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

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

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

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

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

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

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

----

----

|                                               | SERIES      7                                                       |   | SERIES      8                                     |   | SERIES      9                                                       |
|----------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                               | September      30,                                                  |   | March      31,                                    |   | September      30,                                                  |   | March      31, |   | September      30, |   | March      31, |
|                                               | 2008                                                                |   | 2008                                              |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                     | $       127,843             |   | $    162,586             |   | $         93,606  |   | $    252,598  |   | $         74,585  |   | $       64,247  |
| Investments      in Securities                     | 161,858                                                        |   | 202,647                                      |   | 80,929                                                         |   | 75,993  |   | 80,853  |   | 145,770  |
| Receivable      - Other                            | 45,000                                                         |   | 696                                          |   | -                                                              |   | -  |   | -  |   | -  |
| Total      Current Assets                          | 334,701                                                        |   | 365,929                                      |   | 174,535                                                        |   | 328,591  |   | 155,438  |   | 210,017  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships, net      | 274,716                                                        |   | 284,147                                      |   | 300,428                                                        |   | 296,532  |   | 270,443  |   | 292,761  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                  | $       609,417             |   | $    650,076             |   | $       474,963             |   | $    625,123  |   | $       425,881  |   | $     502,778  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                          |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                   | $         56,690  |   | $      64,060  |   | $         94,376  |   | $      96,986  |   | $         26,992  |   | $       32,071  |
| Distribution      Payable                          | -                                                              |   | -                                            |   | 36                                                             |   | 68,000  |   | -  |   | -  |
| Deferred      Gain on Sale of Project Partnerships | 43,425                                                         |   | -                                            |   | -                                                              |   | -  |   | -  |   | -  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                     | 100,115                                                        |   | 64,060                                       |   | 94,412                                                         |   | 164,986  |   | 26,992  |   | 32,071  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                        |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                   | 858,514                                                        |   | 815,948                                      |   | 905,840                                                        |   | 862,696  |   | 551,379  |   | 526,959  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Deficit:                            |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partners - 10,395, 9,980, and 6,254   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| units      for Series 7, 8, and 9, respectively,   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| at      September 30, 2008 and March 31, 2008      | (254,442)                                                           |   | (136,355)                                         |   | (500,412)                                                           |   | (378,909) |   | (96,130) |   | (854) |
| General      Partners                              | (94,770)                                                            |   | (93,577)                                          |   | (24,877)                                                            |   | (23,650) |   | (56,360) |   | (55,398) |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Deficit                       | (349,212)                                                           |   | (229,932)                                         |   | (525,289)                                                           |   | (402,559) |   | (152,490) |   | (56,252) |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit       | $       609,417             |   | $    650,076             |   | $       474,963             |   | $    625,123  |   | $       425,881  |   | $     502,778  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                               | SERIES      10                                                      |   | SERIES      11                                    |   | TOTAL      SERIES 7 - 11                                            |
|----------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                               | September      30,                                                  |   | March      31,                                    |   | September      30,                                                  |   | March      31, |   | September      30, |   | March      31, |
|                                               | 2008                                                                |   | 2008                                              |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                     | $         53,262  |   | $      79,049  |   | $         50,496  |   | $      81,179  |   | $       399,792  |   | $     639,659  |
| Investments      in Securities                     | 85,475                                                         |   | 84,937                                       |   | 171,776                                                        |   | 166,036  |   | 580,891  |   | 675,383  |
| Receivable      - Other                            | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 45,000  |   | 696  |
| Total      Current Assets                          | 138,737                                                        |   | 163,986                                      |   | 222,272                                                        |   | 247,215  |   | 1,025,683  |   | 1,315,738  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments      in Securities                     | 36,760                                                         |   | 35,462                                       |   | 39,704                                                         |   | 38,230  |   | 76,464  |   | 73,692  |
| Investments      in Project Partnerships, net      | 640,168                                                        |   | 672,563                                      |   | 892,429                                                        |   | 935,152  |   | 2,378,184  |   | 2,481,155  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                  | $       815,665             |   | $    872,011             |   | $    1,154,405                             |   | $      1,220,597  |   | $    3,480,331  |   | $  3,870,585  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' EQUITY              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                          |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                   | $         29,462  |   | $      33,120  |   | $         12,001  |   | $      13,389  |   | $       219,521  |   | $     239,626  |
| Distribution      Payable                          | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 36  |   | 68,000  |
| Deferred      Gain on Sale of Project Partnerships | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 43,425  |   | -  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                     | 29,462                                                         |   | 33,120                                       |   | 12,001                                                         |   | 13,389  |   | 262,982  |   | 307,626  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                        |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                   | 129,095                                                        |   | 112,303                                      |   | 62,864                                                         |   | 48,688  |   | 2,507,692  |   | 2,366,594  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partners - 5,043 and 5,127 units      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| for      Series 10 and 11, respectively, at        |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| September      30, 2008 and March 31, 2008         | 694,716                                                        |   | 763,501                                      |   | 1,114,735                                                      |   | 1,192,925  |   | 958,467  |   | 1,440,308  |
| General      Partners                              | (37,608)                                                            |   | (36,913)                                          |   | (35,195)                                                            |   | (34,405) |   | (248,810) |   | (243,943) |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Equity                        | 657,108                                                        |   | 726,588                                      |   | 1,079,540                                                      |   | 1,158,520  |   | 709,657  |   | 1,196,365  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Equity        | $       815,665             |   | $    872,011             |   | $    1,154,405                             |   | $      1,220,597  |   | $    3,480,331  |   | $  3,870,585  |
|                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                             | SERIES      7                         |   | SERIES      8                              |   | SERIES      9                              |
|------------------------------------------------------------------|---------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|
|                                                             | 2008                                  |   | 2007                                       |   | 2008                                       |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                        |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Distribution      Income                                         | $   11,615        |   | $     3,934  |   | $     3,528  |   | $     7,302  |   | $       1,724  |   | $               -  |
| Total      Revenues                                              | 11,615                           |   | 3,934                                 |   | 3,528                                 |   | 7,302  |   | 1,724  |   | -  |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Expenses:                                                        |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 21,283                           |   | 21,399                                |   | 21,572                                |   | 22,255  |   | 12,210  |   | 12,267  |
| General      and Administrative:                                 |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| General      Partner                                             | 27,480                           |   | 30,165                                |   | 30,244                                |   | 33,258  |   | 17,282  |   | 18,562  |
| Other                                                            | 23,811                           |   | 18,626                                |   | 26,251                                |   | 21,132  |   | 17,103  |   | 12,913  |
| Amortization                                                     | 1,253                            |   | 6,535                                 |   | 2,768                                 |   | 3,206  |   | 2,511  |   | 3,013  |
| Impairment      Loss on Investment in Project Partnerships       | 25,894                           |   | -                                     |   | -                                     |   | -  |   | -  |   | -  |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Total      Expenses                                              | 99,721                           |   | 76,725                                |   | 80,835                                |   | 79,851  |   | 49,106  |   | 46,755  |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| and      Other Income                                            | (88,106)                              |   | (72,791)                                   |   | (77,307)                                   |   | (72,549) |   | (47,382) |   | (46,755) |
| Equity      in Income (Loss) of Project Partnerships             | 23,196                           |   | (5,340)                                    |   | 7,200                                 |   | (10,031) |   | (4,333) |   | (21,359) |
| Interest      Income                                             | 2,224                            |   | 6,002                                 |   | 1,415                                 |   | 4,039  |   | 1,448  |   | 3,396  |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Net      Loss                                                    | $      (62,686)                       |   | $      (72,129)                            |   | $      (68,692)                            |   | $      (78,541) |   | $  (50,267) |   | $  (64,718) |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Allocation      of Net Loss:                                     |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Limited      Partners                                            | $      (62,059)                       |   | $      (71,408)                            |   | $      (68,005)                            |   | $      (77,756) |   | $  (49,764) |   | $  (64,071) |
| General      Partners                                            | (627)                                 |   | (721)                                      |   | (687)                                      |   | (785) |   | (503) |   | (647) |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
|                                                             | $      (62,686)                       |   | $      (72,129)                            |   | $      (68,692)                            |   | $      (78,541) |   | $  (50,267) |   | $  (64,718) |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $     (5.97) |   | $     (6.87)      |   | $     (6.81)      |   | $     (7.79) |   | $      (7.96) |   | $    (10.24) |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |
| Number      of Limited Partnership Units Outstanding             | 10,395                           |   | 10,395                                |   | 9,980                                 |   | 9,980  |   | 6,254  |   | 6,254  |
|                                                             |                                  |   |                                       |   |                                       |   |   |   |   |   |   |

