|   | [X] ANNUAL 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 |
|-----------------------------------------------------------|--------|---------------------|

|                         |   | Number of Record Holders |
|------------------------------|--------|--------------------------|
| Title of Class               |   | as of March 31, 2010     |
| Limited Partnership Interest |   | 2,052                    |
| General Partner Interest     |   |      2    |

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

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

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

----

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

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

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

----

----

----

| SERIES 7                                                                                                               |   |                 |   |       |   |          |   |                    |   |           |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|------------|--------|---------------|--------|-------------------------|--------|----------------|
| PARTNERSHIP                                                                                                            |   | LOCATION OF PROPERTY |   | # OF UNITS |   | DATE ACQUIRED |   | PROPERTY COST           |   | OCCUPANCY RATE |
|                                                                                                                   |   |                 |   |       |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Nottingham                                                                                                             |   | Pisgah, AL           |   | 18         |   | 6/92          |   | 790,969                 |   | 100%           |
| Washington                                                                                                             |   | Bloomfield, NE       |   | 24         |   | 9/92          |   | 993,827                 |   | 75%            |
| BrookStone                                                                                                             |   | McCaysville, GA      |   | 40         |   | 9/92          |   | 1,465,231               |   | 98%            |
| N. Irvine                                                                                                              |   | Irvine, KY           |   | 24         |   | 9/92          |   | 1,038,563               |   | 96%            |
| Horton                                                                                                                 |   | Horton, KS           |   | 24         |   | 9/92          |   | 932,540                 |   | 79%            |
| Manchester                                                                                                             |   | Manchester, GA       |   | 42         |   | 9/92          |   | 1,474,516               |   | 100%           |
| Waynesboro                                                                                                             |   | Waynesboro, GA       |   | 24         |   | 9/92          |   | 819,270                 |   | 100%           |
| Lakeland II                                                                                                            |   | Lakeland, GA         |   | 30         |   | 9/92          |   | 1,009,647               |   | 97%            |
| Mt. Vernon                                                                                                             |   | Mt. Vernon, GA       |   | 24         |   | 9/92          |   | 900,526                 |   | 75%            |
| Meadow Run                                                                                                             |   | Dawson, GA           |   | 48         |   | 9/92          |   | 1,744,840               |   | 98%            |
| Warm Springs                                                                                                           |   | Warm Springs, GA     |   | 22         |   | 9/92          |   | 822,692                 |   | 95%            |
| Blue Ridge                                                                                                             |   | Blue Ridge, GA       |   | 41         |   | 9/92          |   | 1,339,143               |   | 98%            |
| Pioneer                                                                                                                |   | Mountain View, AR    |   | 48         |   | 9/92          |   | 1,531,280               |   | 100%           |
| Dilley                                                                                                                 |   | Dilley, TX           |   | 28         |   | 9/92          |   | 890,965                 |   | 100%           |
| Elsa                                                                                                                   |   | Elsa, TX             |   | 40         |   | 9/92          |   | 1,342,015               |   | 100%           |
| Leander                                                                                                                |   | Leander, TX          |   | 36         |   | 9/92          |   | 1,186,753               |   | 100%           |
| Louisa Sr.                                                                                                             |   | Louisa, KY           |   | 36         |   | 9/92          |   | 1,451,921               |   | 100%           |
| Orchard Commons                                                                                                        |   | Crab Orchard, KY     |   | 12         |   | 9/92          |   | 450,887                 |   | 100%           |
| Vardaman                                                                                                               |   | Vardaman, MS         |   | 24         |   | 9/92          |   | 929,282                 |   | 92%            |
| Heritage Park                                                                                                          |   | Paze, AZ             |   | 32         |   | 9/92          |   | 1,656,880               |   | 100%           |
| BrooksHollow                                                                                                           |   | Jasper, GA           |   | 40         |   | 9/92          |   | 1,482,789               |   | 98%            |
| Cavalry Crossing                                                                                                       |   | Ft. Scott, KS        |   | 40         |   | 9/92          |   | 1,903,195               |   | 95%            |
| Carson City                                                                                                            |   | Carson City, KS      |   | 24         |   | 11/92         |   | 979,092                 |   | 83%            |
| Matteson                                                                                                               |   | Capa, KS             |   | 24         |   | 11/92         |   | 967,320                 |   | 79%            |
| Pembroke                                                                                                               |   | Pembroke, KY         |   | 16         |   | 12/92         |   | 588,717                 |   | 94%            |
| Robynwood                                                                                                              |   | Cynthiana, KY        |   | 24         |   | 12/92         |   | 962,677                 |   | 96%            |
| Atoka                                                                                                                  |   | Atoka, OK            |   | 24         |   | 1/93          |   | 835,334                 |   | 100%           |
| Coalgate                                                                                                               |   | Coalgate, OK         |   | 24         |   | 1/93          |   | 828,505                 |   | 100%           |
| Hill Creek                                                                                                             |   | West Blocton, AL     |   | 24         |   | 11/93         |   | 1,008,947               |   | 96%            |
| Cardinal                                                                                                               |   | Mountain Home, AR    |   | 32         |   | 11/93         |   | 785,240                 |   | 91%            |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Total Series 7                                                                                                         |   |                 |   | 889        |   |          |   | $  33,113,563 |   |           |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| The average effective rental income per unit for the year ended December 31, 2009 is $4,361 per year ($363 per month). |

----

| SERIES 8                                                                                                               |   |                 |   |       |   |          |   |                    |   |           |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|------------|--------|---------------|--------|-------------------------|--------|----------------|
| PARTNERSHIP                                                                                                            |   | LOCATION OF PROPERTY |   | # OF UNITS |   | DATE ACQUIRED |   | PROPERTY COST           |   | OCCUPANCY RATE |
|                                                                                                                   |   |                 |   |       |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Purdy                                                                                                                  |   | Purdy, MO            |   | 16         |   | 12/92         |   | 641,882                 |   | 88%            |
| Galena                                                                                                                 |   | Galena, KS           |   | 24         |   | 12/92         |   | 864,229                 |   | 100%           |
| Antlers 2                                                                                                              |   | Antlers, OK          |   | 24         |   | 1/93          |   | 787,859                 |   | 100%           |
| Holdenville                                                                                                            |   | Holdenville, OK      |   | 24         |   | 1/93          |   | 892,598                 |   | 96%            |
| Wetumka                                                                                                                |   | Wetumka, OK          |   | 24         |   | 1/93          |   | 812,853                 |   | 58%            |
| Mariners Cove                                                                                                          |   | Marine City, MI      |   | 32         |   | 1/93          |   | 1,136,726               |   | 88%            |
| Mariners Cove Sr.                                                                                                      |   | Marine City, MI      |   | 24         |   | 1/93          |   | 1,039,783               |   | 100%           |
| Antlers                                                                                                                |   | Antlers, OK          |   | 36         |   | 3/93          |   | 1,321,039               |   | 89%            |
| Bentonville                                                                                                            |   | Bentonville, AR      |   | 24         |   | 3/93          |   | 758,489                 |   | 92%            |
| Deerpoint                                                                                                              |   | Elgin, AL            |   | 24         |   | 3/93          |   | 948,824                 |   | 88%            |
| Aurora                                                                                                                 |   | Aurora, MO           |   | 28         |   | 3/93          |   | 977,152                 |   | 89%            |
| Baxter                                                                                                                 |   | Baxter Springs, KS   |   | 16         |   | 4/93          |   | 622,917                 |   | 100%           |
| Arbor Gate                                                                                                             |   | Bridgeport, AL       |   | 24         |   | 5/93          |   | 959,891                 |   | 75%            |
| Timber Ridge                                                                                                           |   | Collinsville, AL     |   | 24         |   | 5/93          |   | 957,300                 |   | 79%            |
| Concordia Sr.                                                                                                          |   | Concordia, KS        |   | 24         |   | 5/93          |   | 826,389                 |   | 88%            |
| Mountainburg                                                                                                           |   | Mountainburg, AR     |   | 24         |   | 6/93          |   | 883,990                 |   | 100%           |
| Lincoln                                                                                                                |   | Pierre, SD           |   | 25         |   | 5/93          |   | 1,187,005               |   | 96%            |
| Fox Ridge                                                                                                              |   | Russellville, AL     |   | 24         |   | 6/93          |   | 909,110                 |   | 88%            |
| Meadow View                                                                                                            |   | Bridgeport, NE       |   | 16         |   | 6/93          |   | 751,302                 |   | 81%            |
| Sheridan                                                                                                               |   | Auburn, NE           |   | 16         |   | 6/93          |   | 828,983                 |   | 100%           |
| Grand Isle                                                                                                             |   | Grand Isle, ME       |   | 16         |   | 6/93          |   | 1,212,833               |   | 88%            |
| Meadowview                                                                                                             |   | Van Buren, AR        |   | 29         |   | 8/93          |   | 994,717                 |   | 100%           |
| Taylor                                                                                                                 |   | Taylor, TX           |   | 44         |   | 9/93          |   | 1,530,463               |   | 100%           |
| Brookwood                                                                                                              |   | Gainesboro, TN       |   | 44         |   | 9/93          |   | 1,817,627               |   | 98%            |
| Pleasant Valley                                                                                                        |   | Lynchburg, TN        |   | 33         |   | 9/93          |   | 1,422,746               |   | 97%            |
| Reelfoot                                                                                                               |   | Ridgely, TN          |   | 20         |   | 9/93          |   | 828,993                 |   | 95%            |
| River Rest                                                                                                             |   | Newport, TN          |   | 34         |   | 9/93          |   | 1,459,819               |   | 97%            |
| Kirksville                                                                                                             |   | Kirksville, MO       |   | 24         |   | 9/93          |   | 831,492                 |   | 100%           |
| Kenton                                                                                                                 |   | Kenton, OH           |   | 46         |   | 9/93          |   | 1,781,759               |   | 87%            |
| Lovingston                                                                                                             |   | Lovingston, VA       |   | 64         |   | 9/93          |   | 2,841,268               |   | 97%            |
| Pontotoc                                                                                                               |   | Pontotoc, MS         |   | 36         |   | 10/93         |   | 1,359,366               |   | 100%           |
| Hustonville                                                                                                            |   | Hustonville, KY      |   | 16         |   | 10/93         |   | 722,785                 |   | 94%            |
| Northpoint                                                                                                             |   | Jackson, KY          |   | 24         |   | 10/93         |   | 1,133,365               |   | 100%           |
| Brooks Field                                                                                                           |   | Louisville, GA       |   | 32         |   | 10/93         |   | 1,176,740               |   | 100%           |
| Brooks Lane                                                                                                            |   | Clayton, GA          |   | 36         |   | 10/93         |   | 1,377,993               |   | 100%           |
| Brooks Point                                                                                                           |   | Dahlonega, GA        |   | 41         |   | 10/93         |   | 1,658,964               |   | 98%            |
| Brooks Run                                                                                                             |   | Jasper, GA           |   | 24         |   | 10/93         |   | 941,628                 |   | 100%           |
| Logan Heights                                                                                                          |   | Russellville, KY     |   | 24         |   | 11/93         |   | 957,380                 |   | 88%            |
| Lakeshore 2                                                                                                            |   | Tuskegee, AL         |   | 36         |   | 12/93         |   | 1,473,068               |   | 89%            |
| Cottondale                                                                                                             |   | Cottondale, FL       |   | 25         |   | 1/94          |   | 948,319                 |   | 96%            |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Total Series 8                                                                                                         |   |                 |   | 1,121      |   |          |   | $  44,579,646 |   |           |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| The average effective rental income per unit for the year ended December 31, 2009 is $4,553 per year ($379 per month). |

----

| SERIES 9                                                                                                               |   |                 |   |       |   |          |   |                    |   |           |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|------------|--------|---------------|--------|-------------------------|--------|----------------|
| PARTNERSHIP                                                                                                            |   | LOCATION OF PROPERTY |   | # OF UNITS |   | DATE ACQUIRED |   | PROPERTY COST           |   | OCCUPANCY RATE |
|                                                                                                                   |   |                 |   |       |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Jay                                                                                                                    |   | Jay, OK              |   | 24         |   | 9/93          |   | 810,597                 |   | 100%           |
| Boxwood                                                                                                                |   | Lexington, TX        |   | 24         |   | 9/93          |   | 770,939                 |   | 100%           |
| Stilwell 3                                                                                                             |   | Stilwell, OK         |   | 16         |   | 9/93          |   | 587,132                 |   | 56%            |
| Arbor Trace                                                                                                            |   | Lake Park, GA        |   | 24         |   | 11/93         |   | 918,358                 |   | 100%           |
| Arbor Trace 2                                                                                                          |   | Lake Park, GA        |   | 42         |   | 11/93         |   | 1,806,434               |   | 90%            |
| Omega                                                                                                                  |   | Omega, GA            |   | 36         |   | 11/93         |   | 1,407,304               |   | 89%            |
| Cornell 2                                                                                                              |   | Watertown, SD        |   | 24         |   | 11/93         |   | 1,270,021               |   | 96%            |
| Elm Creek                                                                                                              |   | Pierre, SD           |   | 24         |   | 11/93         |   | 1,349,078               |   | 83%            |
| Marionville                                                                                                            |   | Marionville, MO      |   | 20         |   | 11/93         |   | 791,717                 |   | 100%           |
| Lamar                                                                                                                  |   | Lamar, AR            |   | 24         |   | 12/93         |   | 904,325                 |   | 75%            |
| Centreville                                                                                                            |   | Centreville, AL      |   | 24         |   | 12/93         |   | 1,001,108               |   | 100%           |
| Skyview                                                                                                                |   | Troy, AL             |   | 36         |   | 12/93         |   | 1,456,364               |   | 94%            |
| Sycamore                                                                                                               |   | Coffeyville, KS      |   | 40         |   | 12/93         |   | 1,860,916               |   | 95%            |
| Bradford                                                                                                               |   | Cumberland, KY       |   | 24         |   | 12/93         |   | 1,026,848               |   | 100%           |
| Cedar Lane                                                                                                             |   | London, KY           |   | 24         |   | 12/93         |   | 963,841                 |   | 100%           |
| Stanton                                                                                                                |   | Stanton, KY          |   | 24         |   | 12/93         |   | 959,149                 |   | 100%           |
| Abernathy                                                                                                              |   | Abernathy, TX        |   | 24         |   | 1/94          |   | 781,898                 |   | 83%            |
| Pembroke                                                                                                               |   | Pembroke, KY         |   | 24         |   | 1/94          |   | 950,827                 |   | 92%            |
| Meadowview                                                                                                             |   | Greenville, AL       |   | 24         |   | 2/94          |   | 1,170,447               |   | 88%            |
| Town Branch                                                                                                            |   | Mt. Vernon, KY       |   | 24         |   | 12/93         |   | 937,356                 |   | 100%           |
| Fox Run                                                                                                                |   | Ragland, AL          |   | 24         |   | 3/94          |   | 978,195                 |   | 100%           |
| Maple Street                                                                                                           |   | Emporium, PA         |   | 32         |   | 3/94          |   | 1,715,881               |   | 100%           |
| Manchester                                                                                                             |   | Manchester, GA       |   | 18         |   | 5/94          |   | 735,449                 |   | 100%           |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Total Series 9                                                                                                         |   |                 |   | 600        |   |          |   | $  25,154,184 |   |           |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| The average effective rental income per unit for the year ended December 31, 2009 is $4,447 per year ($371 per month). |

----

| SERIES 10                                                                                                              |   |                 |   |       |   |          |   |                    |   |           |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|------------|--------|---------------|--------|-------------------------|--------|----------------|
| PARTNERSHIP                                                                                                            |   | LOCATION OF PROPERTY |   | # OF UNITS |   | DATE ACQUIRED |   | PROPERTY COST           |   | OCCUPANCY RATE |
|                                                                                                                   |   |                 |   |       |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Albany                                                                                                                 |   | Albany, KY           |   | 24         |   | 1/94          |   | 1,013,806               |   | 100%           |
| Oak Terrace                                                                                                            |   | Bonifay, FL          |   | 18         |   | 1/94          |   | 663,278                 |   | 100%           |
| Wellshill                                                                                                              |   | West Liberty, KY     |   | 32         |   | 1/94          |   | 1,282,246               |   | 100%           |
| Applegate                                                                                                              |   | Florence, AL         |   | 36         |   | 2/94          |   | 1,873,008               |   | 100%           |
| Heatherwood                                                                                                            |   | Alexander, AL        |   | 36         |   | 2/94          |   | 1,661,886               |   | 100%           |
| Peachtree                                                                                                              |   | Gaffney, SC          |   | 28         |   | 3/94          |   | 1,217,381               |   | 96%            |
| Donna                                                                                                                  |   | Donna, TX            |   | 50         |   | 1/94          |   | 1,777,573               |   | 100%           |
| Wellsville                                                                                                             |   | Wellsville, NY       |   | 24         |   | 2/94          |   | 1,487,949               |   | 100%           |
| Tecumseh                                                                                                               |   | Tecumseh, NE         |   | 24         |   | 4/94          |   | 1,186,197               |   | 63%            |
| Clay City                                                                                                              |   | Clay City, KY        |   | 24         |   | 5/94          |   | 1,100,354               |   | 96%            |
| Irvine West                                                                                                            |   | Irvine, KY           |   | 24         |   | 5/94          |   | 1,134,037               |   | 100%           |
| New Castle                                                                                                             |   | New Castle, KY       |   | 24         |   | 5/94          |   | 1,053,900               |   | 96%            |
| Stigler                                                                                                                |   | Stigler, OK          |   | 20         |   | 7/94          |   | 754,056                 |   | 100%           |
| Courtyard                                                                                                              |   | Huron, SD            |   | 21         |   | 8/94          |   | 811,230                 |   | 95%            |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Total Series 10                                                                                                        |   |                 |   | 385        |   |          |   | $  17,016,901 |   |           |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| The average effective rental income per unit for the year ended December 31, 2009 is $4,471 per year ($373 per month). |

| SERIES 11                                                                                                              |   |                 |   |       |   |          |   |                    |   |           |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|------------|--------|---------------|--------|-------------------------|--------|----------------|
| PARTNERSHIP                                                                                                            |   | LOCATION OF PROPERTY |   | # OF UNITS |   | DATE ACQUIRED |   | PROPERTY COST           |   | OCCUPANCY RATE |
|                                                                                                                   |   |                 |   |       |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Homestead                                                                                                              |   | Pinetop, AZ          |   | 32         |   | 9/94          |   | 1,846,395               |   | 100%           |
| Mountain Oak                                                                                                           |   | Collinsville, AL     |   | 24         |   | 9/94          |   | 894,455                 |   | 75%            |
| Eloy                                                                                                                   |   | Eloy, AZ             |   | 24         |   | 11/94         |   | 1,088,412               |   | 96%            |
| Gila Bend                                                                                                              |   | Gila Bend, AZ        |   | 36         |   | 11/94         |   | 1,583,442               |   | 81%            |
| Creekstone                                                                                                             |   | Dallas, GA           |   | 40         |   | 12/94         |   | 2,008,604               |   | 93%            |
| Tifton                                                                                                                 |   | Tifton, GA           |   | 36         |   | 12/94         |   | 1,706,886               |   | 97%            |
| Cass Towne                                                                                                             |   | Cartersville, GA     |   | 10         |   | 12/94         |   | 359,614                 |   | 80%            |
| Warsaw                                                                                                                 |   | Warsaw, VA           |   | 56         |   | 12/94         |   | 3,482,202               |   | 100%           |
| Royston                                                                                                                |   | Royston, GA          |   | 25         |   | 12/94         |   | 934,609                 |   | 100%           |
| Red Bud                                                                                                                |   | Mokane, MO           |   | 8          |   | 12/94         |   | 302,699                 |   | 75%            |
| Cardinal                                                                                                               |   | Mountain Home, AR    |   | 32         |   | 12/94         |   | 512,292                 |   | 91%            |
| Parsons                                                                                                                |   | Parsons, KS          |   | 38         |   | 12/94         |   | 1,430,526               |   | 87%            |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| Total Series 11                                                                                                        |   |                 |   | 361        |   |          |   | $  16,150,136 |   |           |
|                                                                                                                   |   |                 |   |       |   |          |   |                    |   |           |
| The average effective rental income per unit for the year ended December 31, 2009 is $4,947 per year ($412 per month). |

----

|                         |   |   | 12/31/2009 |
|------------------------------|--------|--------|------------|
|                         |   |   | SERIES 7   |   |   | SERIES 8 |   |   | SERIES 9 |
| Land                         |   | $      | 1,331,869  |   | $ | 1,841,988 |   | $ | 1,076,159 |
| Land Improvements            |   |   | 185,259    |   |   | 449,688 |   |   | 266,148 |
| Buildings                    |   |   | 30,482,220 |   |   | 39,998,985 |   |   | 22,826,427 |
| Furniture and Fixtures       |   |   | 1,107,081  |   |   | 2,288,985 |   |   | 985,450 |
| Construction in Process      |   |   | 7,134      |   |   | 0 |   |   | 0 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, at Cost          |   |   | 33,113,563 |   |   | 44,579,646 |   |   | 25,154,184 |
| Less:  Accum Depr. |   |   | 16,929,623 |   |   | 23,197,112 |   |   | 11,869,777 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, Net              |   | $      | 16,183,940 |   | $ | 21,382,534 |   | $ | 13,284,407 |
|                         |   |   |       |   |   |   |   |   |   |
|                         |   |   | SERIES 10  |   |   | SERIES 11 |   |   | TOTAL |
| Land                         |   | $      | 641,025    |   | $ | 599,197 |   | $ | 5,490,238 |
| Land Improvements            |   |   | 148,044    |   |   | 22,242 |   |   | 1,071,381 |
| Buildings                    |   |   | 15,602,386 |   |   | 14,793,221 |   |   | 123,703,239 |
| Furniture and Fixtures       |   |   | 625,446    |   |   | 735,475 |   |   | 5,742,437 |
| Construction in Process      |   |   | 0          |   |   | 0 |   |   | 7,134 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, at Cost          |   |   | 17,016,901 |   |   | 16,150,135 |   |   | 136,014,429 |
| Less:  Accum Depr. |   |   | 6,629,121  |   |   | 7,119,194 |   |   | 65,744,827 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, Net              |   | $      | 10,387,780 |   | $ | 9,030,941 |   | $ | 70,269,602 |

|                         |   |   | 12/31/2008 |
|------------------------------|--------|--------|------------|
|                         |   |   | SERIES 7   |   |   | SERIES 8 |   |   | SERIES 9 |
| Land                         |   | $      | 1,656,669  |   | $ | 1,947,646 |   | $ | 1,099,659 |
| Land Improvements            |   |   | 169,924    |   |   | 425,619 |   |   | 234,276 |
| Buildings                    |   |   | 37,305,480 |   |   | 42,332,059 |   |   | 23,763,784 |
| Furniture and Fixtures       |   |   | 1,607,149  |   |   | 2,440,596 |   |   | 1,048,730 |
| Construction in Process      |   |   | 7,134      |   |   | 0 |   |   | 0 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, at Cost          |   |   | 40,746,356 |   |   | 47,145,920 |   |   | 26,146,449 |
| Less:  Accum Depr. |   |   | 20,275,065 |   |   | 23,298,320 |   |   | 11,745,765 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, Net              |   | $      | 20,471,291 |   | $ | 23,847,600 |   | $ | 14,400,684 |
|                         |   |   |       |   |   |   |   |   |   |
|                         |   |   | SERIES 10  |   |   | SERIES 11 |   |   | TOTAL |
| Land                         |   | $      | 648,625    |   | $ | 599,197 |   | $ | 5,951,796 |
| Land Improvements            |   |   | 145,644    |   |   | 22,242 |   |   | 997,705 |
| Buildings                    |   |   | 16,569,411 |   |   | 14,716,563 |   |   | 134,687,297 |
| Furniture and Fixtures       |   |   | 711,717    |   |   | 696,059 |   |   | 6,504,251 |
| Construction in Process      |   |   | 0          |   |   | 0 |   |   | 7,134 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, at Cost          |   |   | 18,075,397 |   |   | 16,034,061 |   |   | 148,148,183 |
| Less:  Accum Depr. |   |   | 6,862,997  |   |   | 6,598,452 |   |   | 68,780,599 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, Net              |   | $      | 11,212,400 |   | $ | 9,435,609 |   | $ | 79,367,584 |

