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| Assets                                                 |   | December 31 |      |   | March 31 |   |
|--------------------------------------------------------|--------|-------------|-----------|--------|----------|--------|
|                                                   |   |        |      |   |     |   |
| Cash and cash equivalents                              |   | $           | 236,187   |   |     | $      | 372,567 |   |
| Investments in Local Limited Partnerships (Note 1)     |   |        | 2,000,336 |   |     |   | 2,322,351 |   |
| Other assets                                           |   |        |  833 |   |     |   |  233 |   |
| Total Assets                                           |   | $           | 2,237,356 |   |     | $      | 2,695,151 |   |
|                                                   |   |        |      |   |     |   |   |   |
| Liabilities and Partners' Equity                       |   |        |      |   |     |   |   |   |
|                                                   |   |        |      |   |     |   |   |   |
| Due to affiliate                                       |   | $           | 771,394   |   |     | $      | 568,505 |   |
| Accrued expenses                                       |   |        | 30,888    |   |     |   | 56,036 |   |
| Total Liabilities                                      |   |        | 802,282   |   |     |   | 624,541 |   |
|                                                   |   |        |      |   |     |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |        | 1,435,074 |   |     |   | 2,070,610 |   |
| Total Liabilities and Partners' Equity                 |   | $           | 2,237,356 |   |     | $      | 2,695,151 |   |
|                                                   |   |        |      |   |     |   |   |   |

----

|                                                                                               |   | Three Months Ended |     |   | Nine Months Ended |   |
|----------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|-------------------|--------|
|                                                                                               |   | December 31,       |     |   | December 31,      |   |   | December 31, |   |   | December 31, |   |
|                                                                                               |   | 2010               |     |   | 2009              |   |   | 2010 |   |   | 2009 |   |
| Revenue:                                                                                           |   |               |     |   |              |   |   |   |   |   |   |   |
| Investment                                                                                         |   | $                  | 265      |   |              | $      | 2,430 |   |   | $ | 912 |   |   | $ | 2,901 |   |
| Total Revenue                                                                                      |   |               | 265      |   |              |   | 2,430 |   |   |   | 912 |   |   |   | 2,901 |   |
|                                                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Expense:                                                                                           |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Asset management fees, affiliate                                                                   |   |               | 67,629   |   |              |   | 65,852 |   |   |   | 202,889 |   |   |   | 197,556 |   |
|       Provision for valuation allowance on                           |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|           advances to Local Limited Partnerships |   |               | -        |   |              |   | - |   |   |   | - |   |   |   | 209,146 |   |
|       Impairment on investments in Local                             |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|           Limited Partnerships                   |   |               | 337,000  |   |              |   | 198,000 |   |   |   | 426,000 |   |   |   | 716,000 |   |
| General and administrative                                                                         |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| (includes reimbursements to an affiliate                                                           |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| in the amounts of $97,888 and                                                                      |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| $79,170 for the nine months ended                                                                  |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010 and 2009,                                                                        |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| respectively)                                                                                      |   |               | 50,557   |   |              |   | 58,177 |   |   |   | 156,301 |   |   |   | 153,354 |   |
| Amortization                                                                                       |   |               | 437      |   |              |   | 437 |   |   |   | 1,311 |   |   |   | 1,955 |   |
| Total Expenses                                                                                     |   |               | 455,623  |   |              |   | 322,466 |   |   |   | 786,501 |   |   |   | 1,278,011 |   |
|                                                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Loss before equity in income                                                                       |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| of Local Limited Partnerships                                                                      |   |               | (455,358 | )      |              |   | (320,036 | ) |   |   | (785,589 | ) |   |   | (1,275,110 | ) |
|                                                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Equity in income of Local Limited                                                                  |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (Note 1)                                                                              |   |               | 3,936    |   |              |   | 73,862 |   |   |   | 150,053 |   |   |   | 84,061 |   |
|                                                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Loss on sale of investments in Local                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|      Limited Partnerships                                                 |   |               |  -  |   |              |   |  - |   |   |   |  - |   |   |   |  (136,762 | ) |
|                                                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss                                                                                           |   | $                  | (451,422 | )      |              | $      | (246,174 | ) |   | $ | (635,536 | ) |   | $ | (1,327,811 | ) |
|                                                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss allocated:                                                                                |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| General Partners                                                                                   |   | $                  | (4,514   | )      |              | $      | (2,462 | ) |   | $ | (6,355 | ) |   | $ | (13,278 | ) |
| Limited Partners                                                                                   |   |               | (446,908 | )      |              |   | (243,712 | ) |   |   | (629,181 | ) |   |   | (1,314,533 | ) |
|                                                                                               |   | $                  | (451,422 | )      |              | $      | (246,174 | ) |   | $ | (635,536 | ) |   | $ | (1,327,811 | ) |
|                                                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss Per Limited Partner                                                                       |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Unit (36,497 Units)                                                                                |   | $                  | (12.25   | )      |              | $      | (6.68 | ) |   | $ | (17.24 | ) |   | $ | (36.02 | ) |