----

|                                                             | SERIES      10                             |   | SERIES      11                                                                   |   | TOTAL      SERIES 7 - 11                   |
|------------------------------------------------------------------|--------------------------------------------|--------|----------------------------------------------------------------------------------|--------|--------------------------------------------|
|                                                             | 2008                                       |   | 2007                                                                             |   | 2008                                       |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                        |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Distribution      Income                                         | $     1,400  |   | $            -  |   | $     2,182  |   | $            -  |   | $    20,449  |   | $     11,236  |
| Total      Revenues                                              | 1,400                                 |   | -                                                                           |   | 2,182                                 |   | -  |   | 20,449  |   | 11,236  |
|                                                             |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Expenses:                                                        |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 8,396                                 |   | 8,384                                                                       |   | 7,088                                 |   | 7,254  |   | 70,549  |   | 71,559  |
| General      and Administrative:                                 |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| General      Partner                                             | 10,801                                |   | 11,602                                                                      |   | 8,641                                 |   | 9,281  |   | 94,448  |   | 102,868  |
| Other                                                            | 10,891                                |   | 9,155                                                                       |   | 10,458                                |   | 9,166  |   | 88,514  |   | 70,992  |
| Amortization                                                     | 5,228                                 |   | 6,027                                                                       |   | 7,245                                 |   | 8,374  |   | 19,005  |   | 27,155  |
| Impairment      Loss on Investment in Project Partnerships       | 75,343                                |   | -                                                                           |   | -                                     |   | -  |   | 101,237  |   | -  |
|                                                             |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Total      Expenses                                              | 110,659                               |   | 35,168                                                                      |   | 33,432                                |   | 34,075  |   | 373,753  |   | 272,574  |
|                                                             |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| and      Other Income                                            | (109,259)                                  |   | (35,168)                                                                         |   | (31,250)                                   |   | (34,075) |   | (353,304) |   | (261,338) |
| Equity      in Income (Loss) of Project Partnerships             | 48,461                                |   | (14,240)                                                                         |   | (24,376)                                   |   | (24,137) |   | 50,148  |   | (75,107) |
| Interest      Income                                             | 2,040                                 |   | 3,237                                                                       |   | 3,038                                 |   | 4,395  |   | 10,165  |   | 21,069  |
|                                                             |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Net      Loss                                                    | $      (58,758)                            |   | $      (46,171)                                                                  |   | $      (52,588)                            |   | $      (53,817) |   | $      (292,991) |   | $      (315,376) |
|                                                             |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Allocation      of Net Loss:                                     |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Limited      Partners                                            | $      (58,170)                            |   | $      (45,709)                                                                  |   | $      (52,062)                            |   | $      (53,279) |   | $      (290,060) |   | $      (312,223) |
| General      Partners                                            | (588)                                      |   | (462)                                                                            |   | (526)                                      |   | (538) |   | (2,931) |   | (3,153) |
|                                                             |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
|                                                             | $      (58,758)                            |   | $      (46,171)                                                                  |   | $      (52,588)                            |   | $      (53,817) |   | $      (292,991) |   | $      (315,376) |
|                                                             |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $   (11.53)                 |   | $     (9.06)                                            |   | $   (10.15)                 |   | $   (10.39) |   |   |   |   |
|                                                             |                                       |   |                                                                             |   |                                       |   |   |   |   |   |   |
| 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                                         | $   12,491         |   | $    19,434   |   | $    11,293   |   | $    15,607  |   | $      4,545  |   | $      4,003  |
| Total      Revenues                                              | 12,491                            |   | 19,434                            |   | 11,293                            |   | 15,607  |   | 4,545  |   | 4,003  |
|                                                             |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| Expenses:                                                        |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 42,566                            |   | 42,798                            |   | 43,144                            |   | 44,510  |   | 24,420  |   | 24,534  |
| General      and Administrative:                                 |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| General      Partner                                             | 61,171                            |   | 59,122                            |   | 66,527                            |   | 65,185  |   | 38,015  |   | 36,382  |
| Other                                                            | 28,815                            |   | 23,002                            |   | 31,515                            |   | 23,489  |   | 20,453  |   | 15,847  |
| Amortization                                                     | 2,507                             |   | 13,070                            |   | 5,536                             |   | 6,411  |   | 5,022  |   | 6,026  |
| Impairment      Loss on Investment in Project Partnerships       | 25,894                            |   | -                                 |   | -                                 |   | -  |   | -  |   | -  |
|                                                             |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| Total      Expenses                                              | 160,953                           |   | 137,992                           |   | 146,722                           |   | 139,595  |   | 87,910  |   | 82,789  |
|                                                             |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| and      Other Income                                            | (148,462)                              |   | (118,558)                              |   | (135,429)                              |   | (123,988) |   | (83,365) |   | (78,786) |
| Equity      in Income (Loss) of Project Partnerships             | 23,887                            |   | (5,777)                                |   | 9,432                             |   | (6,665) |   | (16,494) |   | (38,861) |
| Interest      Income                                             | 5,295                             |   | 12,124                            |   | 3,267                             |   | 8,551  |   | 3,621  |   | 7,141  |