----

|                         |   |   | 12/31/2007 |
|------------------------------|--------|--------|------------|
|                         |   |   | SERIES 7   |   |   | SERIES 8 |   |   | SERIES 9 |
| Land                         |   | $      | 1,756,669  |   | $ | 1,947,646 |   | $ | 1,099,659 |
| Land Improvements            |   |   | 299,050    |   |   | 423,554 |   |   | 230,418 |
| Buildings                    |   |   | 42,429,742 |   |   | 42,154,871 |   |   | 23,761,563 |
| Furniture and Fixtures       |   |   | 2,090,121  |   |   | 2,322,456 |   |   | 1,005,879 |
| Construction in Process      |   |   | 7,134      |   |   | 0 |   |   | 0 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, at Cost          |   |   | 46,582,716 |   |   | 46,848,527 |   |   | 26,097,519 |
| Less:  Accum Depr. |   |   | 21,787,463 |   |   | 21,803,677 |   |   | 10,955,123 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, Net              |   | $      | 24,795,253 |   | $ | 25,044,850 |   | $ | 15,142,396 |
|                         |   |   |       |   |   |   |   |   |   |
|                         |   |   | SERIES 10  |   |   | SERIES 11 |   |   | TOTAL |
| Land                         |   | $      | 648,625    |   | $ | 599,197 |   | $ | 6,051,796 |
| Land Improvements            |   |   | 119,284    |   |   | 22,242 |   |   | 1,094,548 |
| Buildings                    |   |   | 16,565,186 |   |   | 14,702,954 |   |   | 139,614,316 |
| Furniture and Fixtures       |   |   | 638,397    |   |   | 654,026 |   |   | 6,710,879 |
| Construction in Process      |   |   | 0          |   |   | 0 |   |   | 7,134 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, at Cost          |   |   | 17,971,492 |   |   | 15,978,419 |   |   | 153,478,673 |
| Less:  Accum Depr. |   |   | 6,378,478  |   |   | 6,078,106 |   |   | 67,002,847 |
|                         |   |   |       |   |   |   |   |   |   |
| Properties, Net              |   | $      | 11,593,014 |   | $ | 9,900,313 |   | $ | 86,475,826 |

----

|                         |   | Number of Record Holders       |
|------------------------------|--------|--------------------------------|
| Title of Class               |   | as of March 31, 2010           |
| Limited Partnership Interest |   |      2,052 |
| General Partner Interest     |   |    2                 |

| SERIES 7                                        | 2010                            |   | 2009                            |   | 2008                            |   | 2007                            |   | 2006                            |
|-------------------------------------------------|---------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------|
| Total Revenues                                  | $   31,189  |   | $   26,416  |   | $   36,085  |   | $   27,050  |   | $   21,470  |
| Net Income (Loss)                               | 142,985                    |   | (349,081)                       |   | (345,647)                       |   | (366,648)                       |   | (467,796)                       |
| Equity in Income (Loss) of Project Partnerships | -                          |   | 707                        |   | (28,789)                        |   | (78,519)                        |   | (92,380)                        |
| Total Assets                                    | 293,719                    |   | 335,175                    |   | 650,076                    |   | 906,324                    |   | 1,186,879                  |
| Investments In Project Partnerships             | 84,017                     |   | 88,308                     |   | 284,147                    |   | 442,787                    |   | 641,745                    |
|                                            |                            |   |                            |   |                            |   |                            |   |                            |
| Per Weighted Average                            |                            |   |                            |   |                            |   |                            |   |                            |
| Limited Partnership Unit: (A)                   |                            |   |                            |   |                            |   |                            |   |                            |
| Tax Credits                                     | .00                        |   | .00                        |   | .00                        |   | .96                        |   | 8.05                       |
| Portfolio Income                                | 3.52                       |   | 7.40                       |   | 10.02                      |   | 8.15                       |   | 6.16                       |
| Passive Loss                                    | (100.74)                        |   | (104.98)                        |   | (94.93)                         |   | (98.00)                         |   | (100.77)                        |
| Net Income (Loss)                               | 8.32                       |   | (37.38)                         |   | (32.92)                         |   | (34.92)                         |   | (44.55)                         |
| Distributions Paid                              | 28.43                      |   | 4.17                       |   | -                          |   | -                          |   | -                          |

| SERIES 8                               | 2010                            |   | 2009                            |   | 2008                            |   | 2007                            |   | 2006                            |
|----------------------------------------|---------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------|
| Total Revenues                         | $   23,800  |   | $   18,335  |   | $   29,379  |   | $   15,890  |   | $   16,963  |
| Net Loss                               | (91,802)                        |   | (517,416)                       |   | (251,652)                       |   | (240,629)                       |   | (216,489)                       |
| Equity in Loss of Project Partnerships | (2,631)                         |   | (45,239)                        |   | (54,012)                        |   | (15,683)                        |   | (29,928)                        |
| Total Assets                           | 238,988                    |   | 200,925                    |   | 625,123                    |   | 741,918                    |   | 893,391                    |
| Investments In Project Partnerships    | -                          |   | 15,007                     |   | 296,532                    |   | 377,733                    |   | 415,344                    |
|                                   |                            |   |                            |   |                            |   |                            |   |                            |
| Per Weighted Average                   |                            |   |                            |   |                            |   |                            |   |                            |
| Limited Partnership Unit: (A)          |                            |   |                            |   |                            |   |                            |   |                            |
| Tax Credits                            | .00                        |   | .00                        |   | .00                        |   | 1.55                       |   | 16.92                      |
| Portfolio Income                       | 4.11                       |   | 8.70                       |   | 12.04                      |   | 10.68                      |   | 7.30                       |
| Passive Loss                           | (113.31)                        |   | (131.63)                        |   | (110.05)                        |   | (110.42)                        |   | (110.88)                        |
| Net Loss                               | (11.39)                         |   | (51.36)                         |   | (31.71)                         |   | (23.87)                         |   | (21.48)                         |
| Distributions Paid                     | -                          |   | 6.81                       |   | -                          |   | -                          |   | -                          |

----

| SERIES 9                               | 2010                            |   | 2009                            |   | 2008                           |   | 2007                           |   | 2006                           |
|----------------------------------------|---------------------------------|--------|---------------------------------|--------|--------------------------------|--------|--------------------------------|--------|--------------------------------|
| Total Revenues                         | $   15,862  |   | $   10,038  |   | $   8,514  |   | $   6,166  |   | $   4,437  |
| Net Loss                               | (120,481)                       |   | (416,956)                       |   | (242,723)                      |   | (248,128)                      |   | (341,082)                      |
| Equity in Loss of Project Partnerships | (4,909)                         |   | (87,688)                        |   | (100,405)                      |   | (117,893)                      |   | (101,726)                      |
| Total Assets                           | 96,912                     |   | 134,007                    |   | 502,778                   |   | 694,273                   |   | 893,314                   |
| Investments In Project Partnerships    | -                          |   | 9,681                      |   | 292,761                   |   | 412,287                   |   | 550,442                   |
|                                   |                            |   |                            |   |                           |   |                           |   |                           |
| Per Weighted Average                   |                            |   |                            |   |                           |   |                           |   |                           |
| Limited Partnership Unit: (A)          |                            |   |                            |   |                           |   |                           |   |                           |
| Tax Credits                            | .00                        |   | .00                        |   | .00                       |   | .00                       |   | 6.34                      |
| Portfolio Income                       | 1.84                       |   | 6.02                       |   | 8.73                      |   | 7.40                      |   | 5.41                      |
| Passive Loss                           | (131.15)                        |   | (130.99)                        |   | (112.02)                       |   | (103.96)                       |   | (90.51)                        |
| Net Loss                               | (20.65)                         |   | (66.00)                         |   | (38.42)                        |   | (39.28)                        |   | (53.99)                        |

| SERIES 10                                       | 2010                           |   | 2009                            |   | 2008                           |   | 2007                           |   | 2006                           |
|-------------------------------------------------|--------------------------------|--------|---------------------------------|--------|--------------------------------|--------|--------------------------------|--------|--------------------------------|
| Total Revenues                                  | $   8,658  |   | $   12,302  |   | $   2,129  |   | $   2,563  |   | $   2,561  |
| Net Loss                                        | (100,294)                      |   | (609,675)                       |   | (561,574)                      |   | (261,712)                      |   | (355,932)                      |
| Equity in (Loss) Income of Project Partnerships | (28,325)                       |   | 796                        |   | (75,336)                       |   | (113,347)                      |   | (111,553)                      |
| Total Assets                                    | 250,905                   |   | 295,574                    |   | 872,011                   |   | 1,398,676                 |   | 1,626,672                 |
| Investments In Project Partnerships             | 97,267                    |   | 136,408                    |   | 672,563                   |   | 1,159,544                 |   | 1,360,959                 |
|                                            |                           |   |                            |   |                           |   |                           |   |                           |
| Per Weighted Average                            |                           |   |                            |   |                           |   |                           |   |                           |
| Limited Partnership Unit: (A)                   |                           |   |                            |   |                           |   |                           |   |                           |
| Tax Credits                                     | .00                       |   | .00                        |   | .00                       |   | .00                       |   | 9.58                      |
| Portfolio Income                                | 2.97                      |   | 6.24                       |   | 9.28                      |   | 8.75                      |   | 7.55                      |
| Passive Loss                                    | (98.97)                        |   | (89.39)                         |   | (79.58)                        |   | (91.68)                        |   | (90.73)                        |
| Net Loss                                        | (21.65)                        |   | (119.69)                        |   | (110.24)                       |   | (51.38)                        |   | (69.87)                        |

| SERIES 11                              | 2010                           |   | 2009                           |   | 2008                           |   | 2007                           |   | 2006                           |
|----------------------------------------|--------------------------------|--------|--------------------------------|--------|--------------------------------|--------|--------------------------------|--------|--------------------------------|
| Total Revenues                         | $   4,207  |   | $   2,182  |   | $   2,782  |   | $   3,382  |   | $   3,382  |
| Net Loss                               | (188,280)                      |   | (468,075)                      |   | (628,777)                      |   | (470,714)                      |   | (776,165)                      |
| Equity in Loss of Project Partnerships | (80,592)                       |   | (115,651)                      |   | (74,752)                       |   | (32,981)                       |   | (96,562)                       |
| Total Assets                           | 621,840                   |   | 782,534                   |   | 1,220,597                 |   | 1,821,412                 |   | 2,271,082                 |
| Investments In Project Partnerships    | 411,872                   |   | 536,485                   |   | 935,152                   |   | 1,505,978                 |   | 1,926,349                 |
|                                   |                           |   |                           |   |                           |   |                           |   |                           |
| Per Weighted Average                   |                           |   |                           |   |                           |   |                           |   |                           |
| Limited Partnership Unit: (A)          |                           |   |                           |   |                           |   |                           |   |                           |
| Tax Credits                            | .00                       |   | .00                       |   | .00                       |   | 8.57                      |   | 110.21                    |
| Portfolio Income                       | 2.49                      |   | 5.61                      |   | 7.55                      |   | 6.61                      |   | 5.75                      |
| Passive Loss                           | (69.47)                        |   | (71.57)                        |   | (67.19)                        |   | (56.12)                        |   | (52.47)                        |
| Net Loss                               | (36.36)                        |   | (90.38)                        |   | (121.41)                       |   | (90.89)                        |   | (149.87)                       |

| TOTAL SERIES 7 - 11                    | 2010                                        |   | 2009                                        |   | 2008                                        |   | 2007                                        |   | 2006                                        |
|----------------------------------------|---------------------------------------------|--------|---------------------------------------------|--------|---------------------------------------------|--------|---------------------------------------------|--------|---------------------------------------------|
| Total Revenues                         | $     83,716  |   | $     69,273  |   | $     78,889  |   | $     55,051  |   | $     48,813  |
| Net Loss                               | (357,872)                                   |   | (2,361,203)                                 |   | (2,030,373)                                 |   | (1,587,831)                                 |   | (2,157,464)                                 |
| Equity in Loss of Project Partnerships | (116,457)                                   |   | (247,075)                                   |   | (333,294)                                   |   | (358,423)                                   |   | (432,149)                                   |
| Total Assets                           | 1,502,364                              |   | 1,748,215                              |   | 3,870,585                              |   | 5,562,603                              |   | 6,871,338                              |
| Investments In Project Partnerships    | 593,156                                |   | 785,889                                |   | 2,481,155                              |   | 3,898,239                              |   | 4,894,839                              |

----

----

----

----

----

----

----

| Transaction  |                          |                                  | Net Proceeds                        | Gain on                               |
|--------------|-------------------------------|---------------------------------------|-------------------------------------|---------------------------------------|
| Month / Year | Project Partnership           | Net Proceeds                          | Per LP Unit                         | Disposal                              |
| August 2009  | Mountain City Manor           | $    36,860  | $    3.54  | $    38,190  |
| August 2009  | Tazewell Village              | 41,290                           | 3.97                           | 42,620                           |
| August 2009  | Jamestown Village             | 36,450                           | 3.51                           | 37,864                           |
| August 2009  | Clinch View Manor             | 134,400                          | 12.93                          | 135,814                          |
| May 2009     | Spring Creek Apartments II LP | 46,520                           | 4.48                           | 46,030                           |
|         |                          |                                  |                                | $  300,518             |

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | South Brenchley     | $   13,000  | $  1.30  | $  13,000  |
| January 2010 | Cimmaron Station    | 10,000                     | 1.00               | 10,000               |
|         |                |                            |                    | $  23,000  |

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | Mountain Glen       | $   10,000  | $  1.59  | $  10,000  |
|         |                |                            |                    | $  10,000  |

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | Redstone            | $   10,000  | $  1.98  | $  10,000  |
|         |                |                            |                    | $  10,000  |

----

| Transaction    |                    |                           | Net Proceeds            | Gain on                              |
|----------------|-------------------------|--------------------------------|-------------------------|--------------------------------------|
| Month / Year   | Project Partnership     | Net Proceeds                   | Per LP Unit             | 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 on                      |
|--------------|------------------------|----------------------------------------------------------------------|----------------------------------------------------------|------------------------------|
| Month / Year | Project Partnership    | Net Proceeds                                                         | Per LP Unit                                              | Disposal                     |
|         | Other, net (see below) | $          -  | $        -  | $   349  |
|         |                   |                                                                 |                                                     | $   349  |

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

----

| Mt. Vernon Rental Housing, L.P. | Meadow Run Apartments, LP              |
|---------------------------------|----------------------------------------|
| Lakeland II, LP                 | Blue Ridge Elderly Housing, Ltd., L.P. |
| Horton Housing, L.P.            | Atoka Properties                       |
| Coalgate Properties             |                                   |

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

| Arbor Trace Apartments Phase I LP | Arbor Trace Apartments Phase II LP |
|-----------------------------------|------------------------------------|
| Abernathy Properties              | Boxwood Place Properties           |
| Lamar Properties, L.P.            | Stilwell Properties III            |
| Jay Properties II                 |                               |

----

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

| Pioneer Apartments, an Arkansas Limited Partnership |   |
|-----------------------------------------------------|--------|

|                                        |           | Payment due by period |
|---------------------------------------------|----------------|-----------------------|
|                                        |           | Less than             |   |   | More than |
| Contractual Obligations                     | Total          | 1 year                | 1-3 years | 3-5 years | 5 years |
|                                        |           |                  |   |   |   |
| Long-Term Debt Obligations                  |           |                  |   |   |   |
| Capital Lease Obligations                   |           |                  |   |   |   |
| Operating Lease Obligations                 |           |                  |   |   |   |
| Purchase Obligations                        |           |                  |   |   |   |
| Other Liabilities Reflected on the          |           |                  |   |   |   |
| Registrant’s Balance Sheet under GAAP | $3,363,915 (1) | 457,129               | 2,906,786 | 0 | 0 |

----

----

|                                        | SERIES 7                                                 |   | SERIES 8                                          |   | SERIES 9                                                 |
|---------------------------------------------|----------------------------------------------------------|--------|---------------------------------------------------|--------|----------------------------------------------------------|
|                                        | March 31,                                                |   | March 31,                                         |   | March 31,                                                |   | March 31, |   | March 31, |   | March 31, |
|                                        | 2010                                                     |   | 2009                                              |   | 2010                                                     |   | 2009 |   | 2010 |   | 2009 |
| ASSETS                                      |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Current Assets:                             |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Cash and Cash Equivalents                   | $       209,702  |   | $    246,867             |   | $       238,988  |   | $    185,918  |   | $         96,912  |   | $     124,326  |
| Total Current Assets                        | 209,702                                             |   | 246,867                                      |   | 238,988                                             |   | 185,918  |   | 96,912  |   | 124,326  |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Investments in Project Partnerships, net    | 84,017                                              |   | 88,308                                       |   | -                                                   |   | 15,007  |   | -  |   | 9,681  |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total Assets                                | $       293,719  |   | $    335,175             |   | $       238,988  |   | $    200,925  |   | $         96,912  |   | $     134,007  |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' DEFICIT           |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Current Liabilities:                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Payable to General Partners                 | $       105,464  |   | $      61,563  |   | $       215,965  |   | $    171,880  |   | $         66,214  |   | $       31,416  |
| Distribution Payable                        | 5,066                                               |   | 78                                           |   | 23,385                                              |   | 385  |   | 10,000  |   | -  |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total Current Liabilities                   | 110,530                                             |   | 61,641                                       |   | 239,350                                             |   | 172,265  |   | 76,214  |   | 31,416  |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Long-Term Liabilities:                      |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Payable to General Partners                 | 963,160                                             |   | 895,972                                      |   | 1,034,764                                           |   | 948,984  |   | 624,387  |   | 575,799  |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Partners' Equity (Deficit):                 |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Limited Partners - 10,395, 9,980, and 6,254 |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| units for Series 7, 8, and 9, respectively, |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| at March 31, 2010 and 2009                  | (782,420)                                                |   | (568,361)                                         |   | (1,028,499)                                              |   | (891,845) |   | (552,816) |   | (413,640) |
| General Partners                            | 2,449                                               |   | (54,077)                                          |   | (6,627)                                                  |   | (28,479) |   | (50,873) |   | (59,568) |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total Partners' Deficit                     | (779,971)                                                |   | (622,438)                                         |   | (1,035,126)                                              |   | (920,324) |   | (603,689) |   | (473,208) |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |
| Total Liabilities and Partners' Deficit     | $       293,719  |   | $    335,175             |   | $       238,988  |   | $    200,925  |   | $         96,912  |   | $     134,007  |
|                                        |                                                     |   |                                              |   |                                                     |   |   |   |   |   |   |

----

|                                             | SERIES 10                                                           |   | SERIES 11                                         |   | TOTAL SERIES 7 - 11                                                 |
|--------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                             | March 31,                                                           |   | March 31,                                         |   | March 31,                                                           |   | March 31, |   | March 31, |   | March 31, |
|                                             | 2010                                                                |   | 2009                                              |   | 2010                                                                |   | 2009 |   | 2010 |   | 2009 |
| ASSETS                                           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current Assets:                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash and Cash Equivalents                        | $       153,638             |   | $    121,062             |   | $       209,968             |   | $    204,816  |   | $       909,208  |   | $     882,989  |
| Investments in Securities                        | -                                                              |   | 38,104                                       |   | -                                                              |   | 41,233  |   | -  |   | 79,337  |
| Total Current Assets                             | 153,638                                                        |   | 159,166                                      |   | 209,968                                                        |   | 246,049  |   | 909,208  |   | 962,326  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments in Project Partnerships, net         | 97,267                                                         |   | 136,408                                      |   | 411,872                                                        |   | 536,485  |   | 593,156  |   | 785,889  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total Assets                                     | $       250,905             |   | $    295,574             |   | $       621,840             |   | $    782,534  |   | $    1,502,364  |   | $  1,748,215  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT)       |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current Liabilities:                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable to General Partners                      | $         54,975  |   | $      32,774  |   | $         14,511  |   | $      15,049  |   | $       457,129  |   | $     312,682  |
| Distribution Payable                             | 10,000                                                         |   | -                                            |   | -                                                              |   | -  |   | 48,451  |   | 463  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total Current Liabilities                        | 64,975                                                         |   | 32,774                                       |   | 14,511                                                         |   | 15,049  |   | 505,580  |   | 313,145  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term Liabilities:                           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable to General Partners                      | 179,311                                                        |   | 145,887                                      |   | 105,164                                                        |   | 77,040  |   | 2,906,786  |   | 2,643,682  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners' Equity (Deficit):                      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited Partners - 5,043 and 5,127 units         |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| for Series 10 and 11, respectively, at           |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| March 31, 2010 and 2009                          | 40,732                                                         |   | 159,923                                      |   | 543,134                                                        |   | 729,531  |   | (1,779,869) |   | (984,392) |
| General Partners                                 | (34,113)                                                            |   | (43,010)                                          |   | (40,969)                                                            |   | (39,086) |   | (130,133) |   | (224,220) |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total Partners' Equity (Deficit)                 | 6,619                                                          |   | 116,913                                      |   | 502,165                                                        |   | 690,445  |   | (1,910,002) |   | (1,208,612) |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total Liabilities and Partners' Equity (Deficit) | $       250,905             |   | $    295,574             |   | $       621,840             |   | $    782,534  |   | $    1,502,364  |   | $  1,748,215  |
|                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                        | SERIES 7                                                                |   | SERIES 8                                           |
|-------------------------------------------------------------|-------------------------------------------------------------------------|--------|----------------------------------------------------|
|                                                        | 2010                                                                    |   | 2009                                               |   | 2008 |   | 2010 |   | 2009 |   | 2008 |
| Revenues:                                                   |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Distribution Income                                         | $      31,189                        |   | $      26,416   |   | $      36,085  |   | $      23,800  |   | $      18,335  |   | $      29,379  |
| Total Revenues                                              | 31,189                                                             |   | 26,416                                        |   | 36,085  |   | 23,800  |   | 18,335  |   | 29,379  |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Expenses:                                                   |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Asset Management Fee - General Partner                      | 67,188                                                             |   | 80,024                                        |   | 85,596  |   | 85,780  |   | 86,288  |   | 89,020  |
| General and Administrative:                                 |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| General Partner                                             | 82,933                                                             |   | 114,225                                       |   | 124,429  |   | -  |   | 130,191  |   | 136,878  |
| Other                                                       | 38,336                                                             |   | 42,989                                        |   | 38,388  |   | 40,376  |   | 45,703  |   | 39,031  |
| Amortization                                                | 291                                                                |   | 5,014                                         |   | 25,935  |   | 1,156  |   | 11,073  |   | 13,138  |
| Impairment Loss on Investment in Project Partnerships       | -                                                                  |   | 183,299                                       |   | 99,867  |   | 8,681  |   | 221,243  |   | 31,346  |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Total Expenses                                              | 188,748                                                            |   | 425,551                                       |   | 374,215  |   | 135,993  |   | 494,498  |   | 309,413  |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Loss Before Equity in Income (Loss) of Project Partnerships |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| and Other Income                                            | (157,559)                                                               |   | (399,135)                                          |   | (338,130) |   | (112,193) |   | (476,163) |   | (280,034) |
| Equity in Income (Loss) of Project Partnerships             | -                                                                  |   | 707                                           |   | (28,789) |   | (2,631) |   | (45,239) |   | (54,012) |
| Gain on Sale of Project Partnerships                        | 300,518                                                            |   | 43,425                                        |   | -  |   | 23,000  |   | 349  |   | 68,000  |
| Interest Income                                             | 26                                                                 |   | 5,922                                         |   | 21,272  |   | 22  |   | 3,637  |   | 14,394  |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Net Income (Loss)                                           | $    142,985                                   |   | $   (349,081)                       |   | $   (345,647) |   | $     (91,802) |   | $   (517,416) |   | $   (251,652) |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                            |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Limited Partners                                            | $      86,459                        |   | $   (388,581)                       |   | $   (342,191) |   | $   (113,654) |   | $   (512,587) |   | $   (316,456) |
| General Partners                                            | 56,526                                                             |   | 39,500                                        |   | (3,456) |   | 21,852  |   | (4,829) |   | 64,804  |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
|                                                        | $    142,985                                   |   | $   (349,081)                       |   | $   (345,647) |   | $     (91,802) |   | $   (517,416) |   | $   (251,652) |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Net Income (Loss) Per Limited Partnership Unit              | $          8.32  |   | $       (37.38) |   | $       (32.92) |   | $       (11.39) |   | $       (51.36) |   | $       (31.71) |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |
| Number of Limited Partnership Units Outstanding             | 10,395                                                             |   | 10,395                                        |   | 10,395  |   | 9,980  |   | 9,980  |   | 9,980  |
|                                                        |                                                                    |   |                                               |   |   |   |   |   |   |   |   |