|   |   |   |
|--------|--------|--------|
|   |   |   |

----

|                         |   |     |   |   |    |   |   |     |   |   |      |   |
|------------------------------|--------|----------|--------|--------|---------|--------|--------|----------|--------|--------|-----------|--------|
|                         |   |     |   |   | Initial |   |   | Investor |   |   |      |   |
|                         |   | General  |   |   | Limited |   |   | Limited  |   |   |      |   |
|                         |   | Partners |   |   | Partner |   |   | Partners |   |   | Total     |   |
|                         |   |     |   |   |    |   |   |     |   |   |      |   |
| Balance at March 31, 2010    |   | $        | 20,707 |   |    | $      | 100    |     |   | $      | 2,049,803 |   |   | $ | 2,070,610 |   |
|                         |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Net Loss                     |   |     | (6,355 | )      |    |   | -      |     |   |   | (629,181  | )      |   |   | (635,536 | ) |
|                         |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Balance at December 31, 2010 |   | $        | 14,352 |   |    | $      | 100    |     |   | $      | 1,420,622 |   |   | $ | 1,435,074 |   |
|                         |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
|                         |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
|                         |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |

----

|                                                 |   |   |     |   |   |   |
|------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                 |   | 2010   |     |   | 2009   |   |
|                                                 |   |   |     |   |   |   |
| Net cash used for operating activities               |   | $      | (181,137 | )      |   | $      | (293,332 | ) |
|                                                 |   |   |     |   |   |   |   |   |
| Net cash provided by investing activities            |   |   | 44,757   |   |   |   | 857,416 |   |
|                                                 |   |   |     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents |   |   | (136,380 | )      |   |   | 564,084 |   |
|                                                 |   |   |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                 |   |   | 372,567  |   |   |   | 109,829 |   |
|                                                 |   |   |     |   |   |   |   |   |
| Cash and cash equivalents, ending                    |   | $      | 236,187  |   |   | $      | 673,913 |   |

----

----

|                                                                                   |   | December 31 |        |   | March 31 |   |
|----------------------------------------------------------------------------------------|--------|-------------|-------------|--------|----------|--------|
|                                                                                   |   |        |        |   |     |   |
| Capital contributions and advances paid to Local Limited Partnerships                  |   | $           | 18,442,398  |   |     | $      | 19,336,206 |   |
|                                                                                   |   |        |        |   |     |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding                   |   |        |        |   |     |   |   |   |
|     cumulative unrecognized losses of $4,329,316 and $3,787,055 at |   |        |        |   |     |   |   |   |
|     December 31 and March 31, 2010, respectively)                  |   |        | (11,216,498 | )      |     |   | (11,767,212 | ) |
|                                                                                   |   |        |        |   |     |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                 |   |        | (882,099    | )      |     |   | (837,342 | ) |
|                                                                                   |   |        |        |   |     |   |   |   |
| Investments in Local Limited Partnerships before adjustments                           |   |        | 6,343,801   |   |     |   | 6,731,652 |   |
|                                                                                   |   |        |        |   |     |   |   |   |
| Excess investment costs over the underlying assets acquired:                           |   |        |        |   |     |   |   |   |
|                                                                                   |   |        |        |   |     |   |   |   |
| Acquisition fees and expenses                                                          |   |        | 651,057     |   |     |   | 662,167 |   |
|                                                                                   |   |        |        |   |     |   |   |   |
| Cumulative amortization of acquisition fees and expenses                               |   |        | (196,067    | )      |     |   | (198,254 | ) |
|                                                                                   |   |        |        |   |     |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                   |   |        | 6,798,791   |   |     |   | 7,195,565 |   |
|                                                                                   |   |        |        |   |     |   |   |   |
| Valuation allowance on investments in Local Limited Partnerships                       |   |        | (4,798,455  | )      |     |   | (4,873,214 | ) |
|                                                                                   |   |        |        |   |     |   |   |   |
| Investments in Local Limited Partnerships                                              |   | $           | 2,000,336   |   |     | $      | 2,322,351 |   |
|                                                                                   |   |        |        |   |     |   |   |   |

----

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

|                                       |   | 2010   |    |   | 2009   |   |
|--------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                       |   |   |    |   |   |   |
| Oak Knoll Renaissance, Limited Partnership |   |   |    |   |   |   |
| Revenue                                    |   | $      | 533,880 |   |   | $      | 525,982 |   |
| Net Income                            |   | $      | 3,976   |   |   | $      | 74,608 |   |
|                                       |   |   |    |   |   |   |   |   |
|                                       |   |   |    |   |   |   |   |   |

----

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| (a)   | Exhibits |
|-----------------|----------|

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

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

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

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

| (b)   | Reports on Form 8-K – No reports on Form 8-K were filed during the quarter ended December 31, 2010 |
|-----------------|----------------------------------------------------------------------------------------------------------|

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