|                                                             |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| Net      Loss                                                    | $      (119,280)                       |   | $      (112,211)                       |   | $      (122,730)                       |   | $      (122,102) |   | $  (96,238) |   | $      (110,506) |
|                                                             |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| Allocation      of Net Loss:                                     |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| Limited      Partners                                            | $      (118,087)                       |   | $      (111,089)                       |   | $      (121,503)                       |   | $      (120,881) |   | $  (95,276) |   | $      (109,401) |
| General      Partners                                            | (1,193)                                |   | (1,122)                                |   | (1,227)                                |   | (1,221) |   | (962) |   | (1,105) |
|                                                             |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
|                                                             | $      (119,280)                       |   | $      (112,211)                       |   | $      (122,730)                       |   | $      (122,102) |   | $  (96,238) |   | $      (110,506) |
|                                                             |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $     (11.36) |   | $     (10.69) |   | $     (12.17) |   | $     (12.11) |   | $    (15.23) |   | $     (17.49) |
|                                                             |                                   |   |                                   |   |                                   |   |   |   |   |   |   |
| 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                                         | $     4,643  |   | $     1,380  |   | $     2,182  |   | $      2,182  |   | $    35,154  |   | $    42,606  |
| Total      Revenues                                              | 4,643                                 |   | 1,380                                 |   | 2,182                                 |   | 2,182  |   | 35,154  |   | 42,606  |
|                                                             |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| Expenses:                                                        |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 16,792                                |   | 16,768                                |   | 14,176                                |   | 14,192  |   | 141,098  |   | 142,802  |
| General      and Administrative:                                 |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| General      Partner                                             | 23,759                                |   | 22,739                                |   | 19,008                                |   | 18,191  |   | 208,480  |   | 201,619  |
| Other                                                            | 13,788                                |   | 10,860                                |   | 13,123                                |   | 11,124  |   | 107,694  |   | 84,322  |
| Amortization                                                     | 10,457                                |   | 12,053                                |   | 14,490                                |   | 16,748  |   | 38,012  |   | 54,308  |
| Impairment      Loss on Investment in Project Partnerships       | 75,343                                |   | -                                     |   | -                                     |   | -  |   | 101,237  |   | -  |
|                                                             |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| Total      Expenses                                              | 140,139                               |   | 62,420                                |   | 60,797                                |   | 60,255  |   | 596,521  |   | 483,051  |
|                                                             |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| Loss      Before Equity in Income (Loss) of Project Partnerships |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| and      Other Income                                            | (135,496)                                  |   | (61,040)                                   |   | (58,615)                                   |   | (58,073) |   | (561,367) |   | (440,445) |
| Equity      in Income (Loss) of Project Partnerships             | 61,804                                |   | (23,699)                                   |   | (26,733)                                   |   | (61,574) |   | 51,896  |   | (136,576) |
| Interest      Income                                             | 4,212                                 |   | 6,725                                 |   | 6,368                                 |   | 9,023  |   | 22,763  |   | 43,564  |
|                                                             |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| Net      Loss                                                    | $      (69,480)                            |   | $      (78,014)                            |   | $      (78,980)                            |   | $      (110,624) |   | $      (486,708) |   | $      (533,457) |
|                                                             |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| Allocation      of Net Loss:                                     |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| Limited      Partners                                            | $      (68,785)                            |   | $      (77,234)                            |   | $      (78,190)                            |   | $      (109,518) |   | $      (481,841) |   | $      (528,123) |
| General      Partners                                            | (695)                                      |   | (780)                                      |   | (790)                                      |   | (1,106) |   | (4,867) |   | (5,334) |
|                                                             |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
|                                                             | $      (69,480)                            |   | $      (78,014)                            |   | $      (78,980)                            |   | $      (110,624) |   | $      (486,708) |   | $      (533,457) |
|                                                             |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| Net      Loss Per Limited Partnership Unit                       | $   (13.64)                 |   | $   (15.32)                 |   | $   (15.25)                 |   | $     (21.36) |   |   |   |   |
|                                                             |                                       |   |                                       |   |                                       |   |   |   |   |   |   |
| 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                      | (111,089)                                                     |   | (1,122)                     |   | (112,211) |   | (120,881) |   | (1,221) |   | (122,102) |
|                               |                                                          |   |                        |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2007 | $        94,747  |   | $   (91,243) |   | $          3,504  |   | $   (115,334) |   | $   (89,675) |   | $   (205,009) |
|                               |                                                          |   |                        |   |   |   |   |   |   |   |   |
|                               |                                                          |   |                        |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008     | $   (136,355)                                  |   | $   (93,577) |   | $   (229,932) |   | $   (378,909) |   | $   (23,650) |   | $   (402,559) |
|                               |                                                          |   |                        |   |   |   |   |   |   |   |   |
| Net      Loss                      | (118,087)                                                     |   | (1,193)                     |   | (119,280) |   | (121,503) |   | (1,227) |   | (122,730) |
|                               |                                                          |   |                        |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $   (254,442)                                  |   | $   (94,770) |   | $   (349,212) |   | $   (500,412) |   | $   (24,877) |   | $   (525,289) |
|                               |                                                          |   |                        |   |   |   |   |   |   |   |   |
|                               |                                                          |   |                        |   |   |   |   |   |   |   |   |
|                               |                                                          |   |                        |   |   |   |   |   |   |   |   |

