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| Assets                                                 |   | June 30 |      |   | March 31 |   |
|--------------------------------------------------------|--------|---------|-----------|--------|----------|--------|
|                                                   |   |    |      |   |     |   |
| Cash and cash equivalents                              |   | $       | 141,199   |   |     | $      | 165,891 |   |
| Investments in Local Limited Partnerships (Note 1)     |   |    | 2,000,123 |   |     |   | 2,000,400 |   |
| Other assets                                           |   |    |  207 |   |     |   |  521 |   |
| Total Assets                                           |   | $       | 2,141,529 |   |     | $      | 2,166,812 |   |
|                                                   |   |    |      |   |     |   |   |   |
| Liabilities and Partners' Equity                       |   |    |      |   |     |   |   |   |
|                                                   |   |    |      |   |     |   |   |   |
| Due to affiliate                                       |   | $       | 888,682   |   |     | $      | 820,038 |   |
| Accrued expenses                                       |   |    | 33,611    |   |     |   | 25,989 |   |
| Total Liabilities                                      |   |    | 922,293   |   |     |   | 846,027 |   |
|                                                   |   |    |      |   |     |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |    | 1,219,236 |   |     |   | 1,320,785 |   |
| Total Liabilities and Partners' Equity                 |   | $       | 2,141,529 |   |     | $      | 2,166,812 |   |
|                                                   |   |    |      |   |     |   |   |   |

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|                                                                      |   | 2011   |     |   | 2010   |   |
|---------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                                  |   |   |     |   |   |   |
| Investment                                                                |   | $      | 156      |   |   | $      | 355 |   |
|    Total Revenue                                           |   |   | 156      |   |   |   | 355 |   |
|                                                                      |   |   |     |   |   |   |   |   |
| Expenses:                                                                 |   |   |     |   |   |   |   |   |
|    Asset management fees, affiliate                        |   |   | 68,644   |   |   |   | 67,630 |   |
|    Impairment on investments in Local Limited Partnerships |   |   | 83,000   |   |   |   | 89,000 |   |
| General and administrative (includes reimbursements                       |   |   |     |   |   |   |   |   |
| to an affiliate in the amount of  $16,290 and                   |   |   |     |   |   |   |   |   |
| $27,783 in 2011 and 2010, respectively)                                   |   |   | 32,784   |   |   |   | 53,167 |   |
| Amortization                                                              |   |   | 437      |   |   |   | 437 |   |
| Total Expenses                                                            |   |   | 184,865  |   |   |   | 210,234 |   |
|                                                                      |   |   |     |   |   |   |   |   |
| Loss before equity in income of Local Limited Partnerships                |   |   | (184,709 | )      |   |   | (209,879 | ) |
|                                                                      |   |   |     |   |   |   |   |   |
| Equity in income of Local Limited Partnerships (Note 1)                   |   |   | 83,160   |   |   |   | 89,496 |   |
|                                                                      |   |   |     |   |   |   |   |   |
| Net Loss                                                                  |   | $      | (101,549 | )      |   | $      | (120,383 | ) |
|                                                                      |   |   |     |   |   |   |   |   |
| Net Loss allocated:                                                       |   |   |     |   |   |   |   |   |
| General Partner                                                           |   | $      | (1,015   | )      |   | $      | (1,204 | ) |
| Limited Partners                                                          |   |   | (100,534 | )      |   |   | (119,179 | ) |
|                                                                      |   | $      | (101,549 | )      |   | $      | (120,383 | ) |
| Net Loss per Limited Partner Unit                                         |   |   |     |   |   |   |   |   |
| (36,497 Units)                                                            |   | $      | (2.75    | )      |   | $      | (3.27 | ) |