----

|                                                        | SERIES 9                                           |   | SERIES 10                                          |
|-------------------------------------------------------------|----------------------------------------------------|--------|----------------------------------------------------|
|                                                        | 2010                                               |   | 2009                                               |   | 2008 |   | 2010 |   | 2009 |   | 2008 |
| Revenues:                                                   |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Distribution Income                                         | $      15,862   |   | $      10,038   |   | $        8,514  |   | $        8,658  |   | $      12,302  |   | $        2,129  |
| Total Revenues                                              | 15,862                                        |   | 10,038                                        |   | 8,514  |   | 8,658  |   | 12,302  |   | 2,129  |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Expenses:                                                   |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Asset Management Fee - General Partner                      | 48,589                                        |   | 48,840                                        |   | 49,068  |   | 33,424  |   | 33,584  |   | 33,536  |
| General and Administrative:                                 |                                               |   |                                               |   |   |   |   |   |   |   |   |
| General Partner                                             | 62,259                                        |   | 74,395                                        |   | 76,571  |   | 38,620  |   | 46,497  |   | 47,857  |
| Other                                                       | 27,603                                        |   | 30,605                                        |   | 25,996  |   | 19,824  |   | 21,098  |   | 18,653  |
| Amortization                                                | 2,993                                         |   | 10,045                                        |   | 12,053  |   | 667  |   | 20,914  |   | 24,106  |
| Impairment Loss on Investment in Project Partnerships       | -                                             |   | 180,400                                       |   | -  |   | -  |   | 506,918  |   | 376,185  |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Total Expenses                                              | 141,444                                       |   | 344,285                                       |   | 163,688  |   | 92,535  |   | 629,011  |   | 500,337  |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Loss Before Equity in (Loss) Income of Project Partnerships |                                               |   |                                               |   |   |   |   |   |   |   |   |
| and Other Income                                            | (125,582)                                          |   | (334,247)                                          |   | (155,174) |   | (83,877) |   | (616,709) |   | (498,208) |
| Equity in (Loss) Income of Project Partnerships             | (4,909)                                            |   | (87,688)                                           |   | (100,405) |   | (28,325) |   | 796  |   | (75,336) |
| Gain on Sale of Project Partnerships                        | 10,000                                        |   | -                                             |   | -  |   | 10,000  |   | -  |   | -  |
| Interest Income                                             | 10                                            |   | 4,979                                         |   | 12,856  |   | 1,908  |   | 6,238  |   | 11,970  |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Net Loss                                                    | $   (120,481)                       |   | $   (416,956)                       |   | $   (242,723) |   | $   (100,294) |   | $   (609,675) |   | $   (561,574) |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Allocation of Net (Loss) Income:                            |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Limited Partners                                            | $   (129,176)                       |   | $   (412,786)                       |   | $   (240,296) |   | $   (109,191) |   | $   (603,578) |   | $   (555,958) |
| General Partners                                            | 8,695                                         |   | (4,170)                                            |   | (2,427) |   | 8,897  |   | (6,097) |   | (5,616) |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |
|                                                        | $   (120,481)                       |   | $   (416,956)                       |   | $   (242,723) |   | $   (100,294) |   | $   (609,675) |   | $   (561,574) |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Net Loss Per Limited Partnership Unit                       | $       (20.65) |   | $       (66.00) |   | $       (38.42) |   | $       (21.65) |   | $     (119.69) |   | $     (110.24) |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |
| Number of Limited Partnership Units Outstanding             | 6,254                                         |   | 6,254                                         |   | 6,254  |   | 5,043  |   | 5,043  |   | 5,043  |
|                                                        |                                               |   |                                               |   |   |   |   |   |   |   |   |

----

|                                                  | SERIES 11                                                    |   | TOTAL SERIES 7 - 11                                          |
|-------------------------------------------------------|--------------------------------------------------------------|--------|--------------------------------------------------------------|
|                                                  | 2010                                                         |   | 2009                                                         |   | 2008 |   | 2010 |   | 2009 |   | 2008 |
| Revenues:                                             |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Distribution Income                                   | $        4,207  |   | $        2,182  |   | $        2,782  |   | $      83,716  |   | $         69,273  |   | $         78,889  |
| Total Revenues                                        | 4,207                                                   |   | 2,182                                                   |   | 2,782  |   | 83,716  |   | 69,273  |   | 78,889  |
|                                                  |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Expenses:                                             |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Asset Management Fee - General Partner                | 28,124                                                  |   | 28,352                                                  |   | 28,699  |   | 263,105  |   | 277,088  |   | 285,919  |
| General and Administrative:                           |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| General Partner                                       | 34,766                                                  |   | 37,198                                                  |   | 38,286  |   | 218,578  |   | 402,506  |   | 424,021  |
| Other                                                 | 19,855                                                  |   | 21,108                                                  |   | 18,749  |   | 145,994  |   | 161,503  |   | 140,817  |
| Amortization                                          | 12,518                                                  |   | 28,981                                                  |   | 33,497  |   | 17,625  |   | 76,027  |   | 108,729  |
| Impairment Loss on Investment in Project Partnerships | 19,418                                                  |   | 248,250                                                 |   | 454,605  |   | 28,099  |   | 1,340,110  |   | 962,003  |
|                                                  |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Total Expenses                                        | 114,681                                                 |   | 363,889                                                 |   | 573,836  |   | 673,401  |   | 2,257,234  |   | 1,921,489  |
|                                                  |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Loss Before Equity in Loss of Project Partnerships    |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| and Other Income                                      | (110,474)                                                    |   | (361,707)                                                    |   | (571,054) |   | (589,685) |   | (2,187,961) |   | (1,842,600) |
| Equity in Loss of Project Partnerships                | (80,592)                                                     |   | (115,651)                                                    |   | (74,752) |   | (116,457) |   | (247,075) |   | (333,294) |
| Gain on Sale of Project Partnerships                  | -                                                       |   | -                                                       |   | -  |   | 343,518  |   | 43,774  |   | 68,000  |
| Interest Income                                       | 2,786                                                   |   | 9,283                                                   |   | 17,029  |   | 4,752  |   | 30,059  |   | 77,521  |
|                                                  |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Net Loss                                              | $   (188,280)                                 |   | $   (468,075)                                 |   | $   (628,777) |   | $   (357,872) |   | $   (2,361,203) |   | $   (2,030,373) |
|                                                  |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Allocation of Net (Loss) Income:                      |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Limited Partners                                      | $   (186,397)                                 |   | $   (463,394)                                 |   | $   (622,489) |   | $   (451,959) |   | $   (2,380,926) |   | $   (2,077,390) |
| General Partners                                      | (1,883)                                                      |   | (4,681)                                                      |   | (6,288) |   | 94,087  |   | 19,723  |   | 47,017  |
|                                                  |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
|                                                  | $   (188,280)                                 |   | $   (468,075)                                 |   | $   (628,777) |   | $   (357,872) |   | $   (2,361,203) |   | $   (2,030,373) |
|                                                  |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Net Loss Per Limited Partnership Unit                 | $       (36.36)           |   | $       (90.38)           |   | $     (121.41) |   |   |   |   |   |   |
|                                                  |                                                         |   |                                                         |   |   |   |   |   |   |   |   |
| Number of Limited Partnership Units Outstanding       | 5,127                                                   |   | 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) Income         | (342,191)                                          |   | (3,456)                                                      |   | (345,647) |   | (316,456) |   | 64,804  |   | (251,652) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions             | -                                             |   | -                                                       |   | -  |   | (68,000) |   | -  |   | (68,000) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance at March 31, 2008 | (136,355)                                          |   | (93,577)                                                     |   | (229,932) |   | (378,909) |   | (23,650) |   | (402,559) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
| Net (Loss) Income         | (388,581)                                          |   | 39,500                                                  |   | (349,081) |   | (512,587) |   | (4,829) |   | (517,416) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions             | (43,425)                                           |   | -                                                       |   | (43,425) |   | (349) |   | -  |   | (349) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009 | (568,361)                                          |   | (54,077)                                                     |   | (622,438) |   | (891,845) |   | (28,479) |   | (920,324) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
| Net Income (Loss)         | 86,459                                        |   | 56,526                                                  |   | 142,985  |   | (113,654) |   | 21,852  |   | (91,802) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions             | (300,518)                                          |   | -                                                       |   | (300,518) |   | (23,000) |   | -  |   | (23,000) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010 | $     (782,420)           |   | $        2,449  |   | $     (779,971) |   | $   (1,028,499) |   | $       (6,627) |   | $   (1,035,126) |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                                         |   |   |   |   |   |   |   |   |

----

|                      | 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                  | (240,296)                                          |   | (2,427)                                 |   | (242,723) |   | (555,958) |   | (5,616) |   | (561,574) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2008 | (854)                                              |   | (55,398)                                |   | (56,252) |   | 763,501  |   | (36,913) |   | 726,588  |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Net Loss                  | (412,786)                                          |   | (4,170)                                 |   | (416,956) |   | (603,578) |   | (6,097) |   | (609,675) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009 | (413,640)                                          |   | (59,568)                                |   | (473,208) |   | 159,923  |   | (43,010) |   | 116,913  |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Net (Loss) Income         | (129,176)                                          |   | 8,695                              |   | (120,481) |   | (109,191) |   | 8,897  |   | (100,294) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Distributions             | (10,000)                                           |   | -                                  |   | (10,000) |   | (10,000) |   | -  |   | (10,000) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010 | $     (552,816)           |   | $     (50,873) |   | $     (603,689) |   | $        40,732  |   | $     (34,113) |   | $          6,619  |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |

----

|                      | 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) Income         | (622,489)                                          |   | (6,288)                                 |   | (628,777) |   | (2,077,390) |   | 47,017  |   | (2,030,373) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Distributions             | -                                             |   | -                                  |   | -  |   | (68,000) |   | -  |   | (68,000) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2008 | 1,192,925                                     |   | (34,405)                                |   | 1,158,520  |   | 1,440,308  |   | (243,943) |   | 1,196,365  |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Net (Loss) Income         | (463,394)                                          |   | (4,681)                                 |   | (468,075) |   | (2,380,926) |   | 19,723  |   | (2,361,203) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Distributions             | -                                             |   | -                                  |   | -  |   | (43,774) |   | -  |   | (43,774) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009 | 729,531                                       |   | (39,086)                                |   | 690,445  |   | (984,392) |   | (224,220) |   | (1,208,612) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Net (Loss) Income         | (186,397)                                          |   | (1,883)                                 |   | (188,280) |   | (451,959) |   | 94,087  |   | (357,872) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Distributions             | -                                             |   | -                                  |   | -  |   | (343,518) |   | -  |   | (343,518) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010 | $      543,134  |   | $     (40,969) |   | $      502,165  |   | $   (1,779,869) |   | $   (130,133) |   | $   (1,910,002) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |

----

|                                                                                 | SERIES 7                                           |
|--------------------------------------------------------------------------------------|----------------------------------------------------|
|                                                                                 | 2010                                               |   | 2009 |   | 2008 |
| Cash Flows from Operating Activities:                                                |                                               |   |   |   |   |
| Net Income (Loss)                                                                    | $      142,985  |   | $     (349,081) |   | $     (345,647) |
| Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities: |                                               |   |   |   |   |
| Amortization                                                                         | 291                                           |   | 5,014  |   | 25,935  |
| Impairment Loss on Investment in Project Partnerships                                | -                                             |   | 183,299  |   | 99,867  |
| Accreted Interest Income on Investment in Securities                                 | -                                             |   | -  |   | (5,240) |
| Discount on Investment in Securities                                                 | -                                             |   | (1,592) |   | (627) |
| Equity in (Income) Loss of Project Partnerships                                      | -                                             |   | (707) |   | 28,789  |
| Gain on Sale of Project Partnerships                                                 | (300,518)                                          |   | (43,425) |   | -  |
| Distribution Income                                                                  | (31,189)                                           |   | (26,416) |   | (36,085) |
| Changes in Operating Assets and Liabilities:                                         |                                               |   |   |   |   |
| Decrease (Increase) in Interest Receivable                                           | -                                             |   | 2,577  |   | (995) |
| Decrease (Increase) in Receivable - Other                                            | -                                             |   | 696  |   | (696) |
| Increase in Payable to General Partners                                              | 111,089                                       |   | 77,527  |   | 89,399  |
| Net Cash Used in Operating Activities                                                | (77,342)                                           |   | (152,108) |   | (145,300) |
|                                                                                 |                                               |   |   |   |   |
| Cash Flows from Investing Activities:                                                |                                               |   |   |   |   |
| Distributions Received from Project Partnerships                                     | 35,189                                        |   | 34,648  |   | 40,134  |
| Net Proceeds from Sale of Project Partnerships                                       | 300,518                                       |   | 43,425  |   | -  |
| Redemption of Investment Securities                                                  | -                                             |   | 362,000  |   | 289,000  |
| Purchase of Investment Securities                                                    | -                                             |   | (160,337) |   | (200,266) |
| Net Cash Provided by Investing Activities                                            | 335,707                                       |   | 279,736  |   | 128,868  |
|                                                                                 |                                               |   |   |   |   |
| Cash Flows from Financing Activities:                                                |                                               |   |   |   |   |
| Distributions Paid to Limited Partners                                               | (295,530)                                          |   | (43,347) |   | -  |
| Net Cash Used in Financing Activities                                                | (295,530)                                          |   | (43,347) |   | -  |
|                                                                                 |                                               |   |   |   |   |
| (Decrease) Increase in Cash and Cash Equivalents                                     | (37,165)                                           |   | 84,281  |   | (16,432) |
| Cash and Cash Equivalents at Beginning of Year                                       | 246,867                                       |   | 162,586  |   | 179,018  |
|                                                                                 |                                               |   |   |   |   |
| Cash and Cash Equivalents at End of Year                                             | $      209,702  |   | $      246,867  |   | $      162,586  |
|                                                                                 |                                               |   |   |   |   |
|                                                                                 |                                               |   |   |   |   |
|                                                                                 |                                               |   |   |   |   |

----

|                                                                                      | SERIES 8                                                                                                             |
|-------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                      | 2010                                                                                                                 |   | 2009 |   | 2008 |
| Cash Flows from Operating Activities:                                                     |                                                                                                                 |   |   |   |   |
| Net Loss                                                                                  | $       (91,802)                                                                  |   | $     (517,416) |   | $     (251,652) |
| Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: |                                                                                                                 |   |   |   |   |
| Amortization                                                                              | 1,156                                                                                                           |   | 11,073  |   | 13,138  |
| Impairment Loss on Investment in Project Partnerships                                     | 8,681                                                                                                           |   | 221,243  |   | 31,346  |
| Accreted Interest Income on Investment in Securities                                      | -                                                                                                               |   | -  |   | (4,804) |
| Discount on Investment in Securities                                                      | -                                                                                                               |   | (804) |   | (441) |
| Equity in Loss of Project Partnerships                                                    | 2,631                                                                                                           |   | 45,239  |   | 54,012  |
| Gain on Sale of Project Partnerships                                                      | (23,000)                                                                                                             |   | (349) |   | (68,000) |
| Distribution Income                                                                       | (23,800)                                                                                                             |   | (18,335) |   | (29,379) |
| Changes in Operating Assets and Liabilities:                                              |                                                                                                                 |   |   |   |   |
| Decrease in Interest Receivable                                                           | -                                                                                                               |   | 966  |   | 187  |
| Increase in Payable to General Partners                                                   | 129,865                                                                                                         |   | 161,182  |   | 134,857  |
| Net Cash Provided by (Used in) Operating Activities                                       | 3,731                                                                                                           |   | (97,201) |   | (120,736) |
|                                                                                      |                                                                                                                 |   |   |   |   |
| Cash Flows from Investing Activities:                                                     |                                                                                                                 |   |   |   |   |
| Distributions Received from Project Partnerships                                          | 26,339                                                                                                          |   | 22,305  |   | 36,304  |
| Net Proceeds from Sale of Project Partnerships                                            | 23,000                                                                                                          |   | 349  |   | 68,000  |
| Redemption of Investment Securities                                                       | -                                                                                                               |   | 156,000  |   | 209,000  |
| Purchase of Investment Securities                                                         | -                                                                                                               |   | (80,169) |   | (75,100) |
| Net Cash Provided by Investing Activities                                                 | 49,339                                                                                                          |   | 98,485  |   | 238,204  |
|                                                                                      |                                                                                                                 |   |   |   |   |
| Cash Flows from Financing Activities:                                                     |                                                                                                                 |   |   |   |   |
| Distributions Paid to Limited Partners                                                    | -                                                                                                               |   | (67,964) |   | -  |
| Net Cash Used in Financing Activities                                                     | -                                                                                                               |   | (67,964) |   | -  |
|                                                                                      |                                                                                                                 |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                          | 53,070                                                                                                          |   | (66,680) |   | 117,468  |
| Cash and Cash Equivalents at Beginning of Year                                            | 185,918                                                                                                         |   | 252,598  |   | 135,130  |
|                                                                                      |                                                                                                                 |   |   |   |   |
| Cash and Cash Equivalents at End of Year                                                  | $      238,988                                                                    |   | $      185,918  |   | $      252,598  |
|                                                                                      |                                                                                                                 |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                           |                                                                                                                 |   |   |   |   |
| Increase in Distribution Payable                                                          | $        23,000                                                         |   | $                  -  |   | $        68,000  |
| Distribution to Limited Partners                                                          | (23,000)                                                                                                             |   | -  |   | (68,000) |
|                                                                                      | $                  -  |   | $                  -  |   | $                  -  |
|                                                                                      |                                                                                                                 |   |   |   |   |
|                                                                                      |                                                                                                                 |   |   |   |   |
|                                                                                      |                                                                                                                 |   |   |   |   |

----

|                                                                        | SERIES 9                                                                                                             |
|-----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
|                                                                        | 2010                                                                                                                 |   | 2009 |   | 2008 |
| Cash Flows from Operating Activities:                                       |                                                                                                                 |   |   |   |   |
| Net Loss                                                                    | $     (120,481)                                                                             |   | $     (416,956) |   | $     (242,723) |
| Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |                                                                                                                 |   |   |   |   |
| Amortization                                                                | 2,993                                                                                                           |   | 10,045  |   | 12,053  |
| Impairment Loss on Investment in Project Partnerships                       | -                                                                                                               |   | 180,400  |   | -  |
| Accreted Interest Income on Investment in Securities                        | -                                                                                                               |   | (2,552) |   | (5,145) |
| Discount on Investment in Securities                                        | -                                                                                                               |   | (325) |   | (416) |
| Equity in Loss of Project Partnerships                                      | 4,909                                                                                                           |   | 87,688  |   | 100,405  |
| Gain on Sale of Project Partnerships                                        | (10,000)                                                                                                             |   | -  |   | -  |
| Distribution Income                                                         | (15,862)                                                                                                             |   | (10,038) |   | (8,514) |
| Changes in Operating Assets and Liabilities:                                |                                                                                                                 |   |   |   |   |
| Decrease (Increase) in Interest Receivable                                  | -                                                                                                               |   | 1,288  |   | (134) |
| Increase in Payable to General Partners                                     | 83,386                                                                                                          |   | 48,185  |   | 51,228  |
| Net Cash Used in Operating Activities                                       | (55,055)                                                                                                             |   | (102,265) |   | (93,246) |
|                                                                        |                                                                                                                 |   |   |   |   |
| Cash Flows from Investing Activities:                                       |                                                                                                                 |   |   |   |   |
| Distributions Received from Project Partnerships                            | 17,641                                                                                                          |   | 14,985  |   | 15,582  |
| Net Proceeds from Sale of Project Partnerships                              | 10,000                                                                                                          |   | -  |   | -  |
| Redemption of Investment Securities                                         | -                                                                                                               |   | 182,000  |   | 172,000  |
| Purchase of Investment Securities                                           | -                                                                                                               |   | (34,641) |   | (100,133) |
| Net Cash Provided by Investing Activities                                   | 27,641                                                                                                          |   | 162,344  |   | 87,449  |
|                                                                        |                                                                                                                 |   |   |   |   |
| (Decrease) Increase in Cash and Cash Equivalents                            | (27,414)                                                                                                             |   | 60,079  |   | (5,797) |
| Cash and Cash Equivalents at Beginning of Year                              | 124,326                                                                                                         |   | 64,247  |   | 70,044  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Cash and Cash Equivalents at End of Year                                    | $        96,912                                                         |   | $      124,326  |   | $        64,247  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Supplemental disclosure of non-cash activities:                             |                                                                                                                 |   |   |   |   |
| Increase in Distribution Payable                                            | $        10,000                                                         |   | $                  -  |   | $                  -  |
| Distribution to Limited Partners                                            | (10,000)                                                                                                             |   | -  |   | -  |
|                                                                        | $                  -  |   | $                  -  |   | $                  -  |
|                                                                        |                                                                                                                 |   |   |   |   |
|                                                                        |                                                                                                                 |   |   |   |   |
|                                                                        |                                                                                                                 |   |   |   |   |

----

|                                                                        | SERIES 10                                                                                                            |
|-----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
|                                                                        | 2010                                                                                                                 |   | 2009 |   | 2008 |
| Cash Flows from Operating Activities:                                       |                                                                                                                 |   |   |   |   |
| Net Loss                                                                    | $     (100,294)                                                                             |   | $     (609,675) |   | $     (561,574) |
| Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |                                                                                                                 |   |   |   |   |
| Amortization                                                                | 667                                                                                                             |   | 20,914  |   | 24,106  |
| Impairment Loss on Investment in Project Partnerships                       | -                                                                                                               |   | 506,918  |   | 376,185  |
| Accreted Interest Income on Investment in Securities                        | (1,896)                                                                                                              |   | (4,367) |   | (6,464) |
| Discount on Investment in Securities                                        | -                                                                                                               |   | (495) |   | (361) |
| Equity in Loss (Income) of Project Partnerships                             | 28,325                                                                                                          |   | (796) |   | 75,336  |
| Gain on Sale of Project Partnerships                                        | (10,000)                                                                                                             |   | -  |   | -  |
| Distribution Income                                                         | (8,658)                                                                                                              |   | (12,302) |   | (2,129) |
| Changes in Operating Assets and Liabilities:                                |                                                                                                                 |   |   |   |   |
| Decrease in Interest Receivable                                             | -                                                                                                               |   | 644  |   | 273  |
| Increase in Payable to General Partners                                     | 55,625                                                                                                          |   | 33,238  |   | 34,909  |
| Net Cash Used in Operating Activities                                       | (36,231)                                                                                                             |   | (65,921) |   | (59,719) |
|                                                                        |                                                                                                                 |   |   |   |   |
| Cash Flows from Investing Activities:                                       |                                                                                                                 |   |   |   |   |
| Distributions Received from Project Partnerships                            | 18,807                                                                                                          |   | 21,421  |   | 13,483  |
| Net Proceeds from Sale of Project Partnerships                              | 10,000                                                                                                          |   | -  |   | -  |
| Redemption of Investment Securities                                         | 40,000                                                                                                          |   | 136,000  |   | 135,000  |
| Purchase of Investment Securities                                           | -                                                                                                               |   | (49,487) |   | (50,066) |
| Net Cash Provided by Investing Activities                                   | 68,807                                                                                                          |   | 107,934  |   | 98,417  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Increase in Cash and Cash Equivalents                                       | 32,576                                                                                                          |   | 42,013  |   | 38,698  |
| Cash and Cash Equivalents at Beginning of Year                              | 121,062                                                                                                         |   | 79,049  |   | 40,351  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Cash and Cash Equivalents at End of Year                                    | $      153,638                                                                    |   | $      121,062  |   | $        79,049  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Supplemental disclosure of non-cash activities:                             |                                                                                                                 |   |   |   |   |
| Increase in Distribution Payable                                            | $        10,000                                                         |   | $                  -  |   | $                  -  |
| Distribution to Limited Partners                                            | (10,000)                                                                                                             |   | -  |   | -  |
|                                                                        | $                  -  |   | $                  -  |   | $                  -  |
|                                                                        |                                                                                                                 |   |   |   |   |
|                                                                        |                                                                                                                 |   |   |   |   |
|                                                                        |                                                                                                                 |   |   |   |   |

----

|                                                                        | SERIES 11                                          |
|-----------------------------------------------------------------------------|----------------------------------------------------|
|                                                                        | 2010                                               |   | 2009 |   | 2008 |
| Cash Flows from Operating Activities:                                       |                                               |   |   |   |   |
| Net Loss                                                                    | $     (188,280)           |   | $     (468,075) |   | $     (628,777) |
| Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |                                               |   |   |   |   |
| Amortization                                                                | 12,518                                        |   | 28,981  |   | 33,497  |
| Impairment Loss on Investment in Project Partnerships                       | 19,418                                        |   | 248,250  |   | 454,605  |
| Accreted Interest Income on Investment in Securities                        | (2,767)                                            |   | (5,622) |   | (8,114) |
| Discount on Investment in Securities                                        | -                                             |   | (1,300) |   | (493) |
| Equity in Loss of Project Partnerships                                      | 80,592                                        |   | 115,651  |   | 74,752  |
| Distribution Income                                                         | (4,207)                                            |   | (2,182) |   | (2,782) |
| Changes in Operating Assets and Liabilities:                                |                                               |   |   |   |   |
| Decrease (Increase) in Interest Receivable                                  | -                                             |   | 1,610  |   | (229) |
| Increase in Payable to General Partners                                     | 27,586                                        |   | 30,012  |   | 27,962  |
| Net Cash Used in Operating Activities                                       | (55,140)                                           |   | (52,675) |   | (49,579) |
|                                                                        |                                               |   |   |   |   |
| Cash Flows from Investing Activities:                                       |                                               |   |   |   |   |
| Distributions Received from Project Partnerships                            | 16,292                                        |   | 7,967  |   | 10,754  |
| Redemption of Investment Securities                                         | 44,000                                        |   | 298,000  |   | 192,000  |
| Purchase of Investment Securities                                           | -                                             |   | (129,655) |   | (125,166) |
| Net Cash Provided by Investing Activities                                   | 60,292                                        |   | 176,312  |   | 77,588  |
|                                                                        |                                               |   |   |   |   |
| Increase in Cash and Cash Equivalents                                       | 5,152                                         |   | 123,637  |   | 28,009  |
| Cash and Cash Equivalents at Beginning of Year                              | 204,816                                       |   | 81,179  |   | 53,170  |
|                                                                        |                                               |   |   |   |   |
| Cash and Cash Equivalents at End of Year                                    | $      209,968  |   | $      204,816  |   | $        81,179  |
|                                                                        |                                               |   |   |   |   |
|                                                                        |                                               |   |   |   |   |
|                                                                        |                                               |   |   |   |   |