----

|                               | 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                      | (109,401)                                                          |   | (1,105)                     |   | (110,506) |   | (77,234) |   | (780) |   | (78,014) |
|                               |                                                               |   |                        |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2007 | $     130,041                        |   | $   (54,076) |   | $       75,965  |   | $  1,242,225  |   | $    (32,077) |   | $  1,210,148  |
|                               |                                                               |   |                        |   |   |   |   |   |   |   |   |
|                               |                                                               |   |                        |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008     | $          (854) |   | $   (55,398) |   | $     (56,252) |   | $     763,501  |   | $    (36,913) |   | $     726,588  |
|                               |                                                               |   |                        |   |   |   |   |   |   |   |   |
| Net      Loss                      | (95,276)                                                           |   | (962)                       |   | (96,238) |   | (68,785) |   | (695) |   | (69,480) |
|                               |                                                               |   |                        |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $     (96,130)                            |   | $   (56,360) |   | $   (152,490) |   | $     694,716  |   | $    (37,608) |   | $     657,108  |
|                               |                                                               |   |                        |   |   |   |   |   |   |   |   |
|                               |                                                               |   |                        |   |   |   |   |   |   |   |   |
|                               |                                                               |   |                        |   |   |   |   |   |   |   |   |

----

|                               | 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                      | (109,518)                    |   | (1,106)                           |   | (110,624) |   | (528,123) |   | (5,334) |   | (533,457) |
|                               |                         |   |                              |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2007 | $  1,705,896  |   | $    (29,223) |   | $  1,676,673  |   | $  3,057,575  |   | $  (296,294) |   | $  2,761,281  |
|                               |                         |   |                              |   |   |   |   |   |   |   |   |
|                               |                         |   |                              |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008     | $  1,192,925  |   | $    (34,405) |   | $  1,158,520  |   | $  1,440,308  |   | $  (243,943) |   | $  1,196,365  |
|                               |                         |   |                              |   |   |   |   |   |   |   |   |
| Net      Loss                      | (78,190)                     |   | (790)                             |   | (78,980) |   | (481,841) |   | (4,867) |   | (486,708) |
|                               |                         |   |                              |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $  1,114,735  |   | $    (35,195) |   | $  1,079,540  |   | $         958,467  |   | $  (248,810) |   | $     709,657  |
|                               |                         |   |                              |   |   |   |   |   |   |   |   |
|                               |                         |   |                              |   |   |   |   |   |   |   |   |
|                               |                         |   |                              |   |   |   |   |   |   |   |   |

