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                                     | $               707  |   | $        (13,179) |   | $        (45,239) |   | $        (28,553) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |

----

|  (1)    As      discussed in Note 4, an affiliate of the General Partner (Value Partners,      Inc.) is the operating general partner in one of the Project Partnerships      included in Series 8 above (Logan Heights).  The Logan Heights      Project Partnership is not consolidated in Gateway's financial statements      as Gateway's investment in Logan Heights is accounted for under the equity      method.  The information below is included for related party      disclosure purposes.  The Project Partnership's financial      information for the periods ending September 2008 and September 2007 is as      follows: |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | September      2008 |   | September      2007 |   |
| Total      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $           486,093  |   | $           513,414  |   |
| Total      Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 809,698  |   | 806,826  |   |
| Gateway      Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (291,720) |   | (176,649) |   |
| Other      Partner's Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (31,885) |   | (116,763) |   |
| Total      Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 86,151  |   | 84,287  |   |
| Net      Loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $           (19,910) |   | $             (8,168) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 9 and Series 10 as      of September 30 and the respective summarized statements of operations for      the nine months ended September 30 of each year: |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                      | SERIES      9 |   | SERIES      10 |
|                                                                                                                                                                                                                                                                                                                                                                                      | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                       | $      2,439,986  |   | $      2,402,583  |   | $      2,166,482  |   | $      2,032,086  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                           | 14,570,885  |   | 15,219,253  |   | 11,251,037  |   | 11,541,980  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                         | 50,426  |   | 22,886  |   | 20,578  |   | 13,381  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                         | $    17,061,297  |   | $    17,644,722  |   | $    13,438,097  |   | $    13,587,447  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                  | $         478,090  |   | $           94,021  |   | $         430,866  |   | $         230,389  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                       | 19,584,456  |   | 19,818,860  |   | 12,931,615  |   | 12,982,207  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                    | 20,062,546  |   | 19,912,881  |   | 13,362,481  |   | 13,212,596  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                      | (2,595,966) |   | (1,902,977) |   | 534,959  |   | 802,441  |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                     | (405,283) |   | (365,182) |   | (459,343) |   | (427,590) |
| Total      partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                     | (3,001,249) |   | (2,268,159) |   | 75,616  |   | 374,851  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Total      liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                     | $    17,061,297  |   | $    17,644,722  |   | $    13,438,097  |   | $    13,587,447  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                              | $      2,129,679  |   | $      2,072,220  |   | $      1,475,579  |   | $      1,402,835  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                   | 1,651,433  |   | 1,350,412  |   | 1,103,057  |   | 924,779  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                     | 302,572  |   | 311,489  |   | 166,482  |   | 170,932  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                        | 588,017  |   | 581,196  |   | 359,554  |   | 349,431  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                       | 2,542,022  |   | 2,243,097  |   | 1,629,093  |   | 1,445,142  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                             | $      (412,343) |   | $      (170,877) |   | $      (153,514) |   | $        (42,307) |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                    | $          (4,123) |   | $          (1,709) |   | $          (3,639) |   | $             (902) |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                          | $      (408,220) |   | $      (169,168) |   | $      (149,875) |   | $        (41,405) |
| Suspended      (unsuspended) losses                                                                                                                                                                                                                                                                                                                                                       | 335,898  |   | 112,780  |   | 151,645  |   | (2,423) |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                      | $        (72,322) |   | $        (56,388) |   | $             1,770  |   | $        (43,828) |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 11 and Total Series      7 - 11 as of September 30 and the respective summarized statements of      operations for the nine months ended September 30 of each      year: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                      | SERIES      11 |   | TOTAL      SERIES 7 - 11 |
|                                                                                                                                                                                                                                                                                                                                                                                                      | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                                       | $      1,236,176  |   | $      1,175,479  |   | $    15,494,156  |   | $    15,345,015  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                                           | 9,514,690  |   | 9,935,511  |   | 80,147,241  |   | 87,737,833  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                         | 274,783  |   | 272,127  |   | 675,326  |   | 412,432  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                         | $    11,025,649  |   | $    11,383,117  |   | $    96,316,723  |   | $  103,495,280  |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                                  | $         393,023  |   | $         148,332  |   | $      3,696,723  |   | $      1,880,761  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                                       | 10,035,475  |   | 10,300,844  |   | 109,106,790  |   | 115,809,164  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                    | 10,428,498  |   | 10,449,176  |   | 112,803,513  |   | 117,689,925  |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                                      | 955,016  |   | 1,242,814  |   | (14,156,108) |   | (11,930,217) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                                     | (357,865) |   | (308,873) |   | (2,330,682) |   | (2,264,428) |
| Total      partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                                     | 597,151  |   | 933,941  |   | (16,486,790) |   | (14,194,645) |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Total      liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                     | $    11,025,649  |   | $    11,383,117  |   | $    96,316,723  |   | $  103,495,280  |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                              | $      1,330,562  |   | $      1,266,752  |   | $    12,583,323  |   | $    12,862,084  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                                   | 1,001,486  |   | 872,192  |   | 9,488,601  |   | 8,404,160  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                                     | 159,495  |   | 159,581  |   | 1,694,428  |   | 1,820,341  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                                        | 397,273  |   | 373,065  |   | 3,423,785  |   | 3,546,318  |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                                       | 1,558,254  |   | 1,404,838  |   | 14,606,814  |   | 13,770,819  |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                             | $      (227,692) |   | $      (138,086) |   | $   (2,023,491) |   | $      (908,735) |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                                    | $          (6,808) |   | $          (5,730) |   | $        (29,593) |   | $        (14,308) |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                                          | $      (220,884) |   | $      (132,356) |   | $   (1,993,898) |   | $      (894,427) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                                     | 118,281  |   | 70,185  |   | 1,776,211  |   | 690,308  |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Equity      in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                                               | $      (102,603) |   | $        (62,171) |   | $      (217,687) |   | $      (204,119) |
|                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |

----

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

|  Certain      Project Partnerships constitute 20% or more of assets, equity or income      (loss) from continuing operations of the respective Series in which they      are held (“Significant Project Partnerships”).  In accordance      with Gateway's policy of presenting the financial information of the      Project Partnerships on a three month lag, below is the summarized results      of operations as of September 30, 2008 for each Significant Project      Partnership. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |
| Series      7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  Cardinal      Apartments |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $                                       68,367  |   |   |   |
| Gross      profit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 21,830  |   |   |   |
| Net      loss from continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (1,809) |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $                                        (1,809) |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |
| Series      11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  Creekstone      Apartments, L.P. |   |  Magnolia      Place Apartments, L.P. |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $                                     171,716  |   | $                                     107,600  |   |
| Gross      profit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 29,725  |   | 23,499  |   |
| Net      loss from continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (22,263) |   | (8,163) |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $                                      (22,263) |   | $                                        (8,163) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |

----

----

----

----

----

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

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

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

----

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

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

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

| Washington      Apartments 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 19,      2009 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President                   |

| Date:      February 19,      2009 |   | By:/s/ Jonathan      Oorlog                    |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Jonathan      Oorlog                           |
|                              |   | Vice      President and Chief FinancialOfficer |

| Date:      February 19,      2009 |   | By:/s/ Sandra C.      Humphreys |
|-----------------------------------|--------|---------------------------------|
|                              |   | Sandra      C. Humphreys        |
|                              |   | Secretary      and Treasurer    |