----

|                                                                        | TOTAL SERIES 7 - 11                                                                                                  |
|-----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
|                                                                        | 2010                                                                                                                 |   | 2009 |   | 2008 |
| Cash Flows from Operating Activities:                                       |                                                                                                                 |   |   |   |   |
| Net Loss                                                                    | $     (357,872)                                                                             |   | $   (2,361,203) |   | $   (2,030,373) |
| Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |                                                                                                                 |   |   |   |   |
| Amortization                                                                | 17,625                                                                                                          |   | 76,027  |   | 108,729  |
| Impairment Loss on Investment in Project Partnerships                       | 28,099                                                                                                          |   | 1,340,110  |   | 962,003  |
| Accreted Interest Income on Investment in Securities                        | (4,663)                                                                                                              |   | (12,541) |   | (29,767) |
| Discount on Investment in Securities                                        | -                                                                                                               |   | (4,516) |   | (2,338) |
| Equity in Loss of Project Partnerships                                      | 116,457                                                                                                         |   | 247,075  |   | 333,294  |
| Gain on Sale of Project Partnerships                                        | (343,518)                                                                                                            |   | (43,774) |   | (68,000) |
| Distribution Income                                                         | (83,716)                                                                                                             |   | (69,273) |   | (78,889) |
| Changes in Operating Assets and Liabilities:                                |                                                                                                                 |   |   |   |   |
| Decrease (Increase) in Interest Receivable                                  | -                                                                                                               |   | 7,085  |   | (898) |
| Decrease (Increase) in Receivable - Other                                   | -                                                                                                               |   | 696  |   | (696) |
| Increase in Payable to General Partners                                     | 407,551                                                                                                         |   | 350,144  |   | 338,355  |
| Net Cash Used in Operating Activities                                       | (220,037)                                                                                                            |   | (470,170) |   | (468,580) |
|                                                                        |                                                                                                                 |   |   |   |   |
| Cash Flows from Investing Activities:                                       |                                                                                                                 |   |   |   |   |
| Distributions Received from Project Partnerships                            | 114,268                                                                                                         |   | 101,326  |   | 116,257  |
| Net Proceeds from Sale of Project Partnerships                              | 343,518                                                                                                         |   | 43,774  |   | 68,000  |
| Redemption of Investment Securities                                         | 84,000                                                                                                          |   | 1,134,000  |   | 997,000  |
| Purchase of Investment Securities                                           | -                                                                                                               |   | (454,289) |   | (550,731) |
| Net Cash Provided by Investing Activities                                   | 541,786                                                                                                         |   | 824,811  |   | 630,526  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Cash Flows from Financing Activities:                                       |                                                                                                                 |   |   |   |   |
| Distributions Paid to Limited Partners                                      | (295,530)                                                                                                            |   | (111,311) |   | -  |
| Net Cash Used in Financing Activities                                       | (295,530)                                                                                                            |   | (111,311) |   | -  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Increase in Cash and Cash Equivalents                                       | 26,219                                                                                                          |   | 243,330  |   | 161,946  |
| Cash and Cash Equivalents at Beginning of Year                              | 882,989                                                                                                         |   | 639,659  |   | 477,713  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Cash and Cash Equivalents at End of Year                                    | $      909,208                                                                    |   | $        882,989  |   | $        639,659  |
|                                                                        |                                                                                                                 |   |   |   |   |
| Supplemental disclosure of non-cash activities:                             |                                                                                                                 |   |   |   |   |
| Increase in Distribution Payable                                            | $        43,000                                                         |   | $                    -  |   | $          68,000  |
| Distribution to Limited Partners                                            | (43,000)                                                                                                             |   | -  |   | (68,000) |
|                                                                        | $                  -  |   | $                    -  |   | $                    -  |
|                                                                        |                                                                                                                 |   |   |   |   |
|                                                                        |                                                                                                                 |   |   |   |   |
|                                                                        |                                                                                                                 |   |   |   |   |

----

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

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

| 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, |
|----------------|----------------------------------------------------------------------|

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

| 5)   | Decreased, where appropriate, for impairment. |
|----------------|-----------------------------------------------|

----

----

----

|                  | Series 10                                                                                                                              |   | Series 11                                                                       |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
|                  | March 31, 2010                                                                                                                         |   | March 31, 2009                                                                  |   | March 31, 2010 |   | March 31, 2009 |
| Amortized Cost        | $                     -  |   | $           38,104  |   | $                     -  |   | $           41,233  |
| Gross Unrealized Gain | -                                                                                                                                 |   | 1,730                                                                      |   | -  |   | 2,584  |
|                  |                                                                                                                                   |   |                                                                            |   |   |   |   |
| Fair Value            | $                     -  |   | $           39,834  |   | $                     -  |   | $           43,817  |

|                  | Total Series 7 - 11                                                                                                                    |   |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------|
|                  | March 31, 2010                                                                                                                         |   | March 31, 2009 |   |
| Amortized Cost        | $                     -  |   | $           79,337  |   |
| Gross Unrealized Gain | -                                                                                                                                 |   | 4,314  |   |
|                  |                                                                                                                                   |   |   |   |
| Fair Value            | $                     -  |   | $           83,651  |   |

|      | 2010                            |   | 2009                            |   | 2008                            |
|-----------|---------------------------------|--------|---------------------------------|--------|---------------------------------|
| Series 7  | $    67,188 |   | $    80,024 |   | $    85,596 |
| Series 8  | 85,780                          |   | 86,288                          |   | 89,020                          |
| Series 9  | 48,589                          |   | 48,840                          |   | 49,068                          |
| Series 10 | 33,424                          |   | 33,584                          |   | 33,536                          |
| Series 11 | 28,124                          |   | 28,352                          |   | 28,699                          |
| Total     | $  263,105            |   | $  277,088            |   | $  285,919            |

----

|      | 2010                            |   | 2009                 |   | 2008                 |
|-----------|---------------------------------|--------|----------------------|--------|----------------------|
| Series 7  | $    82,933 |   | $  114,225 |   | $  124,429 |
| Series 8  | -                               |   | 130,191              |   | 136,878              |
| Series 9  | 62,259                          |   | 74,395               |   | 76,571               |
| Series 10 | 38,620                          |   | 46,497               |   | 47,857               |
| Series 11 | 34,766                          |   | 37,198               |   | 38,286               |
| Total     | $  218,578            |   | $  402,506 |   | $  424,021 |

|      | March 31, 2010         |   | March 31, 2009                         |
|-----------|------------------------|--------|----------------------------------------|
| Series 7  | $  1,068,624 |   | $     957,535 |
| Series 8  | 1,250,729              |   | 1,120,864                              |
| Series 9  | 690,601                |   | 607,215                                |
| Series 10 | 234,286                |   | 178,661                                |
| Series 11 | 119,675                |   | 92,089                                 |
| Total     | $  3,363,915 |   | $  2,956,364                 |

----

|  As of March 31, 2010, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 7 - 30, Series 8 - 40, and Series 9 - 23) 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                                                                                                       |
|-----------------------------------------------|---------------------------------------------------|--------|---------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
|                                          | March 31,                                         |   | March 31,                                         |   | March 31,                                                                                                      |   | March 31, |   | March 31, |   | March 31, |
|                                          | 2010                                              |   | 2009                                              |   | 2010                                                                                                           |   | 2009 |   | 2010 |   | 2009 |
| Capital Contributions to Project Partnerships |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| and purchase price paid for limited partner   |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| interests in Project Partnerships             | $ 5,721,083                                  |   | $ 6,861,114                                  |   | $   6,941,449                                                                              |   | $   7,400,711  |   | $ 4,703,741  |   | $   4,914,116  |
|                                          |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Loan receivable from Project Partnerships     | -                                            |   | -                                            |   | 24,220                                                                                                    |   | 24,220  |   | -  |   | -  |
|                                          |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Cumulative equity in losses of Project        |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Partnerships (1) (2)                          | (5,194,990)                                       |   | (6,402,875)                                       |   | (6,877,633)                                                                                                    |   | (7,340,840) |   | (4,353,387) |   | (4,566,084) |
|                                          |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Cumulative distributions received from        |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Project Partnerships                          | (216,294)                                         |   | (252,589)                                         |   | (179,115)                                                                                                      |   | (187,825) |   | (167,764) |   | (168,985) |
|                                          |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Investment in Project Partnerships before     |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Adjustment                                    | 309,799                                      |   | 205,650                                      |   | (91,079)                                                                                                       |   | (103,734) |   | 182,590  |   | 179,047  |
|                                          |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Excess of investment cost over the underlying |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| assets acquired:                              |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Acquisition fees and expenses                 | 573,481                                      |   | 703,733                                      |   | 513,903                                                                                                   |   | 536,715  |   | 231,156  |   | 244,087  |
| Accumulated amortization of acquisition       |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| fees and expenses                             | (246,706)                                         |   | (268,518)                                         |   | (161,554)                                                                                                      |   | (165,385) |   | (105,814) |   | (105,521) |
|                                          |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Reserve for Impairment of Investment in       |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Project Partnerships                          | (552,557)                                         |   | (552,557)                                         |   | (261,270)                                                                                                      |   | (252,589) |   | (307,932) |   | (307,932) |
|                                          |                                              |   |                                              |   |                                                                                                           |   |   |   |   |   |   |
| Investments in Project Partnerships           | $      84,017  |   | $      88,308  |   | $                 -  |   | $        15,007  |   | $                -  |   | $          9,681  |

| (1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,438,071 in Series 7, $8,066,825 in Series 8, and $3,237,997 in Series 9 for the year ended March 31, 2010; and cumulative suspended losses of $5,704,356 in Series 7, $7,564,293 in Series 8, and $2,844,368 in Series 9 for the year ended March 31, 2009 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 March 31, 2010 and March 31, 2009.  (See discussion in Note 2 - Significant Accounting Policies.)                                                                                                                    |

----

|  As of March 31, 2010, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 10 - 14 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                    |
|-----------------------------------------------|---------------------------------------------------------------|--------|----------------------------------------|--------|----------------------------------------|
|                                          | March 31,                                                     |   | March 31,                              |   | March 31,                              |   | March 31, |   | March 31, |   | March 31, |
|                                          | 2010                                                          |   | 2009                                   |   | 2010                                   |   | 2009 |   | 2010 |   | 2009 |
| Capital Contributions to Project Partnerships |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| and purchase price paid for limited partner   |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| interests in Project Partnerships             | $   3,716,106                             |   | $ 3,914,672                       |   | $ 4,128,042                       |   | $ 4,128,042  |   | $   25,210,421  |   | $   27,218,655  |
|                                          |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Loan receivable from Project Partnerships     | -                                                        |   | -                                 |   | -                                 |   | -  |   | 24,220  |   | 24,220  |
|                                          |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Cumulative equity in losses of Project        |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Partnerships (1)                              | (2,325,162)                                                   |   | (2,506,807)                            |   | (1,908,139)                            |   | (1,827,547) |   | (20,659,311) |   | (22,644,153) |
|                                          |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Cumulative distributions received from        |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Project Partnerships                          | (234,740)                                                     |   | (229,841)                              |   | (206,979)                              |   | (194,894) |   | (1,004,892) |   | (1,034,134) |
|                                          |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Investment in Project Partnerships before     |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Adjustment                                    | 1,156,204                                                |   | 1,178,024                         |   | 2,012,924                         |   | 2,105,601  |   | 3,570,438  |   | 3,564,588  |
|                                          |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Excess of investment cost over the underlying |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| assets acquired:                              |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Acquisition fees and expenses                 | 174,878                                                  |   | 196,738                           |   | 290,335                           |   | 290,335  |   | 1,783,753  |   | 1,971,608  |
| Accumulated amortization of acquisition       |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| fees and expenses                             | (147,889)                                                     |   | (152,428)                              |   | (222,991)                              |   | (210,473) |   | (884,954) |   | (902,325) |
|                                          |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Reserve for Impairment of Investment in       |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Project Partnerships                          | (1,085,926)                                                   |   | (1,085,926)                            |   | (1,668,396)                            |   | (1,648,978) |   | (3,876,081) |   | (3,847,982) |
|                                          |                                                          |   |                                   |   |                                   |   |   |   |   |   |   |
| Investments in Project Partnerships           | $        97,267  |   | $    136,408  |   | $    411,872  |   | $    536,485  |   | $        593,156  |   | $        785,889  |

| (1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $719,103 in Series 10 and $1,392,126 in Series 11 for the year ended March 31, 2010; and cumulative suspended losses of $660,430 in Series 10 and $1,231,664 in Series 11 for the year ended March 31, 2009 are not included. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                            | SERIES 7                                                                                                                         |
|-------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|
|                                            | 2009                                                                                                                             |   | 2008 |   | 2007 |
| SUMMARIZED BALANCE SHEETS                       |                                                                                                                             |   |   |   |   |
| Assets:                                         |                                                                                                                             |   |   |   |   |
| Current assets                                  | $     3,440,082                                                                                    |   | $     4,760,067  |   | $     4,701,831  |
| Investment properties, net                      | 16,183,940                                                                                                                  |   | 20,471,291  |   | 24,795,254  |
| Other assets                                    | 38,062                                                                                                                      |   | 34,399  |   | 38,318  |
| Total assets                                    | $   19,662,084                                                                                               |   | $   25,265,757  |   | $   29,535,403  |
|                                            |                                                                                                                             |   |   |   |   |
| Liabilities and Partners' Deficit:              |                                                                                                                             |   |   |   |   |
| Current liabilities                             | $        786,978                                                                    |   | $        935,908  |   | $     1,071,844  |
| Long-term debt                                  | 24,463,674                                                                                                                  |   | 30,468,234  |   | 34,955,515  |
| Total liabilities                               | 25,250,652                                                                                                                  |   | 31,404,142  |   | 36,027,359  |
|                                            |                                                                                                                             |   |   |   |   |
| Partners' deficit                               |                                                                                                                             |   |   |   |   |
| Limited Partner                                 | (5,270,577)                                                                                                                      |   | (5,737,510) |   | (6,059,892) |
| General Partners                                | (317,991)                                                                                                                        |   | (400,875) |   | (432,064) |
| Total partners' deficit                         | (5,588,568)                                                                                                                      |   | (6,138,385) |   | (6,491,956) |
|                                            |                                                                                                                             |   |   |   |   |
| Total liabilities and partners' deficit         | $   19,662,084                                                                                               |   | $   25,265,757  |   | $   29,535,403  |
|                                            |                                                                                                                             |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS             |
| Rental and other income                         | $     5,284,523                                                                                    |   | $     6,397,144  |   | $     7,209,575  |
| Expenses:                                       |                                                                                                                             |   |   |   |   |
| Operating expenses                              | 3,172,014                                                                                                                   |   | 3,478,583  |   | 3,742,728  |
| Interest expense                                | 1,799,295                                                                                                                   |   | 2,239,047  |   | 2,540,271  |
| Depreciation and amortization                   | 1,008,239                                                                                                                   |   | 1,277,049  |   | 1,495,597  |
|                                            |                                                                                                                             |   |   |   |   |
| Total expenses                                  | 5,979,548                                                                                                                   |   | 6,994,679  |   | 7,778,596  |
|                                            |                                                                                                                             |   |   |   |   |
| Net loss                                        | $      (695,025)                                                                                   |   | $      (597,535) |   | $       (569,021) |
|                                            |                                                                                                                             |   |   |   |   |
| Other partners' share of net income             | $            6,076                                              |   | $          20,242  |   | $          23,510  |
|                                            |                                                                                                                             |   |   |   |   |
| Gateway's share of net loss                     | $      (701,101)                                                                                   |   | $      (617,777) |   | $       (592,531) |
| Suspended losses                                | 701,101                                                                                                                     |   | 618,484  |   | 563,742  |
|                                            |                                                                                                                             |   |   |   |   |
| Equity in Income (Loss) of Project Partnerships | $                    -  |   | $               707  |   | $         (28,789) |
|                                            |                                                                                                                             |   |   |   |   |

----

|                                    | SERIES 8   (1)                                        |
|-----------------------------------------|----------------------------------------------------------------------|
|                                    | 2009                                                                 |   | 2008 |   | 2007 |
| SUMMARIZED BALANCE SHEETS               |                                                                 |   |   |   |   |
| Assets:                                 |                                                                 |   |   |   |   |
| Current assets                          | $     4,271,715                        |   | $     4,572,520  |   | $     4,634,557  |
| Investment properties, net              | 21,382,534                                                      |   | 23,847,600  |   | 25,044,850  |
| Other assets                            | 341,101                                                         |   | 252,930  |   | 266,834  |
| Total assets                            | $   25,995,350                                   |   | $   28,673,050  |   | $   29,946,241  |
|                                    |                                                                 |   |   |   |   |
| Liabilities and Partners' Deficit:      |                                                                 |   |   |   |   |
| Current liabilities                     | $     1,527,103                        |   | $     1,553,737  |   | $     1,562,014  |
| Long-term debt                          | 33,354,386                                                      |   | 35,579,018  |   | 35,854,400  |
| Total liabilities                       | 34,881,489                                                      |   | 37,132,755  |   | 37,416,414  |
|                                    |                                                                 |   |   |   |   |
| Partners' deficit                       |                                                                 |   |   |   |   |
| Limited Partner                         | (8,199,433)                                                          |   | (7,701,622) |   | (6,781,537) |
| General Partners                        | (686,706)                                                            |   | (758,083) |   | (688,636) |
| Total partners' deficit                 | (8,886,139)                                                          |   | (8,459,705) |   | (7,470,173) |
|                                    |                                                                 |   |   |   |   |
| Total liabilities and partners' deficit | $   25,995,350                                   |   | $   28,673,050  |   | $   29,946,241  |
|                                    |                                                                 |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS     |
| Rental and other income                 | $     6,930,389                        |   | $     7,026,802  |   | $     6,962,343  |
| Expenses:                               |                                                                 |   |   |   |   |
| Operating expenses                      | 3,922,755                                                       |   | 4,105,796  |   | 3,747,637  |
| Interest expense                        | 2,392,106                                                       |   | 2,348,130  |   | 2,386,458  |
| Depreciation and amortization           | 1,397,733                                                       |   | 1,498,607  |   | 1,489,012  |
|                                    |                                                                 |   |   |   |   |
| Total expenses                          | 7,712,594                                                       |   | 7,952,533  |   | 7,623,107  |
|                                    |                                                                 |   |   |   |   |
| Net loss                                | $      (782,205)                       |   | $      (925,731) |   | $       (660,764) |
|                                    |                                                                 |   |   |   |   |
| Other partners' share of net loss       | $          (4,368) |   | $          (4,084) |   | $              (131) |
|                                    |                                                                 |   |   |   |   |
| Gateway's share of net loss             | $      (777,837)                       |   | $      (921,647) |   | $       (660,633) |
| Suspended losses                        | 775,206                                                         |   | 876,408  |   | 606,621  |
|                                    |                                                                 |   |   |   |   |
| Equity in Loss of Project Partnerships  | $          (2,631) |   | $        (45,239) |   | $         (54,012) |
|                                    |                                                                 |   |   |   |   |

----

|                    | December 2009                                                                                 |   | December 2008                                                                                 |
|-------------------------|-----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|
| Total Assets            | $             430,280   |   | $             479,080   |
| Total Liabilities       | 798,477                                                                                  |   | 803,320                                                                                  |
| Gateway Deficit         | (335,866)                                                                                     |   | (292,349)                                                                                     |
| Other Partner's Deficit | (32,331)                                                                                      |   | (31,891)                                                                                      |
| Total Revenue           | 161,288                                                                                  |   | 154,655                                                                                  |
| Net Loss                | $              (43,957) |   | $              (20,545) |
|                    |                                                                                          |   |                                                                                          |

----

|                                       | SERIES 9                                                             |
|--------------------------------------------|----------------------------------------------------------------------|
|                                       | 2009                                                                 |   | 2008 |   | 2007 |
| SUMMARIZED BALANCE SHEETS                  |                                                                 |   |   |   |   |
| Assets:                                    |                                                                 |   |   |   |   |
| Current assets                             | $     2,118,394                        |   | $     2,339,114  |   | $     2,260,038  |
| Investment properties, net                 | 13,284,407                                                      |   | 14,400,684  |   | 15,142,396  |
| Other assets                               | 30,637                                                          |   | 16,667  |   | 42,650  |
| Total assets                               | $   15,433,438                                   |   | $   16,756,465  |   | $   17,445,084  |
|                                       |                                                                 |   |   |   |   |
| Liabilities and Partners' Deficit:         |                                                                 |   |   |   |   |
| Current liabilities                        | $        488,554        |   | $        463,546  |   | $        437,188  |
| Long-term debt                             | 18,523,562                                                      |   | 19,468,844  |   | 19,596,802  |
| Total liabilities                          | 19,012,116                                                      |   | 19,932,390  |   | 20,033,990  |
|                                       |                                                                 |   |   |   |   |
| Partners' deficit                          |                                                                 |   |   |   |   |
| Limited Partner                            | (3,139,742)                                                          |   | (2,739,514) |   | (2,187,748) |
| General Partners                           | (438,936)                                                            |   | (436,411) |   | (401,158) |
| Total partners' deficit                    | (3,578,678)                                                          |   | (3,175,925) |   | (2,588,906) |
|                                       |                                                                 |   |   |   |   |
| Total liabilities and partners' deficit    | $   15,433,438                                   |   | $   16,756,465  |   | $   17,445,084  |
|                                       |                                                                 |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS        |
| Rental and other income                    | $     3,633,336                        |   | $     3,756,581  |   | $     3,716,532  |
| Expenses:                                  |                                                                 |   |   |   |   |
| Operating expenses                         | 2,173,411                                                       |   | 2,178,215  |   | 2,004,049  |
| Interest expense                           | 1,265,381                                                       |   | 1,328,202  |   | 1,368,618  |
| Depreciation and amortization              | 747,222                                                         |   | 790,640  |   | 784,023  |
|                                       |                                                                 |   |   |   |   |
| Total expenses                             | 4,186,014                                                       |   | 4,297,057  |   | 4,156,690  |
|                                       |                                                                 |   |   |   |   |
| Net loss                                   | $      (552,678)                       |   | $      (540,476) |   | $       (440,158) |
|                                       |                                                                 |   |   |   |   |
| Other partners' share of net (loss) income | $          (5,527) |   | $            2,180  |   | $           (4,402) |
|                                       |                                                                 |   |   |   |   |
| Gateway's share of net loss                | $      (547,151)                       |   | $      (542,656) |   | $       (435,756) |
| Suspended losses                           | 542,242                                                         |   | 454,968  |   | 335,351  |
|                                       |                                                                 |   |   |   |   |
| Equity in Loss of Project Partnerships     | $          (4,909) |   | $        (87,688) |   | $       (100,405) |
|                                       |                                                                 |   |   |   |   |

----

|                                             | SERIES 10                                                                            |
|--------------------------------------------------|--------------------------------------------------------------------------------------|
|                                             | 2009                                                                                 |   | 2008 |   | 2007 |
| SUMMARIZED BALANCE SHEETS                        |                                                                                 |   |   |   |   |
| Assets:                                          |                                                                                 |   |   |   |   |
| Current assets                                   | $     1,953,105                                        |   | $     2,081,976  |   | $     1,992,544  |
| Investment properties, net                       | 10,387,780                                                                      |   | 11,212,400  |   | 11,593,014  |
| Other assets                                     | 44,068                                                                          |   | 18,938  |   | 21,577  |
| Total assets                                     | $   12,384,953                                                   |   | $   13,313,314  |   | $   13,607,135  |
|                                             |                                                                                 |   |   |   |   |
| Liabilities and Partners' Equity (Deficit):      |                                                                                 |   |   |   |   |
| Current liabilities                              | $        499,015                        |   | $        473,965  |   | $        443,396  |
| Long-term debt                                   | 11,952,788                                                                      |   | 12,832,733  |   | 12,934,608  |
| Total liabilities                                | 12,451,803                                                                      |   | 13,306,698  |   | 13,378,004  |
|                                             |                                                                                 |   |   |   |   |
| Partners' equity (deficit)                       |                                                                                 |   |   |   |   |
| Limited Partner                                  | 425,714                                                                         |   | 500,409  |   | 684,835  |
| General Partners                                 | (492,564)                                                                            |   | (493,793) |   | (455,704) |
| Total partners' equity (deficit)                 | (66,850)                                                                             |   | 6,616  |   | 229,131  |
|                                             |                                                                                 |   |   |   |   |
| Total liabilities and partners' equity (deficit) | $   12,384,953                                                   |   | $   13,313,314  |   | $   13,607,135  |
|                                             |                                                                                 |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS              |
| Rental and other income                          | $     2,239,370                                        |   | $     2,397,697  |   | $      2,355,826  |
| Expenses:                                        |                                                                                 |   |   |   |   |
| Operating expenses                               | 1,358,362                                                                       |   | 1,397,130  |   | 1,304,691  |
| Interest expense                                 | 642,742                                                                         |   | 683,133  |   | 716,599  |
| Depreciation and amortization                    | 439,815                                                                         |   | 486,635  |   | 479,429  |
|                                             |                                                                                 |   |   |   |   |
| Total expenses                                   | 2,440,919                                                                       |   | 2,566,898  |   | 2,500,719  |
|                                             |                                                                                 |   |   |   |   |
| Net loss                                         | $      (201,549)                                       |   | $      (169,201) |   | $       (144,893) |
|                                             |                                                                                 |   |   |   |   |
| Other partners' share of net income (loss)       | $            9,623  |   | $            1,335  |   | $           (2,167) |
|                                             |                                                                                 |   |   |   |   |
| Gateway's share of net loss                      | $      (211,172)                                       |   | $      (170,536) |   | $       (142,726) |
| Suspended losses                                 | 182,847                                                                         |   | 171,332  |   | 67,390  |
|                                             |                                                                                 |   |   |   |   |
| Equity in (Loss) Income of Project Partnerships  | $        (28,325)                            |   | $               796  |   | $         (75,336) |
|                                             |                                                                                 |   |   |   |   |