----

|                                                                                                                   | SERIES      7                                                                                      |   | SERIES      8                                                                                      |
|------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|
|                                                                                                                   | 2008                                                                                               |   | 2007                                                                                               |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                                                             |                                                                                               |   |                                                                                               |   |   |   |   |
| Net      Loss                                                                                                          | $  (119,280)                                                                             |   | $  (112,211)                                                                             |   | $  (122,730) |   | $  (122,102) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities:                                  |                                                                                               |   |                                                                                               |   |   |   |   |
|        Amortization                                                                                               | 2,507                                                                                         |   | 13,070                                                                                        |   | 5,536  |   | 6,411  |
|           Impairment      Loss on Investment in Project Partnerships | 25,894                                                                                        |   | -                                                                                             |   | -  |   | -  |
|        Accreted Interest Income on Investment in Securities                                                       | -                                                                                             |   | (3,061)                                                                                            |   | -  |   | (2,761) |
|        Discount on Investment in Securities                                                                       | (684)                                                                                              |   | (768)                                                                                              |   | (350) |   | (494) |
|        Equity in (Income) Loss of Project Partnerships                                                            | (23,887)                                                                                           |   | 5,777                                                                                         |   | (9,432) |   | 6,665  |
|        Distribution Income                                                                                        | (12,491)                                                                                           |   | (19,434)                                                                                           |   | (11,293) |   | (15,607) |
|          Changes in Operating Assets and Liabilities:                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
|                Decrease (Increase) in Interest Receivable                 | 1,811                                                                                         |   | (996)                                                                                              |   | 583  |   | 187  |
|                Decrease in Receivable - Other                             | 696                                                                                           |   | -                                                                                             |   | -  |   | -  |
|                Increase in Payable to General Partners                    | 33,621                                                                                        |   | 41,914                                                                                        |   | 40,534  |   | 46,401  |
|         Net Cash Used In Operating Activities                                                                | (91,813)                                                                                           |   | (75,709)                                                                                           |   | (97,152) |   | (81,300) |
|                                                                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
| Cash      Flows from Investing Activities:                                                                             |                                                                                               |   |                                                                                               |   |   |   |   |
| Distributions      Received from Project Partnerships                                                                  | 17,407                                                                                        |   | 19,434                                                                                        |   | 11,293  |   | 15,607  |
| 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                                                                   | 57,070                                                                                        |   | 22,168                                                                                        |   | 6,124  |   | 67,507  |
|                                                                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
| Cash      Flows from Financing Activities:                                                                             |                                                                                               |   |                                                                                               |   |   |   |   |
| Distributions      Paid to Limited Partners                                                                            | -                                                                                             |   | -                                                                                             |   | (67,964) |   | -  |
|  Net      Cash Used in Financing Activities                                                                       | -                                                                                             |   | -                                                                                             |   | (67,964) |   | -  |
|                                                                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                                                             | (34,743)                                                                                           |   | (53,541)                                                                                           |   | (158,992) |   | (13,793) |
| Cash      and Cash Equivalents at Beginning of Year                                                                    | 162,586                                                                                       |   | 179,018                                                                                       |   | 252,598  |   | 135,130  |
|                                                                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                                        | $   127,843                                                                    |   | $   125,477                                                                    |   | $     93,606  |   | $   121,337  |
|                                                                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
|          Increase in Receivable - Other                                                                 | $    (45,000)                                                                  |   | $               -  |   | $               -  |   | $               -  |
|          Increase in Deferred Gain on Sale of Project Partnerships                                      | 43,425                                                                                        |   | -                                                                                             |   | -  |   | -  |
|          Increase in Payable to General Partners                                                        | 1,575                                                                                         |   | -                                                                                             |   | -  |   | -  |
|                                                                                                                   | $               -  |   | $               -  |   | $               -  |   | $               -  |
|                                                                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
|                                                                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |
|                                                                                                                   |                                                                                               |   |                                                                                               |   |   |   |   |

----

|                                                                                                              | SERIES      9                               |   | SERIES      10                              |
|-------------------------------------------------------------------------------------------------------------------|---------------------------------------------|--------|---------------------------------------------|
|                                                                                                              | 2008                                        |   | 2007                                        |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                                                        |                                        |   |                                        |   |   |   |   |
| Net      Loss                                                                                                     | $    (96,238)           |   | $  (110,506)                      |   | $    (69,480) |   | $     (78,014) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities:                             |                                        |   |                                        |   |   |   |   |
|        Amortization                                                                                          | 5,022                                  |   | 6,026                                  |   | 10,457  |   | 12,053  |
|                Impairment Loss on Investment in Project Partnerships | -                                      |   | -                                      |   | 75,343  |   | -  |
|        Accreted Interest Income on Investment in Securities                                                  | (1,436)                                     |   | (2,709)                                     |   | (2,542) |   | (3,532) |
|        Discount on Investment in Securities                                                                  | (127)                                       |   | (486)                                       |   | (216) |   | (396) |
|        Equity in Loss (Income) of Project Partnerships                                                       | 16,494                                 |   | 38,861                                 |   | (61,804) |   | 23,699  |
|        Distribution Income                                                                                   | (4,545)                                     |   | (4,003)                                     |   | (4,643) |   | (1,380) |
|          Changes in Operating Assets and Liabilities:                                              |                                        |   |                                        |   |   |   |   |
|                Decrease (Increase) in Interest Receivable            | 1,123                                  |   | (135)                                       |   | 408  |   | 274  |
|                Increase in Payable to General Partners               | 19,341                                 |   | 23,611                                 |   | 13,134  |   | 15,403  |
|         Net Cash Used In Operating Activities                                                           | (60,366)                                    |   | (49,341)                                    |   | (39,343) |   | (31,893) |
|                                                                                                              |                                        |   |                                        |   |   |   |   |
| Cash      Flows from Investing Activities:                                                                        |                                        |   |                                        |   |   |   |   |
| Distributions      Received from Project Partnerships                                                             | 5,345                                  |   | 5,728                                  |   | 13,043  |   | 2,130  |
| 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                                                              | 70,704                                 |   | 32,595                                 |   | 13,556  |   | 53,064  |
|                                                                                                              |                                        |   |                                        |   |   |   |   |
| Increase      (Decrease) in Cash and Cash Equivalents                                                             | 10,338                                 |   | (16,746)                                    |   | (25,787) |   | 21,171  |
| Cash      and Cash Equivalents at Beginning of Year                                                               | 64,247                                 |   | 70,044                                 |   | 79,049  |   | 40,351  |
|                                                                                                              |                                        |   |                                        |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                                   | $     74,585  |   | $     53,298  |   | $     53,262  |   | $      61,522  |
|                                                                                                              |                                        |   |                                        |   |   |   |   |
|                                                                                                              |                                        |   |                                        |   |   |   |   |
|                                                                                                              |                                        |   |                                        |   |   |   |   |