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|                      |   |                 |    |   |                 |   |   |            |   |   |      |   |
|---------------------------|--------|----------------------|---------|--------|----------------------|--------|--------|-----------------|--------|--------|-----------|--------|
|                      |   |                 |    |   | Initial              |   |   |  Investor  |   |   |      |   |
|                      |   | General              |    |   |    Limited |   |   | Limited         |   |   |      |   |
|                      |   |    Partner |    |   |   Partner       |   |   |   Partners |   |   | Total     |   |
|                      |   |                 |    |   |                 |   |   |            |   |   |      |   |
| Balance at March 31, 2011 |   | $                    | 13,209  |   |                 | $      | 100    |            |   | $      | 1,307,476 |   |   | $ | 1,320,785 |   |
|                      |   |                 |    |   |                 |   |   |            |   |   |      |   |   |   |   |   |
| Net Loss                  |   |                 | (1,015) |   |                 |   | -      |            |   |   | (100,534  | )      |   |   | (101,549 | ) |
|                      |   |                 |    |   |                 |   |   |            |   |   |      |   |   |   |   |   |
| Balance at June 30, 2011  |   | $                    | 12,194  |   |                 | $      | 100    |            |   | $      | 1,206,942 |   |   | $ | 1,219,236 |   |

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|                                      |   |   |    |   |   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                      |   | 2011   |    |   | 2010   |   |
|                                      |   |   |    |   |   |   |
| Net cash used for operating activities    |   | $      | (24,692 | )      |   | $      | (42,243 | ) |
|                                      |   |   |    |   |   |   |   |   |
| Net decrease in cash and cash equivalents |   |   | (24,692 | )      |   |   | (42,243 | ) |
|                                      |   |   |    |   |   |   |   |   |
| Cash and cash equivalents, beginning      |   |   | 165,891 |   |   |   | 372,567 |   |
|                                      |   |   |    |   |   |   |   |   |
| Cash and cash equivalents, ending         |   | $      | 141,199 |   |   | $      | 330,324 |   |

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|                                                                                                       |   | June 30 |            |   | March 31 |   |
|------------------------------------------------------------------------------------------------------------|--------|---------|-----------------|--------|----------|--------|
|                                                                                                       |   |    |            |   |     |   |
| Capital contributions and advances paid to Local Limited Partnerships                                      |   | $       | 15,943,196      |   |     | $      | 18,442,398 |   |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding                                       |   |    |            |   |     |   |   |   |
|     cumulative unrecognized losses of $3,758,518 and $4,549,207 at                     |   |    |            |   |     |   |   |   |
|     June 30 and March 31, 2011, respectively)                                          |   |    | (8,879,966      | )      |     |   | (11,033,997 | ) |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                     |   |    | (433,029        | )      |     |   | (882,099 | ) |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                               |   |    | 6,630,201       |   |     |   | 6,526,302 |   |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Excess investment costs over the underlying assets acquired:                                               |   |    |            |   |     |   |   |   |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Acquisition fees and expenses                                                                              |   |    | 619,931         |   |     |   | 651,057 |   |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                   |   |    | (186,554        | )      |     |   | (196,504 | ) |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance    and impairment |   |    |  7,063,578 |   |     |   |  6,980,855 |   |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Cumulative valuation  allowance on advances to Local Limited                                     |   |    |            |   |     |   |   |   |
|     Partnerships                                                                       |   |    | (1,417,455      | )      |     |   | (1,417,455 | ) |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Cumulative impairment on investments in Local Limited Partnerships                                         |   |    | (3,646,000      | )      |     |   | (3,563,000 | ) |
|                                                                                                       |   |    |            |   |     |   |   |   |
| Investments in Local Limited Partnerships                                                                  |   | $       | 2,000,123       |   |     | $      | 2,000,400 |   |
|                                                                                                       |   |    |            |   |     |   |   |   |

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| 2. | New Accounting Principles |
|----|---------------------------|

|                                             |   | 2011   |    |   | 2010   |   |
|--------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                             |   |   |    |   |   |   |
|  Oak Knoll Renaissance, Limited Partnership |   |   |    |   |   |   |
| Revenue                                          |   | $      | 543,000 |   |   | $      | 518,500 |   |
| Net Income                                  |   | $      | 84,000  |   |   | $      | 90,400 |   |
|                                             |   |   |    |   |   |   |   |   |
|                                             |   |   |    |   |   |   |   |   |

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| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

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| 31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------|---------------------------------------------------------------------------------------------------------|

| 31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------|---------------------------------------------------------------------------------------------------------|

| 32.1 | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|---------------------------------------------------------------------------------------------------------|

| 32.2 | Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|---------------------------------------------------------------------------------------------------------|

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