----

|                                       | SERIES 11                                                            |
|--------------------------------------------|----------------------------------------------------------------------|
|                                       | 2009                                                                 |   | 2008 |   | 2007 |
| SUMMARIZED BALANCE SHEETS                  |                                                                 |   |   |   |   |
| Assets:                                    |                                                                 |   |   |   |   |
| Current assets                             | $     1,184,662                        |   | $     1,144,132  |   | $     1,123,100  |
| Investment properties, net                 | 9,030,941                                                       |   | 9,435,609  |   | 9,900,312  |
| Other assets                               | 284,542                                                         |   | 278,980  |   | 271,652  |
| Total assets                               | $   10,500,145                                   |   | $   10,858,721  |   | $   11,295,064  |
|                                       |                                                                 |   |   |   |   |
| Liabilities and Partners' Equity:          |                                                                 |   |   |   |   |
| Current liabilities                        | $        470,712        |   | $        429,490  |   | $        434,747  |
| Long-term debt                             | 9,799,866                                                       |   | 9,916,521  |   | 10,035,475  |
| Total liabilities                          | 10,270,578                                                      |   | 10,346,011  |   | 10,470,222  |
|                                       |                                                                 |   |   |   |   |
| Partners' equity (deficit)                 |                                                                 |   |   |   |   |
| Limited Partner                            | 646,030                                                         |   | 896,880  |   | 1,175,899  |
| General Partners                           | (416,463)                                                            |   | (384,170) |   | (351,057) |
| Total partners' equity                     | 229,567                                                         |   | 512,710  |   | 824,842  |
|                                       |                                                                 |   |   |   |   |
| Total liabilities and partners' equity     | $   10,500,145                                   |   | $   10,858,721  |   | $   11,295,064  |
|                                       |                                                                 |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS        |
| Rental and other income                    | $     2,231,664                        |   | $     2,161,398  |   | $     2,114,552  |
| Expenses:                                  |                                                                 |   |   |   |   |
| Operating expenses                         | 1,349,500                                                       |   | 1,310,769  |   | 1,170,777  |
| Interest expense                           | 603,738                                                         |   | 606,842  |   | 607,244  |
| Depreciation and amortization              | 525,030                                                         |   | 523,527  |   | 529,741  |
|                                       |                                                                 |   |   |   |   |
| Total expenses                             | 2,478,268                                                       |   | 2,441,138  |   | 2,307,762  |
|                                       |                                                                 |   |   |   |   |
| Net loss                                   | $      (246,604)                       |   | $      (279,740) |   | $       (193,210) |
|                                       |                                                                 |   |   |   |   |
| Other partners' share of net (loss) income | $          (5,551) |   | $          15,831  |   | $           (7,940) |
|                                       |                                                                 |   |   |   |   |
| Gateway's share of net loss                | $      (241,053)                       |   | $      (295,571) |   | $       (185,270) |
| Suspended losses                           | 160,461                                                         |   | 179,920  |   | 110,518  |
|                                       |                                                                 |   |   |   |   |
| Equity in Loss of Project Partnerships     | $        (80,592)            |   | $      (115,651) |   | $        (74,752) |
|                                       |                                                                 |   |   |   |   |

----

|                                    | TOTAL SERIES 7 - 11                                                                                  |
|-----------------------------------------|------------------------------------------------------------------------------------------------------|
|                                    | 2009                                                                                                 |   | 2008 |   | 2007 |
| SUMMARIZED BALANCE SHEETS               |                                                                                                 |   |   |   |   |
| Assets:                                 |                                                                                                 |   |   |   |   |
| Current assets                          | $   12,967,958                                                                   |   | $   14,897,809  |   | $     14,712,070  |
| Investment properties, net              | 70,269,602                                                                                      |   | 79,367,584  |   | 86,475,826  |
| Other assets                            | 738,410                                                                                         |   | 601,914  |   | 641,031  |
| Total assets                            | $   83,975,970                                                                   |   | $   94,867,307  |   | $   101,828,927  |
|                                    |                                                                                                 |   |   |   |   |
| Liabilities and Partners' Deficit:      |                                                                                                 |   |   |   |   |
| Current liabilities                     | $     3,772,362                                                        |   | $     3,856,646  |   | $       3,949,189  |
| Long-term debt                          | 98,094,276                                                                                      |   | 108,265,350  |   | 113,376,800  |
| Total liabilities                       | 101,866,638                                                                                     |   | 112,121,996  |   | 117,325,989  |
|                                    |                                                                                                 |   |   |   |   |
| Partners' deficit                       |                                                                                                 |   |   |   |   |
| Limited Partner                         | (15,538,008)                                                                                         |   | (14,781,357) |   | (13,168,443) |
| General Partners                        | (2,352,660)                                                                                          |   | (2,473,332) |   | (2,328,619) |
| Total partners' deficit                 | (17,890,668)                                                                                         |   | (17,254,689) |   | (15,497,062) |
|                                    |                                                                                                 |   |   |   |   |
| Total liabilities and partners' deficit | $   83,975,970                                                                   |   | $   94,867,307  |   | $   101,828,927  |
|                                    |                                                                                                 |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS     |
| Rental and other income                 | $   20,319,282                                                                   |   | $   21,739,622  |   | $     22,358,828  |
| Expenses:                               |                                                                                                 |   |   |   |   |
| Operating expenses                      | 11,976,042                                                                                      |   | 12,470,493  |   | 11,969,882  |
| Interest expense                        | 6,703,262                                                                                       |   | 7,205,354  |   | 7,619,190  |
| Depreciation and amortization           | 4,118,039                                                                                       |   | 4,576,458  |   | 4,777,802  |
|                                    |                                                                                                 |   |   |   |   |
| Total expenses                          | 22,797,343                                                                                      |   | 24,252,305  |   | 24,366,874  |
|                                    |                                                                                                 |   |   |   |   |
| Net loss                                | $   (2,478,061)                                                                       |   | $   (2,512,683) |   | $      (2,008,046) |
|                                    |                                                                                                 |   |   |   |   |
| Other partners' share of net income     | $               253  |   | $          35,504  |   | $              8,870  |
|                                    |                                                                                                 |   |   |   |   |
| Gateway's share of net loss             | $   (2,478,314)                                                                       |   | $   (2,548,187) |   | $      (2,016,916) |
| Suspended losses                        | 2,361,857                                                                                       |   | 2,301,112  |   | 1,683,622  |
|                                    |                                                                                                 |   |   |   |   |
| Equity in Loss of Project Partnerships  | $      (116,457)                                                       |   | $      (247,075) |   | $         (333,294) |
|                                    |                                                                                                 |   |   |   |   |

----

|      | Equity Per Project Partnership |   | Equity Per Gateway                     |
|-----------|--------------------------------|--------|----------------------------------------|
| Series 7  | $  (5,270,577)       |   | $    309,799  |
| Series 8  | (8,199,433)                    |   | (91,079)                               |
| Series 9  | (3,139,742)                    |   | 182,590                           |
| Series 10 | 425,714                   |   | 1,156,204                         |
| Series 11 | 646,030                   |   | 2,012,924                         |

| Transaction  |                          |                                  | Net Proceeds                        | Gain on                               |
|--------------|-------------------------------|---------------------------------------|-------------------------------------|---------------------------------------|
| Month / Year | Project Partnership           | Net Proceeds                          | Per LP Unit                         | Disposal                              |
| August 2009  | Mountain City Manor           | $    36,860  | $    3.54  | $    38,190  |
| August 2009  | Tazewell Village              | 41,290                           | 3.97                           | 42,620                           |
| August 2009  | Jamestown Village             | 36,450                           | 3.51                           | 37,864                           |
| August 2009  | Clinch View Manor             | 134,400                          | 12.93                          | 135,814                          |
| May 2009     | Spring Creek Apartments II LP | 46,520                           | 4.48                           | 46,030                           |
|         |                          |                                  |                                | $  300,518             |

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | South Brenchley     | $   13,000  | $  1.30  | $  13,000  |
| January 2010 | Cimmaron Station    | 10,000                     | 1.00               | 10,000               |
|         |                |                            |                    | $  23,000  |

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | Mountain Glen       | $   10,000  | $  1.59  | $  10,000  |
|         |                |                            |                    | $  10,000  |

----

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | Redstone            | $   10,000  | $  1.98  | $  10,000  |
|         |                |                            |                    | $  10,000  |

| Transaction    |                    |                           | Net Proceeds            | Gain on                              |
|----------------|-------------------------|--------------------------------|-------------------------|--------------------------------------|
| Month / Year   | Project Partnership     | Net Proceeds                   | Per LP Unit             | 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 on                      |
|--------------|------------------------|----------------------------------------------------------------------|----------------------------------------------------------|------------------------------|
| Month / Year | Project Partnership    | Net Proceeds                                                         | Per LP Unit                                              | Disposal                     |
|         | Other, net (see below) | $          -  | $        -  | $   349  |
|         |                   |                                                                 |                                                     | $   349  |

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

----

| NOTE 7 - SIGNIFICANT EQUITY INVESTEES:                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                         |   |                                         |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|--------|----------------------------------------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                         |   |                                         |   |   |   |   |
| Certain Project Partnerships constitute 20% or more of assets, equity or income (loss) from continuing operations of the respective Series in which they are held ("Significant Project Partnerships").  In accordance with Gateway's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized results of operations as of December 31, 2009 for each Significant Project Partnership: |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                         |   |                                         |   |   |   |   |
| Series 7                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                         |   |                                         |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  Cardinal Apartments                                    |   |                                         |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                                                                                          |  $     91,690             |   |                                         |   |   |   |   |
| Gross profit                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 36,104                                                  |   |                                         |   |   |   |   |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  $       9,427  |   |                                         |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                         |   |                                         |   |   |   |   |
| Series 10                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                         |   |                                         |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  Stigler Properties                                     |   |                                         |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                                                                                          |  $     93,703             |   |                                         |   |   |   |   |
| Gross profit                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 33,502                                                  |   |                                         |   |   |   |   |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  $       4,398  |   |                                         |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                         |   |                                         |   |   |   |   |
| Series 11                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                         |   |                                         |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  Creekstone Apartments, L.P.                            |   |  Magnolia Place Apartments, L.P.        |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                                                                                          |  $   225,779                        |   |  $   147,415        |   |   |   |   |
| Gross profit                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 21,672                                                  |   | 39,200                                  |   |   |   |   |
| Net loss                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  $   (47,644)                            |   |  $     (3,016) |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                         |   |                                         |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                         |   |                                         |   |   |   |   |

----

| SERIES 7                                                         | 2010                                                                                                     |   | 2009                                                                                                     |   | 2008                                                                                                     |
|------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
| Net Income (Loss) per Financial Statements                       | $    142,985                                                                    |   | $   (349,081)                                                                             |   | $   (345,647)                                                                             |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Equity in Loss of Project Partnerships for tax purposes          |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| in excess of losses for financial statement purposes             | (885,009)                                                                                                |   | (869,112)                                                                                                |   | (734,090)                                                                                                |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Adjustments to convert March 31, fiscal year end                 |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| to December 31, taxable year end                                 | (9,544)                                                                                                  |   | (7,336)                                                                                                  |   | 3,910                                                                                               |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Additional Gain on Sale of Project Partnerships for tax purposes | 1,084,221                                                                                           |   | 1,432,602                                                                                           |   | -                                                                                                   |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Items Expensed for Tax purposes not expensed                     |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| for Financial Statement purposes:                                |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Administrative Expense                                           | (2,993)                                                                                                  |   | -                                                                                                   |   | -                                                                                                   |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Items Expensed for Financial Statement purposes                  |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| not expensed for Tax purposes:                                   |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Asset Management Fee                                             | 70,755                                                                                              |   | 82,694                                                                                              |   | 85,596                                                                                              |
| Amortization Expense                                             | 1,472                                                                                               |   | 10,091                                                                                              |   | 27,255                                                                                              |
| Impairment Expense                                               | -                                                                                                   |   | 183,299                                                                                             |   | 99,867                                                                                              |
| Other Adjustments                                                | (37,873)                                                                                                 |   | (31,798)                                                                                                 |   | (28,978)                                                                                                 |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Gateway income (loss) for tax purposes as of December 31         | $    364,014                                                                    |   | $    451,359                                                                    |   | $   (892,087)                                                                             |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
|                                                             | December 31,                                                                                             |   | December 31,                                                                                             |   | December 31,                                                                                             |
|                                                             | 2009                                                                                                     |   | 2008                                                                                                     |   | 2007                                                                                                     |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Federal Low Income Housing Tax Credits (Unaudited)               | $                -  |   | $                -  |   | $                -  |

|                   | Financial                                                     |   | Tax                                                           |   |                               |
|------------------------|---------------------------------------------------------------|--------|---------------------------------------------------------------|--------|------------------------------------|
|                   | Reporting                                                     |   | Reporting                                                     |   |                               |
|                   | Purposes                                                      |   | Purposes                                                      |   | Differences                        |
| Investments in Project |                                                          |   |                                                          |   |                               |
| Partnerships           | $        84,017  |   | $  (7,107,680)                                      |   | $   7,191,697  |
|                   |                                                          |   |                                                          |   |                               |
| Other Assets           | $      209,702             |   | $   1,405,354                             |   | $  (1,195,652)           |
|                   |                                                          |   |                                                          |   |                               |
| Liabilities            | $   1,073,690                             |   | $        36,812  |   | $   1,036,878  |

----

| SERIES 8                                                                | 2010                                                                                                                 |   | 2009                                                                                                     |   | 2008                                                                                                     |
|-------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
| Net Loss per Financial Statements                                       | $       (91,802)                                                                  |   | $   (517,416)                                                                             |   | $   (251,652)                                                                             |
|                                                                    |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| Equity in Loss of Project Partnerships for tax purposes                 |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| in excess of losses for financial statement purposes                    | (1,027,610)                                                                                                          |   | (1,015,861)                                                                                              |   | (786,382)                                                                                                |
|                                                                    |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| Adjustments to convert March 31, fiscal year end                        |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| to December 31, taxable year end                                        | (34,033)                                                                                                             |   | (2,148)                                                                                                  |   | 10,213                                                                                              |
|                                                                    |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| Additional (Loss) Gain on Sale of Project Partnerships for tax purposes | (23,000)                                                                                                             |   | 281,596                                                                                             |   | (68,000)                                                                                                 |
|                                                                    |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| Items Expensed for Financial Statement purposes                         |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| not expensed for Tax purposes:                                          |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| Asset Management Fee                                                    | 85,907                                                                                                          |   | 86,971                                                                                              |   | 89,020                                                                                              |
| Amortization Expense                                                    | 3,635                                                                                                           |   | 11,827                                                                                              |   | 12,821                                                                                              |
| Administrative Expense                                                  | 349                                                                                                             |   | -                                                                                                   |   | -                                                                                                   |
| Impairment Expense                                                      | 8,681                                                                                                           |   | 221,243                                                                                             |   | 31,346                                                                                              |
| Other Adjustments                                                       | (22,916)                                                                                                             |   | (23,552)                                                                                                 |   | (25,785)                                                                                                 |
|                                                                    |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| Gateway loss for tax purposes as of December 31                         | $  (1,100,789)                                                                                             |   | $   (957,340)                                                                             |   | $   (988,419)                                                                             |
|                                                                    |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
|                                                                    | December 31,                                                                                                         |   | December 31,                                                                                             |   | December 31,                                                                                             |
|                                                                    | 2009                                                                                                                 |   | 2008                                                                                                     |   | 2007                                                                                                     |
|                                                                    |                                                                                                                 |   |                                                                                                     |   |                                                                                                     |
| Federal Low Income Housing Tax Credits (Unaudited)                      | $                  -  |   | $                -  |   | $                -  |

|                   | Financial                                                                                                      |   | Tax                                                            |   |                                           |
|------------------------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|------------------------------------------------|
|                   | Reporting                                                                                                      |   | Reporting                                                      |   |                                           |
|                   | Purposes                                                                                                       |   | Purposes                                                       |   | Differences                                    |
| Investments in Project |                                                                                                           |   |                                                           |   |                                           |
| Partnerships           | $                 -  |   | $  (10,313,340)                                      |   | $   10,313,340             |
|                   |                                                                                                           |   |                                                           |   |                                           |
| Other Assets           | $     238,988                                                                    |   | $     1,449,341                  |   | $    (1,210,353)           |
|                   |                                                                                                           |   |                                                           |   |                                           |
| Liabilities            | $  1,274,114                                                                                    |   | $        195,467  |   | $     1,078,647  |

----

| SERIES 9                                                         | 2010                                                                                                     |   | 2009                                                                                                     |   | 2008                                                                                                     |
|------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
| Net Loss per Financial Statements                                | $   (120,481)                                                                             |   | $   (416,956)                                                                             |   | $   (242,723)                                                                             |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Equity in Loss of Project Partnerships for tax purposes          |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| in excess of losses for financial statement purposes             | (716,217)                                                                                                |   | (600,667)                                                                                                |   | (469,803)                                                                                                |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Adjustments to convert March 31, fiscal year end                 |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| to December 31, taxable year end                                 | (3,270)                                                                                                  |   | (3,230)                                                                                                  |   | 4,869                                                                                               |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Additional Loss on Sale of Project Partnerships for tax purposes | (10,000)                                                                                                 |   | -                                                                                                   |   | -                                                                                                   |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Items Expensed for Financial Statement purposes                  |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| not expensed for Tax purposes:                                   |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Asset Management Fee                                             | 48,651                                                                                              |   | 48,897                                                                                              |   | 49,068                                                                                              |
| Amortization Expense                                             | 4,756                                                                                               |   | 10,547                                                                                              |   | 12,053                                                                                              |
| Impairment Expense                                               | -                                                                                                   |   | 180,400                                                                                             |   | -                                                                                                   |
| Other Adjustments                                                | (20,305)                                                                                                 |   | (8,456)                                                                                                  |   | (5,960)                                                                                                  |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Gateway loss for tax purposes as of December 31                  | $   (816,866)                                                                             |   | $   (789,465)                                                                             |   | $   (652,496)                                                                             |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
|                                                             | December 31,                                                                                             |   | December 31,                                                                                             |   | December 31,                                                                                             |
|                                                             | 2009                                                                                                     |   | 2008                                                                                                     |   | 2007                                                                                                     |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Federal Low Income Housing Tax Credits (Unaudited)               | $                -  |   | $                -  |   | $                -  |

|                   | Financial                                                                                                      |   | Tax                                                           |   |                                         |
|------------------------|----------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|----------------------------------------------|
|                   | Reporting                                                                                                      |   | Reporting                                                     |   |                                         |
|                   | Purposes                                                                                                       |   | Purposes                                                      |   | Differences                                  |
| Investments in Project |                                                                                                           |   |                                                          |   |                                         |
| Partnerships           | $                 -  |   | $  (5,041,388)                                      |   | $  5,041,388                  |
|                   |                                                                                                           |   |                                                          |   |                                         |
| Other Assets           | $       96,912                                                         |   | $      846,340             |   | $   (749,428)                 |
|                   |                                                                                                           |   |                                                          |   |                                         |
| Liabilities            | $     700,601                                                                    |   | $        38,458  |   | $     662,143  |

----

| SERIES 10                                                        | 2010                                                                                                     |   | 2009                                                                                                     |   | 2008                                                                                                     |
|------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
| Net Loss per Financial Statements                                | $   (100,294)                                                                             |   | $   (609,675)                                                                             |   | $   (561,574)                                                                             |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Equity in Loss of Project Partnerships for tax purposes          |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| in excess of losses for financial statement purposes             | (400,541)                                                                                                |   | (362,615)                                                                                                |   | (232,828)                                                                                                |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Adjustments to convert March 31, fiscal year end                 |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| to December 31, taxable year end                                 | (6,201)                                                                                                  |   | (8,404)                                                                                                  |   | 5,828                                                                                               |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Additional Loss on Sale of Project Partnerships for tax purposes | (10,000)                                                                                                 |   | -                                                                                                   |   | -                                                                                                   |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Items Expensed for Financial Statement purposes                  |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| not expensed for Tax purposes:                                   |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Asset Management Fee                                             | 33,464                                                                                              |   | 33,572                                                                                              |   | 33,536                                                                                              |
| Amortization Expense                                             | 5,729                                                                                               |   | 21,712                                                                                              |   | 24,105                                                                                              |
| Impairment Expense                                               | -                                                                                                   |   | 506,918                                                                                             |   | 376,185                                                                                             |
| Other Adjustments                                                | (11,171)                                                                                                 |   | (5,075)                                                                                                  |   | (3,311)                                                                                                  |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Gateway loss for tax purposes as of December 31                  | $   (489,014)                                                                             |   | $   (423,567)                                                                             |   | $   (358,059)                                                                             |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
|                                                             | December 31,                                                                                             |   | December 31,                                                                                             |   | December 31,                                                                                             |
|                                                             | 2009                                                                                                     |   | 2008                                                                                                     |   | 2007                                                                                                     |
|                                                             |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Federal Low Income Housing Tax Credits (Unaudited)               | $                -  |   | $                -  |   | $                -  |

|                   | Financial                                               |   | Tax                                                           |   |                                         |
|------------------------|---------------------------------------------------------|--------|---------------------------------------------------------------|--------|----------------------------------------------|
|                   | Reporting                                               |   | Reporting                                                     |   |                                         |
|                   | Purposes                                                |   | Purposes                                                      |   | Differences                                  |
| Investments in Project |                                                    |   |                                                          |   |                                         |
| Partnerships           | $       97,267  |   | $  (2,152,439)                                      |   | $  2,249,706                  |
|                   |                                                    |   |                                                          |   |                                         |
| Other Assets           | $     153,638             |   | $      754,300             |   | $   (600,662)                 |
|                   |                                                    |   |                                                          |   |                                         |
| Liabilities            | $     244,286             |   | $        28,653  |   | $     215,633  |

----

| SERIES 11                                               | 2010                                                                                                     |   | 2009                                                                                                     |   | 2009                                                                                                     |
|---------------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
| Net Loss per Financial Statements                       | $   (188,280)                                                                             |   | $   (468,075)                                                                             |   | $   (628,777)                                                                             |
|                                                    |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Equity in Loss of Project Partnerships for tax purposes |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| in excess of losses for financial statement purposes    | (216,230)                                                                                                |   | (177,877)                                                                                                |   | (198,370)                                                                                                |
|                                                    |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Adjustments to convert March 31, fiscal year end        |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| to December 31, taxable year end                        | (3,915)                                                                                                  |   | 231                                                                                                 |   | 4,322                                                                                               |
|                                                    |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Items Expensed for Financial Statement purposes         |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| not expensed for Tax purposes:                          |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Asset Management Fee                                    | 28,181                                                                                              |   | 28,518                                                                                              |   | 28,620                                                                                              |
| Amortization Expense                                    | 16,635                                                                                              |   | 30,110                                                                                              |   | 33,497                                                                                              |
| Impairment Expense                                      | 19,418                                                                                              |   | 248,250                                                                                             |   | 454,605                                                                                             |
| Other Adjustments                                       | (3,582)                                                                                                  |   | (2,782)                                                                                                  |   | (2,782)                                                                                                  |
|                                                    |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Gateway loss for tax purposes as of December 31         | $   (347,773)                                                                             |   | $   (341,625)                                                                             |   | $   (308,885)                                                                             |
|                                                    |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
|                                                    | December 31,                                                                                             |   | December 31,                                                                                             |   | December 31,                                                                                             |
|                                                    | 2009                                                                                                     |   | 2008                                                                                                     |   | 2007                                                                                                     |
|                                                    |                                                                                                     |   |                                                                                                     |   |                                                                                                     |
| Federal Low Income Housing Tax Credits (Unaudited)      | $                -  |   | $                -  |   | $                -  |

|                   | Financial                                    |   | Tax                                                                |   |                                              |
|------------------------|----------------------------------------------|--------|--------------------------------------------------------------------|--------|---------------------------------------------------|
|                   | Reporting                                    |   | Reporting                                                          |   |                                              |
|                   | Purposes                                     |   | Purposes                                                           |   | Differences                                       |
| Investments in Project |                                         |   |                                                               |   |                                              |
| Partnerships           | $     411,872  |   | $     390,354                        |   | $      21,518  |
|                   |                                         |   |                                                               |   |                                              |
| Other Assets           | $     209,968  |   | $     671,112                        |   | $   (461,144)                      |
|                   |                                         |   |                                                               |   |                                              |
| Liabilities            | $     119,675  |   | $         4,283  |   | $    115,392             |