----

|                                                                                                                       | SERIES      11                                                                                     |   | TOTAL      SERIES 7 - 11                                                                           |
|----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|
|                                                                                                                       | 2008                                                                                               |   | 2007                                                                                               |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                                                                 |                                                                                               |   |                                                                                               |   |   |   |   |
| Net      Loss                                                                                                              | $    (78,980)                                                                  |   | $  (110,624)                                                                             |   | $  (486,708) |   | $  (533,457) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities:                                      |                                                                                               |   |                                                                                               |   |   |   |   |
|        Amortization                                                                                                   | 14,490                                                                                        |   | 16,748                                                                                        |   | 38,012  |   | 54,308  |
|           Impairment      Loss on Investment in Project Partnerships     | -                                                                                             |   | -                                                                                             |   | 101,237  |   | -  |
|        Accreted Interest Income on Investment in Securities                                                           | (2,983)                                                                                            |   | (4,197)                                                                                            |   | (6,961) |   | (16,260) |
|        Discount on Investment in Securities                                                                           | (566)                                                                                              |   | (582)                                                                                              |   | (1,943) |   | (2,726) |
|        Equity in Loss (Income) of Project Partnerships                                                                | 26,733                                                                                        |   | 61,574                                                                                        |   | (51,896) |   | 136,576  |
|        Distribution Income                                                                                            | (2,182)                                                                                            |   | (2,182)                                                                                            |   | (35,154) |   | (42,606) |
|          Changes in Operating Assets and Liabilities:                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
|                Decrease (Increase) in Interest Receivable                     | 990                                                                                           |   | (229)                                                                                              |   | 4,915  |   | (899) |
|                Decrease in Receivable - Other                                 | -                                                                                             |   | -                                                                                             |   | 696  |   | -  |
|                Increase in Payable to General Partners                        | 12,788                                                                                        |   | 12,303                                                                                        |   | 119,418  |   | 139,632  |
|                     Net Cash Used In Operating Activities | (29,710)                                                                                           |   | (27,189)                                                                                           |   | (318,384) |   | (265,432) |
|                                                                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
| Cash      Flows from Investing Activities:                                                                                 |                                                                                               |   |                                                                                               |   |   |   |   |
| Distributions      Received from Project Partnerships                                                                      | 3,682                                                                                         |   | 2,982                                                                                         |   | 50,770  |   | 45,881  |
| 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 (Used in) Provided by Investing Activities                                                             | (973)                                                                                              |   | 29,816                                                                                        |   | 146,481  |   | 205,150  |
|                                                                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
| Cash      Flows from Financing Activities:                                                                                 |                                                                                               |   |                                                                                               |   |   |   |   |
| Distributions      Paid to Limited Partners                                                                                | -                                                                                             |   | -                                                                                             |   | (67,964) |   | -  |
|  Net      Cash Used in Financing Activities                                                                           | -                                                                                             |   | -                                                                                             |   | (67,964) |   | -  |
|                                                                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                                                      | (30,683)                                                                                           |   | 2,627                                                                                         |   | (239,867) |   | (60,282) |
| Cash      and Cash Equivalents at Beginning of Year                                                                        | 81,179                                                                                        |   | 53,170                                                                                        |   | 639,659  |   | 477,713  |
|                                                                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                                            | $     50,496                                                         |   | $     55,797                                                         |   | $   399,792  |   | $   417,431  |
|                                                                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
|          Increase in Receivable - Other                                                                     | $               -  |   | $               -  |   | $    (45,000) |   | $               -  |
|          Increase in Deferred Gain on Sale of Project Partnerships                                          | -                                                                                             |   | -                                                                                             |   | 43,425  |   | -  |
|          Increase in Payable to General Partners                                                            | -                                                                                             |   | -                                                                                             |   | 1,575  |   | -  |
|                                                                                                                       | $               -  |   | $               -  |   | $               -  |   | $               -  |
|                                                                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
|                                                                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |
|                                                                                                                       |                                                                                               |   |                                                                                               |   |   |   |   |

----

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

| 2)   | Acquisition      fees paid to the General Partner for services rendered in selecting      properties for acquisition, 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                                                        |
|----------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | September      30, 2008                                                    |   | March      31, 2008                                                  |   | September      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $          161,858  |   | $         202,647  |   | $            80,929  |   | $           75,993  |
| Gross      Unrealized Loss | (310)                                                                      |   | (803)                                                                |   | (155) |   | (301) |
|                       |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value            | $          161,548  |   | $         201,844  |   | $            80,774  |   | $           75,692  |

|                       | Series      9                                                                         |   | Series      10                                                       |
|----------------------------|---------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | September      30, 2008                                                               |   | March      31, 2008                                                  |   | September      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $            80,853  |   | $         145,770  |   | $          122,235  |   | $         120,399  |
| Gross      Unrealized Gain | 839                                                                              |   | 1,540                                                           |   | 2,533  |   | 4,453  |
|                       |                                                                                  |   |                                                                 |   |   |   |   |
| Fair      Value            | $            81,692  |   | $         147,310  |   | $          124,768  |   | $         124,852  |

|                       | Series      11                                                             |   | Total      Series 7 – 11                                       |
|----------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | September      30, 2008                                                    |   | March      31, 2008                                                  |   | September      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $          211,480  |   | $         204,266  |   | $          657,355  |   | $         749,075  |
| Gross      Unrealized Gain | 3,942                                                                 |   | 6,086                                                           |   | 6,849  |   | 10,975  |
|                       |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value            | $          215,422  |   | $         210,352  |   | $          664,204  |   | $         760,050  |

|                                       | Series      7        |   | Series      8                   |   | Series      9                   |
|--------------------------------------------|----------------------|--------|---------------------------------|--------|---------------------------------|
| Due      within 1 year                     | $      161,858  |   | $   80,929  |   | $   80,853  |
| After      1 year through 5 years          | -               |   | -                          |   | -                          |
| Total      Amount Carried on Balance Sheet | $      161,858  |   | $   80,929  |   | $   80,853  |

|                                       | Series      10                  |   | Series      11       |   | Total                |
|--------------------------------------------|---------------------------------|--------|----------------------|--------|----------------------|
| Due      within 1 year                     | $   85,475  |   | $      171,776  |   | $      580,891  |
| After      1 year through 5 years          | 36,760                     |   | 39,704          |   | 76,464          |
| Total      Amount Carried on Balance Sheet | $      122,235             |   | $      211,480  |   | $      657,355  |

