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| Assets                                                 |   | June 30 |      |   | March 31 |   |
|--------------------------------------------------------|--------|---------|-----------|--------|----------|--------|
|                                                   |   |    |      |   |     |   |
| Cash and cash equivalents                              |   | $       | 330,324   |   |     | $      | 372,567 |   |
| Investments in Local Limited Partnerships (Note 1)     |   |    | 2,322,410 |   |     |   | 2,322,351 |   |
| Other assets                                           |   |    |  301 |   |     |   |  233 |   |
| Total Assets                                           |   | $       | 2,653,035 |   |     | $      | 2,695,151 |   |
|                                                   |   |    |      |   |     |   |   |   |
| Liabilities and Partners' Equity                       |   |    |      |   |     |   |   |   |
|                                                   |   |    |      |   |     |   |   |   |
| Due to affiliate                                       |   | $       | 636,135   |   |     | $      | 568,505 |   |
| Accrued expenses                                       |   |    | 66,673    |   |     |   | 56,036 |   |
| Total Liabilities                                      |   |    | 702,808   |   |     |   | 624,541 |   |
|                                                   |   |    |      |   |     |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |    | 1,950,227 |   |     |   | 2,070,610 |   |
| Total Liabilities and Partners' Equity                 |   | $       | 2,653,035 |   |     | $      | 2,695,151 |   |
|                                                   |   |    |      |   |     |   |   |   |

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|                                                                      |   | 2010   |     |   | 2009   |   |
|---------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                                  |   |   |     |   |   |   |
| Investment                                                                |   | $      | 355      |   |   | $      | 385 |   |
|    Total Revenue                                           |   |   | 355      |   |   |   | 385 |   |
|                                                                      |   |   |     |   |   |   |   |   |
| Expense:                                                                  |   |   |     |   |   |   |   |   |
| Asset management fees, affiliate                                          |   |   | 67,630   |   |   |   | 65,852 |   |
| Provision for valuation allowance on advances to Local                    |   |   |     |   |   |   |   |   |
|        Limited Partnerships            |   |   | -        |   |   |   | 149,241 |   |
|    Impairment on investments in Local Limited Partnerships |   |   | 89,000   |   |   |   | 499,000 |   |
| General and administrative (includes reimbursements                       |   |   |     |   |   |   |   |   |
| to an affiliate in the amount of  $27,783 and                   |   |   |     |   |   |   |   |   |
| $21,615 in 2010 and 2009, respectively)                                   |   |   | 53,167   |   |   |   | 52,801 |   |
| Amortization                                                              |   |   | 437      |   |   |   | 1,638 |   |
| Total Expenses                                                            |   |   | 210,234  |   |   |   | 768,532 |   |
|                                                                      |   |   |     |   |   |   |   |   |
| Loss before equity in income (losses) of Local Limited Partnerships       |   |   | (209,879 | )      |   |   | (768,147 | ) |
|                                                                      |   |   |     |   |   |   |   |   |
| Equity in income (losses) of Local Limited Partnerships (Note 1)          |   |   | 89,496   |   |   |   | (15,066 | ) |
|                                                                      |   |   |     |   |   |   |   |   |
| Net Loss                                                                  |   | $      | (120,383 | )      |   | $      | (783,213 | ) |
|                                                                      |   |   |     |   |   |   |   |   |
| Net Loss allocated:                                                       |   |   |     |   |   |   |   |   |
| General Partners                                                          |   | $      | (1,204   | )      |   | $      | (7,832 | ) |
| Limited Partners                                                          |   |   | (119,179 | )      |   |   | (775,381 | ) |
|                                                                      |   | $      | (120,383 | )      |   | $      | (783,213 | ) |
| Net Loss per Limited Partner Unit                                         |   |   |     |   |   |   |   |   |
| (36,497 Units)                                                            |   | $      | (3.27    | )      |   | $      | (21.25 | ) |
|                                                                      |   |   |     |   |   |   |   |   |
|                                                                      |   |   |     |   |   |   |   |   |