----

| TOTAL SERIES 7 - 11                                                     | 2010                                     |   | 2009                     |   | 2008                     |
|-------------------------------------------------------------------------|------------------------------------------|--------|--------------------------|--------|--------------------------|
| Net Loss per Financial Statements                                       | $     (357,872) |   | $  (2,361,203) |   | $  (2,030,373) |
|                                                                    |                                     |   |                     |   |                     |
| Equity in Loss of Project Partnerships for tax purposes                 |                                     |   |                     |   |                     |
| in excess of losses for financial statement purposes                    | (3,245,607)                              |   | (3,026,132)              |   | (2,421,473)              |
|                                                                    |                                     |   |                     |   |                     |
| Adjustments to convert March 31, fiscal year end                        |                                     |   |                     |   |                     |
| to December 31, taxable year end                                        | (56,963)                                 |   | (20,887)                 |   | 29,142              |
|                                                                    |                                     |   |                     |   |                     |
| Additional Gain (Loss) on Sale of Project Partnerships for tax purposes | 1,041,221                           |   | 1,714,198           |   | (68,000)                 |
|                                                                    |                                     |   |                     |   |                     |
| Items Expensed for Tax purposes not expensed                            |                                     |   |                     |   |                     |
| for Financial Statement purposes:                                       |                                     |   |                     |   |                     |
| Administrative Expense                                                  | (2,993)                                  |   | -                   |   | -                   |
|                                                                    |                                     |   |                     |   |                     |
| Items Expensed for Financial Statement purposes                         |                                     |   |                     |   |                     |
| not expensed for Tax purposes:                                          |                                     |   |                     |   |                     |
| Asset Management Fee                                                    | 266,958                             |   | 280,652             |   | 285,841             |
| Amortization Expense                                                    | 32,227                              |   | 84,287              |   | 109,731             |
| Administrative Expense                                                  | 349                                 |   | -                   |   | -                   |
| Impairment Expense                                                      | 28,099                              |   | 1,340,110           |   | 962,003             |
| Other Adjustments                                                       | (95,847)                                 |   | (71,663)                 |   | (66,816)                 |
|                                                                    |                                     |   |                     |   |                     |
| Gateway loss for tax purposes as of December 31                         | $  (2,390,428)                 |   | $  (2,060,638) |   | $  (3,199,945) |

|                   | Financial                                    |   | Tax                                                            |   |                                     |
|------------------------|----------------------------------------------|--------|----------------------------------------------------------------|--------|------------------------------------------|
|                   | Reporting                                    |   | Reporting                                                      |   |                                     |
|                   | Purposes                                     |   | Purposes                                                       |   | Differences                              |
| Investments in Project |                                         |   |                                                           |   |                                     |
| Partnerships           | $     593,156  |   | $  (24,224,493)                                      |   | $  24,817,649             |
|                   |                                         |   |                                                           |   |                                     |
| Other Assets           | $     909,208  |   | $     5,126,447                  |   | $   (4,217,239)           |
|                   |                                         |   |                                                           |   |                                     |
| Liabilities            | $  3,412,366                  |   | $        303,672  |   | $    3,108,694  |

----

| Series 7                             | Quarter 1                                               |   | Quarter 2                                              |   | Quarter 3                                               |   | Quarter 4                                                    |
|--------------------------------------|---------------------------------------------------------|--------|--------------------------------------------------------|--------|---------------------------------------------------------|--------|--------------------------------------------------------------|
| Year 2010                            | 6/30/2009                                               |   | 9/30/2009                                              |   | 12/31/2009                                              |   | 3/31/2010                                                    |
|                                 |                                                    |   |                                                   |   |                                                    |   |                                                         |
| Total Revenues                       | $       6,438   |   | $     12,526             |   | $       7,640   |   | $        4,585  |
|                                 |                                                    |   |                                                   |   |                                                    |   |                                                         |
| Net Income (Loss)                    | $       3,672   |   | $   208,886                        |   | $    (35,207)                       |   | $     (34,366)                      |
|                                 |                                                    |   |                                                   |   |                                                    |   |                                                         |
| (Loss) Earnings Per Weighted Average |                                                    |   |                                                   |   |                                                    |   |                                                         |
| Limited Partnership Unit Outstanding | $        (4.08) |   | $       19.09  |   | $        (3.39) |   | $        (3.30)      |

| Series 8                          | Quarter 1                                               |   | Quarter 2                                                    |   | Quarter 3                                                    |   | Quarter 4                                                    |
|-----------------------------------|---------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|
| Year 2010                         | 6/30/2009                                               |   | 9/30/2009                                                    |   | 12/31/2009                                                   |   | 3/31/2010                                                    |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Total Revenues                    | $       9,236   |   | $        4,524  |   | $        3,218  |   | $        6,822  |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Net Loss                          | $    (31,199)                       |   | $     (35,891)                      |   | $     (24,272)                      |   | $         (440) |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Loss Per Weighted Average Limited |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Partnership Unit Outstanding      | $        (3.09) |   | $        (3.56)      |   | $        (2.41)      |   | $        (2.33)      |

| Series 9                          | Quarter 1                                               |   | Quarter 2                                                    |   | Quarter 3                                                    |   | Quarter 4                                                    |
|-----------------------------------|---------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|
| Year 2010                         | 6/30/2009                                               |   | 9/30/2009                                                    |   | 12/31/2009                                                   |   | 3/31/2010                                                    |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Total Revenues                    | $       3,838   |   | $        9,015  |   | $        1,959  |   | $        1,050  |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Net Loss                          | $    (30,372)                       |   | $     (33,891)                      |   | $    (32,021)                            |   | $     (24,197)                      |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Loss Per Weighted Average Limited |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Partnership Unit Outstanding      | $        (4.81) |   | $        (5.36)      |   | $        (5.07)      |   | $        (5.41)      |

| Series 10                         | Quarter 1                                               |   | Quarter 2                                                                    |   | Quarter 3                                               |   | Quarter 4                                                    |
|-----------------------------------|---------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|---------------------------------------------------------|--------|--------------------------------------------------------------|
| Year 2010                         | 6/30/2009                                               |   | 9/30/2009                                                                    |   | 12/31/2009                                              |   | 3/31/2010                                                    |
|                              |                                                    |   |                                                                         |   |                                                    |   |                                                         |
| Total Revenues                    | $       1,812   |   | $           700  |   | $       1,432   |   | $        4,714  |
|                              |                                                    |   |                                                                         |   |                                                    |   |                                                         |
| Net Loss                          | $    (21,559)                       |   | $     (34,710)                                      |   | $    (29,578)                       |   | $     (14,447)                      |
|                              |                                                    |   |                                                                         |   |                                                    |   |                                                         |
| Loss Per Weighted Average Limited |                                                    |   |                                                                         |   |                                                    |   |                                                         |
| Partnership Unit Outstanding      | $        (4.23) |   | $        (6.81)                      |   | $        (5.81) |   | $        (4.80)      |

----

| Series 11                         | Quarter 1                                                                    |   | Quarter 2                                                    |   | Quarter 3                                                                                          |   | Quarter 4                                                                    |
|-----------------------------------|------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|
| Year 2010                         | 6/30/2009                                                                    |   | 9/30/2009                                                    |   | 12/31/2009                                                                                         |   | 3/31/2010                                                                    |
|                              |                                                                         |   |                                                         |   |                                                                                               |   |                                                                         |
| Total Revenues                    | $           600  |   | $        2,982  |   | $               -  |   | $           625  |
|                              |                                                                         |   |                                                         |   |                                                                                               |   |                                                                         |
| Net Loss                          | $    (46,180)                                            |   | $     (57,263)                      |   | $    (55,858)                                                                  |   | $     (28,979)                                      |
|                              |                                                                         |   |                                                         |   |                                                                                               |   |                                                                         |
| Loss Per Weighted Average Limited |                                                                         |   |                                                         |   |                                                                                               |   |                                                                         |
| Partnership Unit Outstanding      | $        (8.92)                      |   | $       (11.06)           |   | $      (10.79)                                                       |   | $         (5.59)                |

| Series 7 - 11     | Quarter 1                                               |   | Quarter 2                                   |   | Quarter 3                                               |   | Quarter 4                                               |
|-------------------|---------------------------------------------------------|--------|---------------------------------------------|--------|---------------------------------------------------------|--------|---------------------------------------------------------|
| Year 2010         | 6/30/2009                                               |   | 9/30/2009                                   |   | 12/31/2009                                              |   | 3/31/2010                                               |
|              |                                                    |   |                                        |   |                                                    |   |                                                    |
| Total Revenues    | $       21,924  |   | $     29,747  |   | $       14,249  |   | $       17,796  |
|              |                                                    |   |                                        |   |                                                    |   |                                                    |
| Net (Loss) Income | $    (125,638)                      |   | $     47,131  |   | $    (176,936)                      |   | $    (102,429)                      |

| Series 7                          | Quarter 1                                                              |   | Quarter 2                                               |   | Quarter 3                                              |   | Quarter 4                                               |
|-----------------------------------|------------------------------------------------------------------------|--------|---------------------------------------------------------|--------|--------------------------------------------------------|--------|---------------------------------------------------------|
| Year 2009                         | 6/30/2008                                                              |   | 9/30/2008                                               |   | 12/31/2008                                             |   | 3/31/2009                                               |
|                              |                                                                   |   |                                                    |   |                                                   |   |                                                    |
| Total Revenues                    | $          876  |   | $     11,615              |   | $       2,656  |   | $      11,269        |
|                              |                                                                   |   |                                                    |   |                                                   |   |                                                    |
| Net Loss                          | $    (56,594)                                      |   | $    (62,686)                       |   | $  (186,381)                                 |   | $     (43,420)                 |
|                              |                                                                   |   |                                                    |   |                                                   |   |                                                    |
| Loss Per Weighted Average Limited |                                                                   |   |                                                    |   |                                                   |   |                                                    |
| Partnership Unit Outstanding      | $        (5.39)                |   | $        (5.97) |   | $      (21.89)           |   | $        (4.13) |

| Series 8                          | Quarter 1                                               |   | Quarter 2                                                    |   | Quarter 3                                                    |   | Quarter 4                                                    |
|-----------------------------------|---------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|
| Year 2009                         | 6/30/2008                                               |   | 9/30/2008                                                    |   | 12/31/2008                                                   |   | 3/31/2009                                                    |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Total Revenues                    | $       7,765   |   | $        3,528  |   | $        1,104  |   | $        5,938  |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Net Loss                          | $    (54,038)                       |   | $     (68,692)                      |   | $   (337,562)                                 |   | $     (57,124)                      |
|                              |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Loss Per Weighted Average Limited |                                                    |   |                                                         |   |                                                         |   |                                                         |
| Partnership Unit Outstanding      | $        (5.36) |   | $        (6.81)      |   | $      (33.49)                 |   | $        (5.70)      |

----

| Series 9                          | Quarter 1                                               |   | Quarter 2                                                    |   | Quarter 3                                                                                          |   | Quarter 4                                                    |
|-----------------------------------|---------------------------------------------------------|--------|--------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|
| Year 2009                         | 6/30/2008                                               |   | 9/30/2008                                                    |   | 12/31/2008                                                                                         |   | 3/31/2009                                                    |
|                              |                                                    |   |                                                         |   |                                                                                               |   |                                                         |
| Total Revenues                    | $       2,821   |   | $        1,724  |   | $               -  |   | $        5,493  |
|                              |                                                    |   |                                                         |   |                                                                                               |   |                                                         |
| Net Loss                          | $    (45,971)                       |   | $     (50,267)                      |   | $  (265,616)                                                                             |   | $     (55,102)                      |
|                              |                                                    |   |                                                         |   |                                                                                               |   |                                                         |
| Loss Per Weighted Average Limited |                                                    |   |                                                         |   |                                                                                               |   |                                                         |
| Partnership Unit Outstanding      | $        (7.28) |   | $        (7.96)      |   | $      (42.05)                                                       |   | $        (8.71)      |

| Series 10                         | Quarter 1                                               |   | Quarter 2                                                    |   | Quarter 3                                                                    |   | Quarter 4                                                    |
|-----------------------------------|---------------------------------------------------------|--------|--------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|--------------------------------------------------------------|
| Year 2009                         | 6/30/2008                                               |   | 9/30/2008                                                    |   | 12/31/2008                                                                   |   | 3/31/2009                                                    |
|                              |                                                    |   |                                                         |   |                                                                         |   |                                                         |
| Total Revenues                    | $       3,243   |   | $        1,400  |   | $           432  |   | $        7,227  |
|                              |                                                    |   |                                                         |   |                                                                         |   |                                                         |
| Net Loss                          | $    (10,722)                       |   | $     (58,758)                      |   | $  (489,550)                                                       |   | $     (50,645)                      |
|                              |                                                    |   |                                                         |   |                                                                         |   |                                                         |
| Loss Per Weighted Average Limited |                                                    |   |                                                         |   |                                                                         |   |                                                         |
| Partnership Unit Outstanding      | $        (2.10) |   | $      (11.53)                 |   | $      (96.10)                                 |   | $        (9.96)      |

| Series 11                         | Quarter 1                                                                                          |   | Quarter 2                                                    |   | Quarter 3                                                                                          |   | Quarter 4                                                                                                |
|-----------------------------------|----------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
| Year 2009                         | 6/30/2008                                                                                          |   | 9/30/2008                                                    |   | 12/31/2008                                                                                         |   | 3/31/2009                                                                                                |
|                              |                                                                                               |   |                                                         |   |                                                                                               |   |                                                                                                     |
| Total Revenues                    | $               -  |   | $        2,182  |   | $               -  |   | $                -  |
|                              |                                                                                               |   |                                                         |   |                                                                                               |   |                                                                                                     |
| Net Loss                          | $    (26,392)                                                                  |   | $     (52,588)                      |   | $  (291,860)                                                                             |   | $     (97,235)                                                                  |
|                              |                                                                                               |   |                                                         |   |                                                                                               |   |                                                                                                     |
| Loss Per Weighted Average Limited |                                                                                               |   |                                                         |   |                                                                                               |   |                                                                                                     |
| Partnership Unit Outstanding      | $        (5.10)                                            |   | $       (10.15)           |   | $      (56.36)                                                       |   | $         (18.77)                                           |

| Series 7 - 11  | Quarter 1                                               |   | Quarter 2                                               |   | Quarter 3                                                                |   | Quarter 4                                               |
|----------------|---------------------------------------------------------|--------|---------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|---------------------------------------------------------|
| Year 2009      | 6/30/2008                                               |   | 9/30/2008                                               |   | 12/31/2008                                                               |   | 3/31/2009                                               |
|           |                                                    |   |                                                    |   |                                                                     |   |                                                    |
| Total Revenues | $       14,705  |   | $       20,449  |   | $          4,192  |   | $       29,927  |
|           |                                                    |   |                                                    |   |                                                                     |   |                                                    |
| Net Loss       | $    (193,717)                      |   | $    (292,991)                      |   | $  (1,570,969)                                                 |   | $    (303,526)                      |

----

----

----

|      | 2010                            |   | 2009                            |   | 2008                            |
|-----------|---------------------------------|--------|---------------------------------|--------|---------------------------------|
| Series 7  | $    67,188 |   | $    80,024 |   | $    85,596 |
| Series 8  | 85,780                          |   | 86,288                          |   | 89,020                          |
| Series 9  | 48,589                          |   | 48,840                          |   | 49,068                          |
| Series 10 | 33,424                          |   | 33,584                          |   | 33,536                          |
| Series 11 | 28,124                          |   | 28,352                          |   | 28,699                          |
| Total     | $  263,105            |   | $  277,088            |   | $  285,919            |

|      | 2010                            |   | 2009                 |   | 2008                 |
|-----------|---------------------------------|--------|----------------------|--------|----------------------|
| Series 7  | $    82,933 |   | $  114,225 |   | $  124,429 |
| Series 8  | -                               |   | 130,191              |   | 136,878              |
| Series 9  | 62,259                          |   | 74,395               |   | 76,571               |
| Series 10 | 38,620                          |   | 46,497               |   | 47,857               |
| Series 11 | 34,766                          |   | 37,198               |   | 38,286               |
| Total     | $  218,578            |   | $  402,506 |   | $  424,021 |

|      | March .31, 2010        |   | March 31, 2009                         |
|-----------|------------------------|--------|----------------------------------------|
| Series 7  | $  1,068,624 |   | $     957,535 |
| Series 8  | 1,250,729              |   | 1,120,864                              |
| Series 9  | 690,601                |   | 607,215                                |
| Series 10 | 234,286                |   | 178,661                                |
| Series 11 | 119,675                |   | 92,089                                 |
| Total     | $  3,363,915 |   | $  2,956,364                 |

----

----

|   3.1 | Amended Certificate of Limited Partnership of Gateway Tax Credit Fund III, Ltd. (Filed as an Exhibit to Registration Statement on Form S-11, File No. 33-44238, and incorporated herein by reference.) |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   4.1 | The form of Partnership Agreement of the Partnership (included as Exhibit "A" to the Prospectus, File No. 33-44238, and incorporated herein by reference.) |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   31.1 | Certification required by Rule 15d-14(a).(Filed herewith.) |
|------------------|------------------------------------------------------------|

|   31.2 | Certification required by Rule 15d-14(a).(Filed herewith.) |
|------------------|------------------------------------------------------------|

|   32 | Certification required by Rule 15d-14(b).(Filed herewith.) |
|----------------|------------------------------------------------------------|

----

| SERIES 7             |              |   |   |                                      |
|----------------------|-------------------|--------|--------|-------------------------------------------|
| Apartment Properties |              |   |   |                                      |
|                 |              | # of   |   | Mortgage Loan                             |
| Partnership          | Location          | Units  |   | Balance                                   |
|                 |              |   |   |                                      |
| Nottingham           | Pisgah, AL        | 18     |   | 543,483                                   |
| Washington           | Bloomfield, NE    | 24     |   | 768,989                                   |
| BrookStone           | McCaysville, GA   | 40     |   | 1,138,921                                 |
| N. Irvine            | Irvine, KY        | 24     |   | 759,356                                   |
| Horton               | Horton, KS        | 24     |   | 737,271                                   |
| Manchester           | Manchester, GA    | 42     |   | 1,146,609                                 |
| Waynesboro           | Waynesboro, GA    | 24     |   | 639,904                                   |
| Lakeland II          | Lakeland, GA      | 30     |   | 797,293                                   |
| Mt. Vernon           | Mt. Vernon, GA    | 24     |   | 705,097                                   |
| Meadow Run           | Dawson, GA        | 48     |   | 1,359,711                                 |
| Warm Springs         | Warm Springs, GA  | 22     |   | 646,641                                   |
| Blue Ridge           | Blue Ridge, GA    | 41     |   | 1,049,052                                 |
| Pioneer              | Mountain View, AR | 48     |   | 1,163,506                                 |
| Dilley               | Dilley, TX        | 28     |   | 697,422                                   |
| Elsa                 | Elsa, TX          | 40     |   | 994,035                                   |
| Leander              | Leander, TX       | 36     |   | 878,391                                   |
| Louisa Sr.           | Louisa, KY        | 36     |   | 1,136,721                                 |
| Orchard Commons      | Crab Orchard, KY  | 12     |   | 300,913                                   |
| Vardaman             | Vardaman, MS      | 24     |   | 700,893                                   |
| Heritage Park        | Paze, AZ          | 32     |   | 1,193,859                                 |
| BrooksHollow         | Jasper, GA        | 40     |   | 1,124,615                                 |
| Cavalry Crossing     | Ft. Scott, KS     | 40     |   | 1,362,843                                 |
| Carson City          | Carson City, KS   | 24     |   | 755,262                                   |
| Matteson             | Capa, KS          | 24     |   | 730,317                                   |
| Pembroke             | Pembroke, KY      | 16     |   | 485,068                                   |
| Robynwood            | Cynthiana, KY     | 24     |   | 732,285                                   |
| Atoka                | Atoka, OK         | 24     |   | 639,604                                   |
| Coalgate             | Coalgate, OK      | 24     |   | 640,175                                   |
| Hill Creek           | West Blocton, AL  | 24     |   | 739,126                                   |
| Cardinal             | Mountain Home. AR | 32     |   | 89,665                                    |
|                 |              |   |   |                                      |
| Total Series 7       |              | 889    |   | $     24,657,027 |
|                 |              |   |   |                                      |

----

| SERIES 7             |   | Cost at Acquisition Date     |   |                                      |
|----------------------|--------|------------------------------|--------|-------------------------------------------|
| Apartment Properties |   |                         |   |                                      |   | Net Improvements |
|                 |   |                         |   | Buildings                                 |   | Capitalized |
|                 |   |                         |   | Improvements                              |   | Subsequent to |
| Partnership          |   | Land                         |   | & Equipment                           |   | Acquisition |
|                 |   |                         |   |                                      |   |   |
| Nottingham           |   | 21,070                       |   | 695,113                                   |   | 74,786  |
| Washington           |   | 30,000                       |   | 401,435                                   |   | 562,392  |
| BrookStone           |   | 45,000                       |   | 176,183                                   |   | 1,244,048  |
| N. Irvine            |   | 27,600                       |   | 696,407                                   |   | 314,556  |
| Horton               |   | 15,615                       |   | 641,460                                   |   | 275,465  |
| Manchester           |   | 40,000                       |   | 243,179                                   |   | 1,191,337  |
| Waynesboro           |   | 45,310                       |   | 107,860                                   |   | 666,100  |
| Lakeland II          |   | 30,000                       |   | 149,453                                   |   | 830,194  |
| Mt. Vernon           |   | 19,500                       |   | 156,335                                   |   | 724,691  |
| Meadow Run           |   | 20,000                       |   | 241,802                                   |   | 1,483,038  |
| Warm Springs         |   | 45,000                       |   | 196,691                                   |   | 581,001  |
| Blue Ridge           |   | 0                            |   | 234,193                                   |   | 1,104,950  |
| Pioneer              |   | 30,000                       |   | 1,092,918                                 |   | 408,362  |
| Dilley               |   | 30,000                       |   | 847,755                                   |   | 13,210  |
| Elsa                 |   | 40,000                       |   | 1,286,910                                 |   | 15,105  |
| Leander              |   | 46,000                       |   | 1,063,200                                 |   | 77,553  |
| Louisa Sr.           |   | 90,000                       |   | 449,409                                   |   | 912,512  |
| Orchard Commons      |   | 28,789                       |   | 452,556                                   |   | (30,458) |
| Vardaman             |   | 15,000                       |   | 93,877                                    |   | 820,405  |
| Heritage Park        |   | 199,000                      |   | 1,243,700                                 |   | 214,180  |
| BrooksHollow         |   | 67,155                       |   | 183,029                                   |   | 1,232,605  |
| Cavalry Crossing     |   | 82,300                       |   | 894,246                                   |   | 926,649  |
| Carson City          |   | 86,422                       |   | 354,778                                   |   | 537,892  |
| Matteson             |   | 28,438                       |   | 556,314                                   |   | 382,568  |
| Pembroke             |   | 22,000                       |   | 190,283                                   |   | 376,434  |
| Robynwood            |   | 35,000                       |   | 315,110                                   |   | 612,567  |
| Atoka                |   | 16,000                       |   | 819,334                                   |   | 0  |
| Coalgate             |   | 22,500                       |   | 806,005                                   |   | 0  |
| Hill Creek           |   | 29,337                       |   | 622,291                                   |   | 357,319  |
| Cardinal             |   | 24,207                       |   | 650,852                                   |   | 110,181  |
|                 |   |                         |   |                                      |   |   |
| Total Series 7       |   | $   1,231,243 |   | $     15,862,678 |   | $          16,019,642  |
|                 |   |                         |   |                                      |   |   |

----

| SERIES 7             |   |                                               |   |                                                        |   |                                      |
|----------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------|--------|-------------------------------------------|
| Apartment Properties |   | Gross Amount At Which Carried At December 31, 2009 |
|                 |   |                                               |   | Buildings,                                                  |   |                                      |
|                 |   |                                               |   | Improvements                                                |   |                                      |
| Partnership          |   | Land                                               |   | & Equipment                                             |   | Total                                     |
|                 |   |                                               |   |                                                        |   |                                      |
| Nottingham           |   | 23,500                                             |   | 767,469                                                     |   | 790,969                                   |
| Washington           |   | 59,615                                             |   | 934,212                                                     |   | 993,827                                   |
| BrookStone           |   | 49,540                                             |   | 1,415,691                                                   |   | 1,465,231                                 |
| N. Irvine            |   | 29,750                                             |   | 1,008,813                                                   |   | 1,038,563                                 |
| Horton               |   | 15,615                                             |   | 916,925                                                     |   | 932,540                                   |
| Manchester           |   | 49,455                                             |   | 1,425,061                                                   |   | 1,474,516                                 |
| Waynesboro           |   | 37,500                                             |   | 781,770                                                     |   | 819,270                                   |
| Lakeland II          |   | 29,600                                             |   | 980,047                                                     |   | 1,009,647                                 |
| Mt. Vernon           |   | 19,500                                             |   | 881,026                                                     |   | 900,526                                   |
| Meadow Run           |   | 40,000                                             |   | 1,704,840                                                   |   | 1,744,840                                 |
| Warm Springs         |   | 20,000                                             |   | 802,692                                                     |   | 822,692                                   |
| Blue Ridge           |   | 0                                                  |   | 1,339,143                                                   |   | 1,339,143                                 |
| Pioneer              |   | 151,303                                            |   | 1,379,977                                                   |   | 1,531,280                                 |
| Dilley               |   | 30,000                                             |   | 860,965                                                     |   | 890,965                                   |
| Elsa                 |   | 40,000                                             |   | 1,302,015                                                   |   | 1,342,015                                 |
| Leander              |   | 174,104                                            |   | 1,012,649                                                   |   | 1,186,753                                 |
| Louisa Sr.           |   | 98,550                                             |   | 1,353,371                                                   |   | 1,451,921                                 |
| Orchard Commons      |   | 28,789                                             |   | 422,098                                                     |   | 450,887                                   |
| Vardaman             |   | 15,000                                             |   | 914,282                                                     |   | 929,282                                   |
| Heritage Park        |   | 199,000                                            |   | 1,457,880                                                   |   | 1,656,880                                 |
| BrooksHollow         |   | 76,870                                             |   | 1,405,919                                                   |   | 1,482,789                                 |
| Cavalry Crossing     |   | 101,365                                            |   | 1,801,830                                                   |   | 1,903,195                                 |
| Carson City          |   | 40,028                                             |   | 939,064                                                     |   | 979,092                                   |
| Matteson             |   | 39,000                                             |   | 928,320                                                     |   | 967,320                                   |
| Pembroke             |   | 22,000                                             |   | 566,717                                                     |   | 588,717                                   |
| Robynwood            |   | 35,000                                             |   | 927,677                                                     |   | 962,677                                   |
| Atoka                |   | 16,000                                             |   | 819,334                                                     |   | 835,334                                   |
| Coalgate             |   | 22,500                                             |   | 806,005                                                     |   | 828,505                                   |
| Hill Creek           |   | 29,337                                             |   | 979,610                                                     |   | 1,008,947                                 |
| Cardinal             |   | 24,207                                             |   | 761,033                                                     |   | 785,240                                   |
|                 |   |                                               |   |                                                        |   |                                      |
| Total Series 7       |   | $    1,517,128                 |   | $        31,596,435 |   | $     33,113,563 |
|                 |   |                                               |   |                                                        |   |                                      |