----

|           | 2008                      |   | 2007                      |
|----------------|---------------------------|--------|---------------------------|
| Series      7  | $   42,566 |   | $   42,798 |
| Series      8  | 43,144                    |   | 44,510                    |
| Series      9  | 24,420                    |   | 24,534                    |
| Series      10 | 16,792                    |   | 16,768                    |
| Series      11 | 14,176                    |   | 14,192                    |
| Total          | $      141,098            |   | $      142,802            |

|           | 2008                      |   | 2007                      |
|----------------|---------------------------|--------|---------------------------|
| Series      7  | $   61,171 |   | $   59,122 |
| Series      8  | 66,527                    |   | 65,185                    |
| Series      9  | 38,015                    |   | 36,382                    |
| Series      10 | 23,759                    |   | 22,739                    |
| Series      11 | 19,008                    |   | 18,191                    |
| Total          | $      208,480            |   | $      201,619            |

----

|  As      of September 30, 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 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | September      30, |   | March      31, |   | September      30, |   | March      31, |   | September      30, |   | 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)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (6,379,695) |   | (7,331,807) |   | (7,286,169) |   | (7,295,601) |   | (4,494,890) |   | (4,478,396) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative      distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (249,273) |   | (258,366) |   | (183,855) |   | (183,855) |   | (164,840) |   | (164,038) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Investment      in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 232,146  |   | 141,916  |   | (45,093) |   | (54,525) |   | 254,386  |   | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (266,011) |   | (281,846) |   | (159,848) |   | (154,312) |   | (100,498) |   | (95,476) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (395,152) |   | (369,258) |   | (31,346) |   | (31,346) |   | (127,532) |   | (127,532) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Investments      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $     274,716  |   | $     284,147  |   | $       300,428  |   | $       296,532  |   | $        270,443  |   | $        292,761  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $5,225,981      in Series 7, $6,880,826 in Series 8, and $2,481,784 in Series 9 for the      period ended September 30, 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 September 30, 2008 and March 31,      2008.  (See discussion of EITF 98-13 in Note 2 - Significant      Accounting Policies.)                                                                                                                                                                                  |

----

|  As      of September 30, 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 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | September      30, |   | March      31, |   | September      30, |   | March      31, |   | September      30, |   | 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)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (2,445,799) |   | (2,507,603) |   | (1,738,629) |   | (1,711,896) |   | (22,345,182) |   | (23,325,303) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative      distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (229,121) |   | (220,722) |   | (190,609) |   | (189,109) |   | (1,017,698) |   | (1,016,090) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Investment      in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1,239,752  |   | 1,186,347  |   | 2,198,804  |   | 2,227,037  |   | 3,879,995  |   | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (141,971) |   | (131,514) |   | (195,982) |   | (181,492) |   | (864,310) |   | (844,640) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (654,351) |   | (579,008) |   | (1,400,728) |   | (1,400,728) |   | (2,609,109) |   | (2,507,872) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Investments      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $     640,168  |   | $     672,563  |   | $       892,429  |   | $       935,152  |   | $      2,378,184  |   | $      2,481,155  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $516,781      in Series 10 and $1,109,410 in Series 11 for the period ended      September 30, 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      June 30 and the respective summarized statements of operations for the six      months ended June 30 of each year: |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                          | SERIES      7 |   | SERIES      8   (1) |
|                                                                                                                                                                                                                                                                                                                                                                          | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                           | $     4,781,187  |   | $     4,693,312  |   | $     4,746,997  |   | $     4,699,867  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                               | 21,006,595  |   | 25,259,955  |   | 24,308,409  |   | 26,528,571  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                             | 24,469  |   | 29,591  |   | 330,508  |   | 65,254  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                             | $   25,812,251  |   | $   29,982,858  |   | $   29,385,914  |   | $   31,293,692  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                      | $        686,996  |   | $        587,276  |   | $     1,187,900  |   | $     1,034,193  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                           | 30,700,844  |   | 35,409,985  |   | 35,854,400  |   | 37,297,268  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                        | 31,387,840  |   | 35,997,261  |   | 37,042,300  |   | 38,331,461  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Partners'      deficit                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                          | (5,174,516) |   | (5,603,349) |   | (6,960,412) |   | (6,288,087) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                         | (401,073) |   | (411,054) |   | (695,974) |   | (749,682) |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                  | (5,575,589) |   | (6,014,403) |   | (7,656,386) |   | (7,037,769) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                  | $   25,812,251  |   | $   29,982,858  |   | $   29,385,914  |   | $   31,293,692  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                  | $     2,402,839  |   | $     2,696,523  |   | $     2,704,941  |   | $     2,727,454  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                       | 1,551,876  |   | 1,767,414  |   | 1,762,875  |   | 1,750,175  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                         | 326,725  |   | 378,457  |   | 383,861  |   | 407,102  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                            | 641,635  |   | 737,612  |   | 744,417  |   | 757,577  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                           | 2,520,236  |   | 2,883,483  |   | 2,891,153  |   | 2,914,854  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                 | $      (117,397) |   | $      (186,960) |   | $      (186,212) |   | $      (187,400) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                        | $          (1,174) |   | $          (1,870) |   | $          (2,704) |   | $          (2,052) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                              | $      (116,223) |   | $      (185,090) |   | $      (183,508) |   | $      (185,348) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                         | 140,110  |   | 179,313  |   | 192,940  |   | 178,683  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Equity      in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                          | $          23,887  |   | $          (5,777) |   | $            9,432  |   | $          (6,665) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |

----

|  (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 June 2008 and June 2007 is as      follows: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | June      2008 |   | June      2007 |   |
| Total      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $           490,375  |   | $           517,329  |   |
| Total      Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 801,292  |   | 806,572  |   |
| Gateway      Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (279,159) |   | (172,522) |   |
| Other      Partner's Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (31,758) |   | (116,721) |   |
| Total      Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 57,020  |   | 55,642  |   |
| Net      Loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $             (7,222) |   | $             (3,999) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |