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|                      |   |     |   |   |    |   |   |     |   |   |      |   |
|---------------------------|--------|----------|--------|--------|---------|--------|--------|----------|--------|--------|-----------|--------|
|                      |   |     |   |   | 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                  |   |     | (1,204 | )      |    |   | -      |     |   |   | (119,179  | )      |   |   | (120,383 | ) |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Balance at June 30, 2010  |   | $        | 19,503 |   |    | $      | 100    |     |   | $      | 1,930,624 |   |   | $ | 1,950,227 |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |

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|                                      |   |   |    |   |   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                      |   | 2010   |    |   | 2009   |   |
|                                      |   |   |    |   |   |   |
| Net cash used for operating activities    |   | $      | (42,243 | )      |   | $      | (23,399 | ) |
|                                      |   |   |    |   |   |   |   |   |
| Net cash used for investing activities    |   |   | -       |   |   |   | (53,900 | ) |
|                                      |   |   |    |   |   |   |   |   |
| Net decrease in cash and cash equivalents |   |   | (42,243 | )      |   |   | (77,299 | ) |
|                                      |   |   |    |   |   |   |   |   |
| Cash and cash equivalents, beginning      |   |   | 372,567 |   |   |   | 109,829 |   |
|                                      |   |   |    |   |   |   |   |   |
| Cash and cash equivalents, ending         |   | $      | 330,324 |   |   | $      | 32,530 |   |

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|                                                                                   |   | June 30 |        |   | March 31 |   |
|----------------------------------------------------------------------------------------|--------|---------|-------------|--------|----------|--------|
|                                                                                   |   |    |        |   |     |   |
| Capital contributions and advances paid to Local Limited Partnerships                  |   | $       | 19,336,206  |   |     | $      | 19,336,206 |   |
|                                                                                   |   |    |        |   |     |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding                   |   |    |        |   |     |   |   |   |
|     cumulative unrecognized losses of $4,081,296 and $3,787,055 at |   |    |        |   |     |   |   |   |
|     June 30 and March 31, respectively)                            |   |    | (11,677,716 | )      |     |   | (11,767,212 | ) |
|                                                                                   |   |    |        |   |     |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                 |   |    | (837,342    | )      |     |   | (837,342 | ) |
|                                                                                   |   |    |        |   |     |   |   |   |
| Investments in Local Limited Partnerships before adjustments                           |   |    | 6,821,148   |   |     |   | 6,731,652 |   |
|                                                                                   |   |    |        |   |     |   |   |   |
| Excess investment costs over the underlying assets acquired:                           |   |    |        |   |     |   |   |   |
|                                                                                   |   |    |        |   |     |   |   |   |
| Acquisition fees and expenses                                                          |   |    | 662,167     |   |     |   | 662,167 |   |
|                                                                                   |   |    |        |   |     |   |   |   |
| Cumulative amortization of acquisition fees and expenses                               |   |    | (198,691    | )      |     |   | (198,254 | ) |
|                                                                                   |   |    |        |   |     |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                   |   |    | 7,284,624   |   |     |   | 7,195,565 |   |
|                                                                                   |   |    |        |   |     |   |   |   |
| Valuation allowance on investments in Local Limited Partnerships                       |   |    | (4,962,214  | )      |     |   | (4,873,214 | ) |
|                                                                                   |   |    |        |   |     |   |   |   |
| Investments in Local Limited Partnerships                                              |   | $       | 2,322,410   |   |     | $      | 2,322,351 |   |
|                                                                                   |   |    |        |   |     |   |   |   |

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

|   Beaverdam Creek Associates, a Limited Partnership |   | 2010   |    |   | 2009   |   |
|---------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Revenue                                                       |   |   | N/A     |   |   | $      | 277,400 |   |
| Net Income                                                    |   |   | N/A     |   |   | $      | 8,700 |   |
|                                                          |   |   |    |   |   |   |   |   |
| Oak Knoll Renaissance, Limited Partnership                    |   |   |    |   |   |   |   |   |
| Revenue                                                       |   | $      | 518,500 |   |   | $      | 507,400 |   |
| Net Income West End Place, a Limited Partnership         |   | $      | 90,400  |   |   | $      | 3,900 |   |
| Revenue                                                       |   |   | N/A     |   |   | $      | 128,900 |   |
| Net Income                                                    |   |   | N/A     |   |   | $      | (30,600 | ) |

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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 June 30, 2010 |
|-----------------|------------------------------------------------------------------------------------------------------|

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