----

| SERIES 7             |   |                          |   |             |
|----------------------|--------|-------------------------------|--------|------------------|
| Apartment Properties |   |                          |   |             |
|                 |   | Accumulated                   |   | Depreciable Life |
| Partnership          |   | Depreciation                  |   |
|                 |   |                          |   |             |
| Nottingham           |   | 326,437                       |   | 5.0-40.0         |
| Washington           |   | 581,632                       |   | 5.0-30.0         |
| BrookStone           |   | 830,156                       |   | 5.0-27.5         |
| N. Irvine            |   | 440,125                       |   | 5.0-40.0         |
| Horton               |   | 626,286                       |   | 5.0-25.0         |
| Manchester           |   | 784,605                       |   | 5.0-25.0         |
| Waynesboro           |   | 436,049                       |   | 10.0-30.0        |
| Lakeland II          |   | 555,690                       |   | 10.0-30.0        |
| Mt. Vernon           |   | 498,654                       |   | 5.0-30.0         |
| Meadow Run           |   | 988,618                       |   | 7.0-27.5         |
| Warm Springs         |   | 458,650                       |   | 5.0-40.0         |
| Blue Ridge           |   | 800,701                       |   | 5.0-25.0         |
| Pioneer              |   | 668,764                       |   | 12.0-40.0        |
| Dilley               |   | 302,902                       |   | 5.0-50.0         |
| Elsa                 |   | 519,589                       |   | 7.0-50.0         |
| Leander              |   | 696,512                       |   | 7.0-30.0         |
| Louisa Sr.           |   | 565,411                       |   | 5.0-40.0         |
| Orchard Commons      |   | 178,542                       |   | 5.0-40.0         |
| Vardaman             |   | 399,186                       |   | 5.0-40.0         |
| Heritage Park        |   | 931,594                       |   | 7.0-27.5         |
| BrooksHollow         |   | 792,979                       |   | 5.0-27.5         |
| Cavalry Crossing     |   | 799,280                       |   | 12.0-40.0        |
| Carson City          |   | 583,979                       |   | 7.0-27.5         |
| Matteson             |   | 591,834                       |   | 7.0-27.5         |
| Pembroke             |   | 233,771                       |   | 5.0-40.0         |
| Robynwood            |   | 380,735                       |   | 5.0-40.0         |
| Atoka                |   | 551,076                       |   | 5.0-25.0         |
| Coalgate             |   | 547,847                       |   | 5.0-25.0         |
| Hill Creek           |   | 556,361                       |   | 7.0-27.5         |
| Cardinal             |   | 301,659                       |   | 7.0-27.5         |
|                 |   |                          |   |             |
| Total Series 7       |   | $   16,929,624 |   |             |
|                 |   |                          |   |             |

----

| SERIES 8             |               |   |   |                                      |
|----------------------|--------------------|--------|--------|-------------------------------------------|
| Apartment Properties |               |   |   |                                      |
|                 |               | # of   |   | Mortgage Loan                             |
| Partnership          | Location           | Units  |   | Balance                                   |
|                 |               |   |   |                                      |
| Purdy                | Purdy, MO          | 16     |   | 438,320                                   |
| Galena               | Galena, KS         | 24     |   | 582,616                                   |
| Antlers 2            | Antlers, OK        | 24     |   | 598,937                                   |
| Holdenville          | Holdenville, OK    | 24     |   | 683,356                                   |
| Wetumka              | Wetumka, OK        | 24     |   | 617,981                                   |
| Mariners Cove        | Marine City, MI    | 32     |   | 993,429                                   |
| Mariners Cove Sr.    | Marine City, MI    | 24     |   | 769,405                                   |
| Antlers              | Antlers, OK        | 36     |   | 1,044,395                                 |
| Bentonville          | Bentonville, AR    | 24     |   | 428,836                                   |
| Deerpoint            | Elgin, AL          | 24     |   | 694,647                                   |
| Aurora               | Aurora, MO         | 28     |   | 697,146                                   |
| Baxter               | Baxter Springs, KS | 16     |   | 404,632                                   |
| Arbor Gate           | Bridgeport, AL     | 24     |   | 718,331                                   |
| Timber Ridge         | Collinsville, AL   | 24     |   | 703,470                                   |
| Concordia Sr.        | Concordia, KS      | 24     |   | 650,904                                   |
| Mountainburg         | Mountainburg, AR   | 24     |   | 676,155                                   |
| Lincoln              | Pierre, SD         | 25     |   | 856,356                                   |
| Fox Ridge            | Russellville, AL   | 24     |   | 711,785                                   |
| Meadow View          | Bridgeport, NE     | 16     |   | 566,281                                   |
| Sheridan             | Auburn, NE         | 16     |   | 580,037                                   |
| Grand Isle           | Grand Isle, ME     | 16     |   | 955,671                                   |
| Meadowview           | Van Buren, AR      | 29     |   | 697,049                                   |
| Taylor               | Taylor, TX         | 44     |   | 1,187,152                                 |
| Brookwood            | Gainesboro, TN     | 44     |   | 1,394,931                                 |
| Pleasant Valley      | Lynchburg, TN      | 33     |   | 1,053,708                                 |
| Reelfoot             | Ridgely, TN        | 20     |   | 620,137                                   |
| River Rest           | Newport, TN        | 34     |   | 1,101,800                                 |
| Kirskville           | Kirksville, MO     | 24     |   | 656,681                                   |
| Kenton               | Kenton, OH         | 46     |   | 1,372,636                                 |
| Lovingston           | Lovingston, VA     | 64     |   | 2,122,929                                 |
| Pontotoc             | Pontotoc, MS       | 36     |   | 1,060,624                                 |
| Hustonville          | Hustonville, KY    | 16     |   | 495,223                                   |
| Northpoint           | Jackson, KY        | 24     |   | 858,782                                   |
| Brooks Field         | Louisville, GA     | 32     |   | 918,218                                   |
| Brooks Lane          | Clayton, GA        | 36     |   | 1,062,523                                 |
| Brooks Point         | Dahlonega, GA      | 41     |   | 1,318,681                                 |
| Brooks Run           | Jasper, GA         | 24     |   | 730,946                                   |
| Logan Heights        | Russellville, KY   | 24     |   | 753,006                                   |
| Lakeshore 2          | Tuskegee, AL       | 36     |   | 1,112,701                                 |
| Cottondale           | Cottondale, FL     | 25     |   | 737,499                                   |
|                 |               |   |   |                                      |
| Total Series 8       |               | 1,121  |   | $     33,627,916 |
|                 |               |   |   |                                      |

----

| SERIES 8             |   | Cost at Acquisition Date     |   |                                      |
|----------------------|--------|------------------------------|--------|-------------------------------------------|
| Apartment Properties |   |                         |   |                                      |   | Net Improvements |
|                 |   |                         |   | Buildings                                 |   | Capitalized |
|                 |   |                         |   | Improvements                              |   | Subsequent to |
| Partnership          |   | Land                         |   | & Equipment                           |   | Acquisition |
|                 |   |                         |   |                                      |   |   |
| Purdy                |   | 64,823                       |   | 493,596                                   |   | 83,463  |
| Galena               |   | 19,200                       |   | 362,505                                   |   | 482,524  |
| Antlers 2            |   | 26,000                       |   | 761,859                                   |   | 0  |
| Holdenville          |   | 15,000                       |   | 877,598                                   |   | 0  |
| Wetumka              |   | 19,977                       |   | 792,876                                   |   | 0  |
| Mariners Cove        |   | 117,192                      |   | 1,134,974                                 |   | (115,440) |
| Mariners Cove Sr.    |   | 72,252                       |   | 901,745                                   |   | 65,786  |
| Antlers              |   | 50,529                       |   | 1,270,510                                 |   | 0  |
| Bentonville          |   | 15,220                       |   | 743,269                                   |   | 0  |
| Deerpoint            |   | 33,250                       |   | 912,974                                   |   | 2,600  |
| Aurora               |   | 164,350                      |   | 716,471                                   |   | 96,331  |
| Baxter               |   | 13,800                       |   | 418,296                                   |   | 190,821  |
| Arbor Gate           |   | 43,218                       |   | 873,748                                   |   | 42,925  |
| Timber Ridge         |   | 15,145                       |   | 879,334                                   |   | 62,821  |
| Concordia Sr.        |   | 65,000                       |   | 776,131                                   |   | (14,742) |
| Mountainburg         |   | 20,000                       |   | 863,990                                   |   | 0  |
| Lincoln              |   | 121,000                      |   | 933,872                                   |   | 132,133  |
| Fox Ridge            |   | 35,000                       |   | 867,785                                   |   | 6,325  |
| Meadow View          |   | 29,000                       |   | 686,959                                   |   | 35,343  |
| Sheridan             |   | 20,100                       |   | 373,018                                   |   | 435,865  |
| Grand Isle           |   | 20,000                       |   | 1,180,210                                 |   | 12,623  |
| Meadowview           |   | 40,000                       |   | 954,717                                   |   | 0  |
| Taylor               |   | 105,335                      |   | 1,185,923                                 |   | 239,205  |
| Brookwood            |   | 28,148                       |   | 1,780,090                                 |   | 9,389  |
| Pleasant Valley      |   | 56,269                       |   | 1,288,452                                 |   | 78,025  |
| Reelfoot             |   | 13,000                       |   | 118,127                                   |   | 697,866  |
| River Rest           |   | 50,750                       |   | 431,259                                   |   | 977,810  |
| Kirskville           |   | 50,000                       |   | 188,140                                   |   | 593,352  |
| Kenton               |   | 61,699                       |   | 785,703                                   |   | 934,357  |
| Lovingston           |   | 178,985                      |   | 2,215,782                                 |   | 446,501  |
| Pontotoc             |   | 40,500                       |   | 312,296                                   |   | 1,006,570  |
| Hustonville          |   | 20,000                       |   | 672,270                                   |   | 30,515  |
| Northpoint           |   | 140,000                      |   | 942,599                                   |   | 50,766  |
| Brooks Field         |   | 45,762                       |   | 113,295                                   |   | 1,017,683  |
| Brooks Lane          |   | 57,500                       |   | 123,401                                   |   | 1,197,092  |
| Brooks Point         |   | 108,000                      |   | 135,053                                   |   | 1,415,911  |
| Brooks Run           |   | 50,000                       |   | 158,025                                   |   | 733,603  |
| Logan Heights        |   | 24,600                       |   | 422,778                                   |   | 510,002  |
| Lakeshore 2          |   | 45,000                       |   | 273,501                                   |   | 1,154,567  |
| Cottondale           |   | 36,000                       |   | 911,975                                   |   | 344  |
|                 |   |                         |   |                                      |   |   |
| Total Series 8       |   | $   2,131,604 |   | $     29,835,106 |   | $        12,612,936  |
|                 |   |                         |   |                                      |   |   |

----

| SERIES 8             |   |                                               |   |                                                        |   |                                |
|----------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------|--------|-------------------------------------|
| Apartment Properties |   | Gross Amount At Which Carried At December 31, 2009 |
|                 |   |                                               |   | Buildings,                                                  |   |                                |
|                 |   |                                               |   | Improvements                                                |   |                                |
| Partnership          |   | Land                                               |   | & Equipment                                             |   | Total                               |
|                 |   |                                               |   |                                                        |   |                                |
| Purdy                |   | 77,828                                             |   | 564,054                                                     |   | 641,882                             |
| Galena               |   | 89,582                                             |   | 774,647                                                     |   | 864,229                             |
| Antlers 2            |   | 26,000                                             |   | 761,859                                                     |   | 787,859                             |
| Holdenville          |   | 15,000                                             |   | 877,598                                                     |   | 892,598                             |
| Wetumka              |   | 19,977                                             |   | 792,876                                                     |   | 812,853                             |
| Mariners Cove        |   | 122,656                                            |   | 1,014,070                                                   |   | 1,136,726                           |
| Mariners Cove Sr.    |   | 46,216                                             |   | 993,567                                                     |   | 1,039,783                           |
| Antlers              |   | 50,529                                             |   | 1,270,510                                                   |   | 1,321,039                           |
| Bentonville          |   | 15,220                                             |   | 743,269                                                     |   | 758,489                             |
| Deerpoint            |   | 19,500                                             |   | 929,324                                                     |   | 948,824                             |
| Aurora               |   | 168,675                                            |   | 808,477                                                     |   | 977,152                             |
| Baxter               |   | 50,765                                             |   | 572,152                                                     |   | 622,917                             |
| Arbor Gate           |   | 48,116                                             |   | 911,775                                                     |   | 959,891                             |
| Timber Ridge         |   | 16,745                                             |   | 940,555                                                     |   | 957,300                             |
| Concordia Sr.        |   | 65,000                                             |   | 761,389                                                     |   | 826,389                             |
| Mountainburg         |   | 20,000                                             |   | 863,990                                                     |   | 883,990                             |
| Lincoln              |   | 136,047                                            |   | 1,050,958                                                   |   | 1,187,005                           |
| Fox Ridge            |   | 35,000                                             |   | 874,110                                                     |   | 909,110                             |
| Meadow View          |   | 29,000                                             |   | 722,302                                                     |   | 751,302                             |
| Sheridan             |   | 36,276                                             |   | 792,707                                                     |   | 828,983                             |
| Grand Isle           |   | 20,000                                             |   | 1,192,833                                                   |   | 1,212,833                           |
| Meadowview           |   | 40,000                                             |   | 954,717                                                     |   | 994,717                             |
| Taylor               |   | 105,334                                            |   | 1,425,129                                                   |   | 1,530,463                           |
| Brookwood            |   | 28,148                                             |   | 1,789,479                                                   |   | 1,817,627                           |
| Pleasant Valley      |   | 56,269                                             |   | 1,366,477                                                   |   | 1,422,746                           |
| Reelfoot             |   | 13,827                                             |   | 815,166                                                     |   | 828,993                             |
| River Rest           |   | 52,062                                             |   | 1,407,757                                                   |   | 1,459,819                           |
| Kirskville           |   | 50,000                                             |   | 781,492                                                     |   | 831,492                             |
| Kenton               |   | 61,699                                             |   | 1,720,060                                                   |   | 1,781,759                           |
| Lovingston           |   | 171,772                                            |   | 2,669,496                                                   |   | 2,841,268                           |
| Pontotoc             |   | 40,500                                             |   | 1,318,866                                                   |   | 1,359,366                           |
| Hustonville          |   | 30,134                                             |   | 692,651                                                     |   | 722,785                             |
| Northpoint           |   | 142,950                                            |   | 990,415                                                     |   | 1,133,365                           |
| Brooks Field         |   | 45,761                                             |   | 1,130,979                                                   |   | 1,176,740                           |
| Brooks Lane          |   | 80,108                                             |   | 1,297,885                                                   |   | 1,377,993                           |
| Brooks Point         |   | 108,000                                            |   | 1,550,964                                                   |   | 1,658,964                           |
| Brooks Run           |   | 50,366                                             |   | 891,262                                                     |   | 941,628                             |
| Logan Heights        |   | 24,600                                             |   | 932,780                                                     |   | 957,380                             |
| Lakeshore 2          |   | 46,014                                             |   | 1,427,054                                                   |   | 1,473,068                           |
| Cottondale           |   | 36,000                                             |   | 912,319                                                     |   | 948,319                             |
|                 |   |                                               |   |                                                        |   |                                |
| Total Series 8       |   | $   2,291,676                       |   | $        42,287,970 |   | $    44,579,646 |
|                 |   |                                               |   |                                                        |   |                                |

----

| SERIES 8             |   |                          |   |             |
|----------------------|--------|-------------------------------|--------|------------------|
| Apartment Properties |   |                          |   |             |
|                 |   | Accumulated                   |   | Depreciable Life |
| Partnership          |   | Depreciation                  |   |
|                 |   |                          |   |             |
| Purdy                |   | 426,146                       |   | 7.0-27.5         |
| Galena               |   | 522,218                       |   | 7.0-27.5         |
| Antlers 2            |   | 512,647                       |   | 5.0-25.0         |
| Holdenville          |   | 576,567                       |   | 5.0-25.0         |
| Wetumka              |   | 523,138                       |   | 5.0-25.0         |
| Mariners Cove        |   | 785,029                       |   | 7.0-27.5         |
| Mariners Cove Sr.    |   | 615,767                       |   | 7.0-27.5         |
| Antlers              |   | 843,044                       |   | 10.0-25.0        |
| Bentonville          |   | 512,704                       |   | 5.0-25.0         |
| Deerpoint            |   | 334,305                       |   | 5.0-50.0         |
| Aurora               |   | 626,992                       |   | 7.0-27.5         |
| Baxter               |   | 373,810                       |   | 7.0-27.5         |
| Arbor Gate           |   | 388,936                       |   | 5.0-40.0         |
| Timber Ridge         |   | 401,079                       |   | 5.0-40.0         |
| Concordia Sr.        |   | 496,923                       |   | 5.0-25.0         |
| Mountainburg         |   | 567,210                       |   | 5.0-25.0         |
| Lincoln              |   | 644,174                       |   | 7.0-27.5         |
| Fox Ridge            |   | 300,394                       |   | 5.0-50.0         |
| Meadow View          |   | 371,183                       |   | 5.0-30.0         |
| Sheridan             |   | 358,894                       |   | 5.0-50.0         |
| Grand Isle           |   | 733,014                       |   | 7.0-27.5         |
| Meadowview           |   | 630,113                       |   | 5.0-25.0         |
| Taylor               |   | 471,021                       |   | 5.0-50.0         |
| Brookwood            |   | 966,876                       |   | 5.0-50.0         |
| Pleasant Valley      |   | 716,027                       |   | 5.0-50.0         |
| Reelfoot             |   | 429,245                       |   | 7.0-27.5         |
| River Rest           |   | 724,027                       |   | 7.0-50.0         |
| Kirskville           |   | 489,493                       |   | 5.0-27.5         |
| Kenton               |   | 846,687                       |   | 5.0-33.0         |
| Lovingston           |   | 1,565,722                     |   | 7.0-27.5         |
| Pontotoc             |   | 501,559                       |   | 5.0-40.0         |
| Hustonville          |   | 289,545                       |   | 5.0-40.0         |
| Northpoint           |   | 413,648                       |   | 5.0-40.0         |
| Brooks Field         |   | 617,671                       |   | 5.0-40.0         |
| Brooks Lane          |   | 710,798                       |   | 5.0-40.0         |
| Brooks Point         |   | 835,497                       |   | 5.0-40.0         |
| Brooks Run           |   | 482,668                       |   | 5.0-40.0         |
| Logan Heights        |   | 547,948                       |   | 5.0-40.0         |
| Lakeshore 2          |   | 542,944                       |   | 5.0-40.0         |
| Cottondale           |   | 501,449                       |   | 5.0-27.5         |
|                 |   |                          |   |             |
| Total Series 8       |   | $   23,197,112 |   |             |
|                 |   |                          |   |             |

----

| SERIES 9             |            |   |   |                                      |
|----------------------|-----------------|--------|--------|-------------------------------------------|
| Apartment Properties |            |   |   |                                      |
|                 |            | # of   |   | Mortgage Loan                             |
| Partnership          | Location        | Units  |   | Balance                                   |
|                 |            |   |   |                                      |
| Jay                  | Jay, OK         | 24     |   | 623,603                                   |
| Boxwood              | Lexington, TX   | 24     |   | 582,902                                   |
| Stilwell 3           | Stilwell, OK    | 16     |   | 440,239                                   |
| Arbor Trace          | Lake Park, GA   | 24     |   | 711,142                                   |
| Arbor Trace 2        | Lake Park, GA   | 42     |   | 1,401,790                                 |
| Omega                | Omega, GA       | 36     |   | 1,090,874                                 |
| Cornell 2            | Watertown, SD   | 24     |   | 884,558                                   |
| Elm Creek            | Pierre, SD      | 24     |   | 915,519                                   |
| Marionville          | Marionville, MO | 20     |   | 537,975                                   |
| Lamar                | Lamar, AR       | 24     |   | 680,328                                   |
| Centreville          | Centreville, AL | 24     |   | 758,857                                   |
| Skyview              | Troy, AL        | 36     |   | 1,091,236                                 |
| Sycamore             | Coffeyville, KS | 40     |   | 1,360,783                                 |
| Bradford             | Cumberland, KY  | 24     |   | 760,913                                   |
| Cedar Lane           | London, KY      | 24     |   | 689,208                                   |
| Stanton              | Stanton, KY     | 24     |   | 767,753                                   |
| Abernathy            | Abernathy, TX   | 24     |   | 588,792                                   |
| Pembroke             | Pembroke, KY    | 24     |   | 766,568                                   |
| Meadowview           | Greenville, AL  | 24     |   | 639,746                                   |
| Town Branch          | Mt. Vernon, KY  | 24     |   | 733,873                                   |
| Fox Run              | Ragland, AL     | 24     |   | 741,932                                   |
| Maple Street         | Emporium, PA    | 32     |   | 1,314,606                                 |
| Manchester           | Manchester, GA  | 18     |   | 568,351                                   |
|                 |            |   |   |                                      |
| Total Series 9       |            | 600    |   | $     18,651,548 |
|                 |            |   |   |                                      |

----

| SERIES 9             |   | Cost at Acquisition Date     |   |                                      |
|----------------------|--------|------------------------------|--------|-------------------------------------------|
| Apartment Properties |   |                         |   |                                      |   | Net Improvements |
|                 |   |                         |   | Buildings                                 |   | Capitalized |
|                 |   |                         |   | Improvements                              |   | Subsequent to |
| Partnership          |   | Land                         |   | & Equipment                           |   | Acquisition |
|                 |   |                         |   |                                      |   |   |
| Jay                  |   | 30,000                       |   | 103,524                                   |   | 677,073  |
| Boxwood              |   | 22,273                       |   | 718,529                                   |   | 30,137  |
| Stilwell 3           |   | 15,567                       |   | 82,347                                    |   | 489,218  |
| Arbor Trace          |   | 62,500                       |   | 185,273                                   |   | 670,585  |
| Arbor Trace 2        |   | 100,000                      |   | 361,210                                   |   | 1,345,224  |
| Omega                |   | 35,000                       |   | 188,863                                   |   | 1,183,441  |
| Cornell 2            |   | 29,155                       |   | 576,296                                   |   | 664,570  |
| Elm Creek            |   | 71,360                       |   | 233,390                                   |   | 1,044,328  |
| Marionville          |   | 24,900                       |   | 409,497                                   |   | 357,320  |
| Lamar                |   | 18,000                       |   | 202,240                                   |   | 684,085  |
| Centreville          |   | 36,000                       |   | 220,952                                   |   | 744,156  |
| Skyview              |   | 120,000                      |   | 220,161                                   |   | 1,116,203  |
| Sycamore             |   | 64,408                       |   | 415,748                                   |   | 1,380,760  |
| Bradford             |   | 66,000                       |   | 285,025                                   |   | 675,823  |
| Cedar Lane           |   | 49,750                       |   | 952,314                                   |   | (38,223) |
| Stanton              |   | 41,584                       |   | 959,574                                   |   | (42,009) |
| Abernathy            |   | 30,000                       |   | 751,898                                   |   | 0  |
| Pembroke             |   | 43,000                       |   | 955,687                                   |   | (47,860) |
| Meadowview           |   | 46,270                       |   | 1,086,351                                 |   | 37,826  |
| Town Branch          |   | 21,000                       |   | 942,114                                   |   | (25,758) |
| Fox Run              |   | 47,467                       |   | 919,296                                   |   | 11,432  |
| Maple Street         |   | 85,000                       |   | 1,178,856                                 |   | 452,025  |
| Manchester           |   | 24,100                       |   | 711,035                                   |   | 314  |
|                 |   |                         |   |                                      |   |   |
| Total Series 9       |   | $   1,083,334 |   | $     12,660,180 |   | $          11,410,670  |
|                 |   |                         |   |                                      |   |   |