----

|  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 June 30 and the respective summarized statements of operations for the      six months ended June 30 of each year: |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                           | SERIES      9 |   | SERIES      10 |
|                                                                                                                                                                                                                                                                                                                                                                           | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                            | $     2,362,477  |   | $     2,339,497  |   | $     2,156,863  |   | $     1,961,982  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                | 14,750,384  |   | 15,412,985  |   | 11,353,395  |   | 11,658,429  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                              | 53,760  |   | 24,303  |   | 17,401  |   | 13,486  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                              | $   17,166,621  |   | $   17,776,785  |   | $   13,527,659  |   | $   13,633,897  |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                       | $        268,703  |   | $        176,646  |   | $        330,258  |   | $        263,530  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                            | 19,596,802  |   | 19,818,860  |   | 12,934,608  |   | 12,982,207  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                         | 19,865,505  |   | 19,995,506  |   | 13,264,866  |   | 13,245,737  |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                           | (2,296,624) |   | (1,854,034) |   | 718,956  |   | 815,328  |
| General      Partners                                                                                                                                                                                                                                                                                                                                                          | (402,260) |   | (364,687) |   | (456,163) |   | (427,168) |
| Total      partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                          | (2,698,884) |   | (2,218,721) |   | 262,793  |   | 388,160  |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Total      liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                                                          | $   17,166,621  |   | $   17,776,785  |   | $   13,527,659  |   | $   13,633,897  |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                   | $     1,421,222  |   | $     1,370,582  |   | $     1,003,747  |   | $        932,995  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                        | 937,474  |   | 896,898  |   | 619,393  |   | 615,055  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                          | 201,714  |   | 207,659  |   | 110,989  |   | 113,955  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                             | 392,012  |   | 387,464  |   | 239,702  |   | 232,982  |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                            | 1,531,200  |   | 1,492,021  |   | 970,084  |   | 961,992  |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Net      (loss) income                                                                                                                                                                                                                                                                                                                                                         | $      (109,978) |   | $      (121,439) |   | $          33,663  |   | $        (28,997) |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                         | $          (1,100) |   | $          (1,214) |   | $             (459) |   | $             (480) |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Gateway's      share of net (loss) income                                                                                                                                                                                                                                                                                                                                      | $      (108,878) |   | $      (120,225) |   | $          34,122  |   | $        (28,517) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                          | 92,384  |   | 81,364  |   | 27,682  |   | 4,818  |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                           | $        (16,494) |   | $        (38,861) |   | $          61,804  |   | $        (23,699) |
|                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |

----

|  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 June 30 and the respective summarized statements of      operations for the six months ended June 30 of each  year: |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                       | SERIES      11 |   | TOTAL      SERIES 7 - 11 |
|                                                                                                                                                                                                                                                                                                                                                                                       | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                        | $     1,173,954  |   | $     1,127,930  |   | $   15,221,478  |   | $   14,822,588  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                            | 9,635,978  |   | 10,059,851  |   | 81,054,761  |   | 88,919,791  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                          | 273,820  |   | 270,911  |   | 699,958  |   | 403,545  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                          | $   11,083,752  |   | $   11,458,692  |   | $   96,976,197  |   | $      104,145,924  |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Liabilities      and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                   | $        311,422  |   | $        201,438  |   | $     2,785,279  |   | $     2,263,083  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                        | 10,035,475  |   | 10,300,844  |   | 109,122,129  |   | 115,809,164  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                     | 10,346,897  |   | 10,502,282  |   | 111,907,408  |   | 118,072,247  |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                       | 1,091,501  |   | 1,263,319  |   | (12,621,095) |   | (11,666,823) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                      | (354,646) |   | (306,909) |   | (2,310,116) |   | (2,259,500) |
| Total      partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                      | 736,855  |   | 956,410  |   | (14,931,211) |   | (13,926,323) |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Total      liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                      | $   11,083,752  |   | $   11,458,692  |   | $   96,976,197  |   | $      104,145,924  |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                               | $        882,489  |   | $        830,975  |   | $     8,415,238  |   | $     8,558,529  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                    | 599,254  |   | 591,480  |   | 5,470,872  |   | 5,621,022  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                      | 106,330  |   | 106,387  |   | 1,129,619  |   | 1,213,560  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                         | 264,893  |   | 248,725  |   | 2,282,659  |   | 2,364,360  |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                        | 970,477  |   | 946,592  |   | 8,883,150  |   | 9,198,942  |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                              | $        (87,988) |   | $      (115,617) |   | $      (467,912) |   | $      (640,413) |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                     | $          (3,589) |   | $          (3,766) |   | $          (9,026) |   | $          (9,382) |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                           | $        (84,399) |   | $      (111,851) |   | $      (458,886) |   | $      (631,031) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                      | 57,666  |   | 50,277  |   | 510,782  |   | 494,455  |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                       | $        (26,733) |   | $        (61,574) |   | $          51,896  |   | $      (136,576) |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |

----

| Transaction         |                         |                           | Net      Proceeds       | Gain      (Loss)                                   | Deferred      Gain             |
|---------------------|------------------------------|--------------------------------|-------------------------|----------------------------------------------------|--------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds              | Per      LP Unit        | on      Disposal                                   | 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  |

----

----

----

----

----

| Transaction         |                         |                           | Net      Proceeds       | Gain      (Loss)                                   | Deferred      Gain             |
|---------------------|------------------------------|--------------------------------|-------------------------|----------------------------------------------------|--------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds              | Per      LP Unit        | on      Disposal                                   | 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 |

| 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:      November 14,      2008 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President                   |

| Date:      November 14,      2008 |   | By:/s/ Jonathan      Oorlog                    |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Jonathan      Oorlog                           |
|                              |   | Vice      President and Chief FinancialOfficer |

| Date:      November 14,      2008 |   | By:/s/ Sandra C.      Humphreys |
|-----------------------------------|--------|---------------------------------|
|                              |   | Sandra      C. Humphreys        |
|                              |   | Secretary      and Treasurer    |