----

| SERIES 9             |   |                                               |   |                                                        |   |                                |
|----------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------|--------|-------------------------------------|
| Apartment Properties |   | Gross Amount At Which Carried At December 31, 2009 |
|                 |   |                                               |   | Buildings,                                                  |   |                                |
|                 |   |                                               |   | Improvements                                                |   |                                |
| Partnership          |   | Land                                               |   | & Equipment                                             |   | Total                               |
|                 |   |                                               |   |                                                        |   |                                |
| Jay                  |   | 25,000                                             |   | 785,597                                                     |   | 810,597                             |
| Boxwood              |   | 22,273                                             |   | 748,666                                                     |   | 770,939                             |
| Stilwell 3           |   | 10,000                                             |   | 577,132                                                     |   | 587,132                             |
| Arbor Trace          |   | 62,500                                             |   | 855,858                                                     |   | 918,358                             |
| Arbor Trace 2        |   | 100,000                                            |   | 1,706,434                                                   |   | 1,806,434                           |
| Omega                |   | 35,000                                             |   | 1,372,304                                                   |   | 1,407,304                           |
| Cornell 2            |   | 105,569                                            |   | 1,164,452                                                   |   | 1,270,021                           |
| Elm Creek            |   | 184,682                                            |   | 1,164,396                                                   |   | 1,349,078                           |
| Marionville          |   | 92,067                                             |   | 699,650                                                     |   | 791,717                             |
| Lamar                |   | 18,000                                             |   | 886,325                                                     |   | 904,325                             |
| Centreville          |   | 36,000                                             |   | 965,108                                                     |   | 1,001,108                           |
| Skyview              |   | 120,000                                            |   | 1,336,364                                                   |   | 1,456,364                           |
| Sycamore             |   | 73,945                                             |   | 1,786,971                                                   |   | 1,860,916                           |
| Bradford             |   | 66,000                                             |   | 960,848                                                     |   | 1,026,848                           |
| Cedar Lane           |   | 49,750                                             |   | 914,091                                                     |   | 963,841                             |
| Stanton              |   | 41,584                                             |   | 917,565                                                     |   | 959,149                             |
| Abernathy            |   | 30,000                                             |   | 751,898                                                     |   | 781,898                             |
| Pembroke             |   | 43,000                                             |   | 907,827                                                     |   | 950,827                             |
| Meadowview           |   | 46,270                                             |   | 1,124,177                                                   |   | 1,170,447                           |
| Town Branch          |   | 21,000                                             |   | 916,356                                                     |   | 937,356                             |
| Fox Run              |   | 47,467                                             |   | 930,728                                                     |   | 978,195                             |
| Maple Street         |   | 85,000                                             |   | 1,630,881                                                   |   | 1,715,881                           |
| Manchester           |   | 27,200                                             |   | 708,249                                                     |   | 735,449                             |
|                 |   |                                               |   |                                                        |   |                                |
| Total Series 9       |   | $   1,342,307                       |   | $        23,811,877 |   | $    25,154,184 |
|                 |   |                                               |   |                                                        |   |                                |

----

| SERIES 9             |   |                          |   |             |
|----------------------|--------|-------------------------------|--------|------------------|
| Apartment Properties |   |                          |   |             |
|                 |   | Accumulated                   |   | Depreciable Life |
| Partnership          |   | Depreciation                  |   |
|                 |   |                          |   |             |
| Jay                  |   | 496,101                       |   | 5.0-25.0         |
| Boxwood              |   | 489,640                       |   | 5.0-25.0         |
| Stilwell 3           |   | 366,875                       |   | 5.0-25.0         |
| Arbor Trace          |   | 436,587                       |   | 10.0-30.0        |
| Arbor Trace 2        |   | 869,677                       |   | 10.0-30.0        |
| Omega                |   | 713,183                       |   | 5.0-50.0         |
| Cornell 2            |   | 699,588                       |   | 5.0-30.0         |
| Elm Creek            |   | 669,605                       |   | 5.0-27.5         |
| Marionville          |   | 477,080                       |   | 7.0-27.5         |
| Lamar                |   | 567,354                       |   | 5.0-25.0         |
| Centreville          |   | 601,427                       |   | 5.0-40.0         |
| Skyview              |   | 518,915                       |   | 5.0-40.0         |
| Sycamore             |   | 715,844                       |   | 12.0-40.0        |
| Bradford             |   | 356,165                       |   | 5.0-40.0         |
| Cedar Lane           |   | 377,861                       |   | 5.0-40.0         |
| Stanton              |   | 376,584                       |   | 5.0-40.0         |
| Abernathy            |   | 485,462                       |   | 5.0-25.0         |
| Pembroke             |   | 352,731                       |   | 7.0-40.0         |
| Meadowview           |   | 421,348                       |   | 5.0-40.0         |
| Town Branch          |   | 339,817                       |   | 7.0-40.0         |
| Fox Run              |   | 523,095                       |   | 7.0-27.5         |
| Maple Street         |   | 646,608                       |   | 7.0-40.0         |
| Manchester           |   | 368,230                       |   | 5.0-27.5         |
|                 |   |                          |   |             |
| Total Series 9       |   | $   11,869,777 |   |             |
|                 |   |                          |   |             |

----

| SERIES 10            |               |   |   |                                      |
|----------------------|--------------------|--------|--------|-------------------------------------------|
| Apartment Properties |               |   |   |                                      |
|                 |               | # of   |   | Mortgage Loan                             |
| Partnership          | Location           | Units  |   | Balance                                   |
|                 |               |   |   |                                      |
| Albany               | Albany, KY         | 24     |   | 734,048                                   |
| Oak Terrace          | Bonifay, FL        | 18     |   | 517,543                                   |
| Wellshill            | West Liberty, KY   | 32     |   | 1,041,752                                 |
| Applegate            | Florence, AL       | 36     |   | 1,114,105                                 |
| Heatherwood          | Alexander City, AL | 36     |   | 856,384                                   |
| Peachtree            | Gaffney, SC        | 28     |   | 1,059,671                                 |
| Donna                | Donna, TX          | 50     |   | 1,358,030                                 |
| Wellsville           | Wellsville, NY     | 24     |   | 984,662                                   |
| Tecumseh             | Tecumseh, NE       | 24     |   | 850,330                                   |
| Clay City            | Clay City, KY      | 24     |   | 779,156                                   |
| Irvine West          | Irvine, KY         | 24     |   | 778,982                                   |
| New Castle           | New Castle, KY     | 24     |   | 771,314                                   |
| Stigler              | Stigler, OK        | 20     |   | 569,290                                   |
| Courtyard            | Huron, SD          | 21     |   | 614,433                                   |
|                 |               |   |   |                                      |
| Total Series 10      |               | 385    |   | $     12,029,700 |
|                 |               |   |   |                                      |

| SERIES 10            |   | Cost at Acquisition Date                     |   |                                      |
|----------------------|--------|----------------------------------------------|--------|-------------------------------------------|
| Apartment Properties |   |                                         |   |                                      |   | Net Improvements |
|                 |   |                                         |   | Buildings                                 |   | Capitalized |
|                 |   |                                         |   | Improvements                              |   | Subsequent to |
| Partnership          |   | Land                                         |   | & Equipment                           |   | Acquisition |
|                 |   |                                         |   |                                      |   |   |
| Albany               |   | 39,500                                       |   | 990,162                                   |   | (15,856) |
| Oak Terrace          |   | 27,200                                       |   | 633,284                                   |   | 2,794  |
| Wellshill            |   | 75,000                                       |   | 1,270,844                                 |   | (63,598) |
| Applegate            |   | 125,000                                      |   | 1,467,675                                 |   | 280,333  |
| Heatherwood          |   | 55,000                                       |   | 1,551,679                                 |   | 55,207  |
| Peachtree            |   | 25,000                                       |   | 1,021,466                                 |   | 170,915  |
| Donna                |   | 112,000                                      |   | 1,661,889                                 |   | 3,684  |
| Wellsville           |   | 38,000                                       |   | 1,286,389                                 |   | 163,560  |
| Tecumseh             |   | 20,000                                       |   | 1,038,151                                 |   | 128,046  |
| Clay City            |   | 22,750                                       |   | 998,334                                   |   | 79,270  |
| Irvine West          |   | 25,000                                       |   | 1,060,585                                 |   | 48,452  |
| New Castle           |   | 40,575                                       |   | 971,520                                   |   | 41,805  |
| Stigler              |   | 24,000                                       |   | 730,056                                   |   | 0  |
| Courtyard            |   | 12,000                                       |   | 465,936                                   |   | 333,294  |
|                 |   |                                         |   |                                      |   |   |
| Total Series 10      |   | $      641,025 |   | $     15,147,970 |   | $          1,227,906  |
|                 |   |                                         |   |                                      |   |   |

----

| SERIES 10            |   |                                               |   |                                                        |   |                                |
|----------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------|--------|-------------------------------------|
| Apartment Properties |   | Gross Amount At Which Carried At December 31, 2009 |
|                 |   |                                               |   | Buildings,                                                  |   |                                |
|                 |   |                                               |   | Improvements                                                |   |                                |
| Partnership          |   | Land                                               |   | & Equipment                                             |   | Total                               |
|                 |   |                                               |   |                                                        |   |                                |
| Albany               |   | 39,500                                             |   | 974,306                                                     |   | 1,013,806                           |
| Oak Terrace          |   | 27,200                                             |   | 636,078                                                     |   | 663,278                             |
| Wellshill            |   | 75,000                                             |   | 1,207,246                                                   |   | 1,282,246                           |
| Applegate            |   | 126,385                                            |   | 1,746,623                                                   |   | 1,873,008                           |
| Heatherwood          |   | 55,000                                             |   | 1,606,886                                                   |   | 1,661,886                           |
| Peachtree            |   | 25,000                                             |   | 1,192,381                                                   |   | 1,217,381                           |
| Donna                |   | 112,000                                            |   | 1,665,573                                                   |   | 1,777,573                           |
| Wellsville           |   | 38,000                                             |   | 1,449,949                                                   |   | 1,487,949                           |
| Tecumseh             |   | 50,741                                             |   | 1,135,456                                                   |   | 1,186,197                           |
| Clay City            |   | 47,346                                             |   | 1,053,008                                                   |   | 1,100,354                           |
| Irvine West          |   | 47,046                                             |   | 1,086,991                                                   |   | 1,134,037                           |
| New Castle           |   | 43,375                                             |   | 1,010,525                                                   |   | 1,053,900                           |
| Stigler              |   | 24,000                                             |   | 730,056                                                     |   | 754,056                             |
| Courtyard            |   | 78,476                                             |   | 732,754                                                     |   | 811,230                             |
|                 |   |                                               |   |                                                        |   |                                |
| Total Series 10      |   | $      789,069       |   | $        16,227,832 |   | $    17,016,901 |
|                 |   |                                               |   |                                                        |   |                                |

| SERIES 10            |   |                                     |   |             |
|----------------------|--------|------------------------------------------|--------|------------------|
| Apartment Properties |   |                                     |   |             |
|                 |   | Accumulated                              |   | Depreciable Life |
| Partnership          |   | Depreciation                             |   |
|                 |   |                                     |   |             |
| Albany               |   | 382,385                                  |   | 5.0-40.0         |
| Oak Terrace          |   | 363,609                                  |   | 5.0-27.5         |
| Wellshill            |   | 458,706                                  |   | 5.0-40.0         |
| Applegate            |   | 670,828                                  |   | 5.0-40.0         |
| Heatherwood          |   | 612,854                                  |   | 5.0-40.0         |
| Peachtree            |   | 435,189                                  |   | 5.0-40.0         |
| Donna                |   | 528,246                                  |   | 7.0-50.0         |
| Wellsville           |   | 836,375                                  |   | 7.0-27.5         |
| Tecumseh             |   | 425,459                                  |   | 5.0-50.0         |
| Clay City            |   | 418,598                                  |   | 5.0-40.0         |
| Irvine West          |   | 436,720                                  |   | 5.0-40.0         |
| New Castle           |   | 394,023                                  |   | 5.0-40.0         |
| Stigler              |   | 292,630                                  |   | 5.0-25.0         |
| Courtyard            |   | 373,499                                  |   | 5.0-40.0         |
|                 |   |                                     |   |             |
| Total Series 10      |   | $     6,629,121 |   |             |
|                 |   |                                     |   |             |

----

| SERIES 11            |              |   |   |                                                 |
|----------------------|-------------------|--------|--------|------------------------------------------------------|
| Apartment Properties |              |   |   |                                                 |
|                 |              | # of   |   | Mortgage Loan                                        |
| Partnership          | Location          | Units  |   | Balance                                              |
|                 |              |   |   |                                                 |
| Homestead            | Pinetop, AZ       | 32     |   | 1,223,667                                            |
| Mountain Oak         | Collinsville, AL  | 24     |   | 636,521                                              |
| Eloy                 | Eloy, AZ          | 24     |   | 626,862                                              |
| Gila Bend            | Gila Bend, AZ     | 36     |   | 1,604,774                                            |
| Creekstone           | Dallas, GA        | 40     |   | 514,286                                              |
| Tifton               | Tifton, GA        | 36     |   | 705,051                                              |
| Cass Towne           | Cartersville, GA  | 10     |   | 0                                                    |
| Warsaw               | Warsaw, VA        | 56     |   | 2,544,651                                            |
| Royston              | Royston, GA       | 25     |   | 714,525                                              |
| Red Bud              | Mokane, MO        | 8      |   | 230,326                                              |
| Cardinal             | Mountain Home, AR | 32     |   | 58,497                                               |
| Parsons              | Parsons, KS       | 38     |   | 1,055,901                                            |
|                 |              |   |   |                                                 |
| Total Series 11      |              | 361    |   | $       9,915,061 |
|                 |              |   |   |                                                 |

| SERIES 11            |   | Cost at Acquisition Date                     |   |                                      |
|----------------------|--------|----------------------------------------------|--------|-------------------------------------------|
| Apartment Properties |   |                                         |   |                                      |   | Net Improvements |
|                 |   |                                         |   | Buildings                                 |   | Capitalized |
|                 |   |                                         |   | Improvements                              |   | Subsequent to |
| Partnership          |   | Land                                         |   | & Equipment                           |   | Acquisition |
|                 |   |                                         |   |                                      |   |   |
| Homestead            |   | 126,000                                      |   | 1,628,502                                 |   | 91,893  |
| Mountain Oak         |   | 30,000                                       |   | 473,033                                   |   | 391,422  |
| Eloy                 |   | 12,000                                       |   | 882,913                                   |   | 193,499  |
| Gila Bend            |   | 18,000                                       |   | 945,233                                   |   | 620,209  |
| Creekstone           |   | 130,625                                      |   | 170,655                                   |   | 1,707,324  |
| Tifton               |   | 17,600                                       |   | 192,853                                   |   | 1,496,433  |
| Cass Towne           |   | 22,690                                       |   | 301,458                                   |   | 35,466  |
| Warsaw               |   | 146,800                                      |   | 3,200,738                                 |   | 134,664  |
| Royston              |   | 36,000                                       |   | 785,602                                   |   | 113,007  |
| Red Bud              |   | 5,500                                        |   | 295,617                                   |   | 1,582  |
| Cardinal             |   | 15,793                                       |   | 424,616                                   |   | 71,883  |
| Parsons              |   | 45,188                                       |   | 953,512                                   |   | 431,826  |
|                 |   |                                         |   |                                      |   |   |
| Total Series 11      |   | $      606,196 |   | $     10,254,732 |   | $          5,289,208  |
|                 |   |                                         |   |                                      |   |   |

----

| SERIES 11            |   |                                               |   |                                                        |   |                                |
|----------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------|--------|-------------------------------------|
| Apartment Properties |   | Gross Amount At Which Carried At December 31, 2009 |
|                 |   |                                               |   | Buildings,                                                  |   |                                |
|                 |   |                                               |   | Improvements                                                |   |                                |
| Partnership          |   | Land                                               |   | & Equipment                                             |   | Total                               |
|                 |   |                                               |   |                                                        |   |                                |
| Homestead            |   | 144,163                                            |   | 1,702,232                                                   |   | 1,846,395                           |
| Mountain Oak         |   | 30,000                                             |   | 864,455                                                     |   | 894,455                             |
| Eloy                 |   | 12,000                                             |   | 1,076,412                                                   |   | 1,088,412                           |
| Gila Bend            |   | 18,000                                             |   | 1,565,442                                                   |   | 1,583,442                           |
| Creekstone           |   | 130,650                                            |   | 1,877,954                                                   |   | 2,008,604                           |
| Tifton               |   | 17,327                                             |   | 1,689,559                                                   |   | 1,706,886                           |
| Cass Towne           |   | 22,690                                             |   | 336,924                                                     |   | 359,614                             |
| Warsaw               |   | 146,800                                            |   | 3,335,402                                                   |   | 3,482,202                           |
| Royston              |   | 36,000                                             |   | 898,609                                                     |   | 934,609                             |
| Red Bud              |   | 5,500                                              |   | 297,199                                                     |   | 302,699                             |
| Cardinal             |   | 15,793                                             |   | 496,499                                                     |   | 512,292                             |
| Parsons              |   | 42,516                                             |   | 1,388,010                                                   |   | 1,430,526                           |
|                 |   |                                               |   |                                                        |   |                                |
| Total Series 11      |   | $      621,439       |   | $        15,528,697 |   | $    16,150,136 |
|                 |   |                                               |   |                                                        |   |                                |

| SERIES 11            |   |                                     |   |             |
|----------------------|--------|------------------------------------------|--------|------------------|
| Apartment Properties |   |                                     |   |             |
|                 |   | Accumulated                              |   | Depreciable Life |
| Partnership          |   | Depreciation                             |   |
|                 |   |                                     |   |             |
| Homestead            |   | 690,921                                  |   | 5.0-40.0         |
| Mountain Oak         |   | 486,473                                  |   | 5.0-27.5         |
| Eloy                 |   | 603,330                                  |   | 5.0-27.5         |
| Gila Bend            |   | 626,875                                  |   | 5.0-40.0         |
| Creekstone           |   | 970,272                                  |   | 7.0-27.5         |
| Tifton               |   | 598,241                                  |   | 5.0-25.0         |
| Cass Towne           |   | 127,577                                  |   | 7.0-27.5         |
| Warsaw               |   | 1,753,077                                |   | 7.0-27.5         |
| Royston              |   | 436,912                                  |   | 7.0-40.0         |
| Red Bud              |   | 108,226                                  |   | 7.0-40.0         |
| Cardinal             |   | 196,802                                  |   | 7.0-27.5         |
| Parsons              |   | 520,488                                  |   | 12.0-40.0        |
|                 |   |                                     |   |             |
| Total Series 11      |   | $     7,119,194 |   |             |
|                 |   |                                     |   |             |

----

| SERIES 7                                                                  |                             |          |                                |
|---------------------------------------------------------------------------|----------------------------------|---------------|-------------------------------------|
| Reconciliation of Land, Building & Improvements current year changes: |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $   40,746,356  |
| Additions during period:                                                  |                             |          |                                |
|                                                                      | Acquisitions through foreclosure | 0        |                                |   |
|                                                                      | Other acquisitions               | 139,609  |                                |   |
|                                                                      | Improvements, etc.               | 0        |                                |   |
|                                                                      | Other                            | 0        |                                |   |
|                                                                      |                             |          |                                | 139,609  |
| Deductions during period:                                                 |                             |          |                                |
|                                                                      | Cost of real estate sold         | (7,770,691)   |                                |   |
|                                                                      | Other                            | (1,711)       |                                |   |
|                                                                      |                             |          |                                | (7,772,402) |
|                                                                      |                             |          |                                |   |
| Balance at end of period - December 31, 2009                              |                             |          | $   33,113,563  |
|                                                                      |                             |          |                                |   |
| Reconciliation of Accumulated Depreciation current year changes:          |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $   20,275,066  |
|                                                                      | Current year expense             |          |                                | 1,008,239  |
|                                                                      | Sale of assets                   |          |                                | (4,351,970) |
|                                                                      | Prior year adjustments           |          |                                | (1,711) |
|                                                                      |                             |          |                                |   |
| Balance at end of period - December 31, 2009                              |                             |          | $   16,929,624  |
|                                                                      |                             |          |                                |   |

| SERIES 8                                                                  |                             |          |                                |
|---------------------------------------------------------------------------|----------------------------------|---------------|-------------------------------------|
| Reconciliation of Land, Building & Improvements current year changes: |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $   47,145,920  |
| Additions during period:                                                  |                             |          |                                |
|                                                                      | Acquisitions through foreclosure | 0        |                                |   |
|                                                                      | Other acquisitions               | 278,199  |                                |   |
|                                                                      | Improvements, etc.               | 0        |                                |   |
|                                                                      | Other                            | 0        |                                |   |
|                                                                      |                             |          |                                | 278,199  |
| Deductions during period:                                                 |                             |          |                                |
|                                                                      | Cost of real estate sold         | (2,834,994)   |                                |   |
|                                                                      | Other                            | (9,479)       |                                |   |
|                                                                      |                             |          |                                | (2,844,473) |
|                                                                      |                             |          |                                |   |
| Balance at end of period - December 31, 2009                              |                             |          | $   44,579,646  |
|                                                                      |                             |          |                                |   |
| Reconciliation of Accumulated Depreciation current year changes:          |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $   23,298,320  |
|                                                                      | Current year expense             |          |                                | 1,397,286  |
|                                                                      | Sale of assets                   |          |                                | (1,489,015) |
|                                                                      | Prior year adjustments           |          |                                | (9,479) |
|                                                                      |                             |          |                                |   |
| Balance at end of period - December 31, 2009                              |                             |          | $   23,197,112  |
|                                                                      |                             |          |                                |   |

----

| SERIES 9                                                                  |                             |          |                                |
|---------------------------------------------------------------------------|----------------------------------|---------------|-------------------------------------|
| Reconciliation of Land, Building & Improvements current year changes: |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $   26,146,449  |
| Additions during period:                                                  |                             |          |                                |
|                                                                      | Acquisitions through foreclosure | 0        |                                |   |
|                                                                      | Other acquisitions               | 126,645  |                                |   |
|                                                                      | Improvements, etc.               | 0        |                                |   |
|                                                                      | Other                            | 0        |                                |   |
|                                                                      |                             |          |                                | 126,645  |
| Deductions during period:                                                 |                             |          |                                |
|                                                                      | Cost of real estate sold         | (1,118,355)   |                                |   |
|                                                                      | Other                            | (555)         |                                |   |
|                                                                      |                             |          |                                | (1,118,910) |
|                                                                      |                             |          |                                |   |
| Balance at end of period - December 31, 2009                              |                             |          | $   25,154,184  |
|                                                                      |                             |          |                                |   |
| Reconciliation of Accumulated Depreciation current year changes:          |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $   11,745,765  |
|                                                                      | Current year expense             |          |                                | 747,222  |
|                                                                      | Sale of assets                   |          |                                | (622,655) |
|                                                                      | Prior year adjustments           |          |                                | (555) |
|                                                                      |                             |          |                                |   |
| Balance at end of period - December 31, 2009                              |                             |          | $   11,869,777  |
|                                                                      |                             |          |                                |   |

| SERIES 10                                                                 |                             |          |                                           |
|---------------------------------------------------------------------------|----------------------------------|---------------|------------------------------------------------|
| Reconciliation of Land, Building & Improvements current year changes: |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $   18,075,397             |
| Additions during period:                                                  |                             |          |                                           |
|                                                                      | Acquisitions through foreclosure | 0        |                                           |   |
|                                                                      | Other acquisitions               | 149,998  |                                           |   |
|                                                                      | Improvements, etc.               | 0        |                                           |   |
|                                                                      | Other                            | 0        |                                           |   |
|                                                                      |                             |          |                                           | 149,998  |
| Deductions during period:                                                 |                             |          |                                           |
|                                                                      | Cost of real estate sold         | (1,207,754)   |                                           |   |
|                                                                      | Other                            | (740)         |                                           |   |
|                                                                      |                             |          |                                           | (1,208,494) |
|                                                                      |                             |          |                                           |   |
| Balance at end of period - December 31, 2009                              |                             |          | $   17,016,901             |
|                                                                      |                             |          |                                           |   |
| Reconciliation of Accumulated Depreciation current year changes:          |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $     6,862,997  |
|                                                                      | Current year expense             |          |                                           | 439,623  |
|                                                                      | Sale of assets                   |          |                                           | (672,759) |
|                                                                      | Prior year adjustments           |          |                                           | (740) |
|                                                                      |                             |          |                                           |   |
| Balance at end of period - December 31, 2009                              |                             |          | $     6,629,121  |
|                                                                      |                             |          |                                           |   |

----

| SERIES 11                                                                 |                             |          |                                           |
|---------------------------------------------------------------------------|----------------------------------|---------------|------------------------------------------------|
| Reconciliation of Land, Building & Improvements current year changes: |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $   16,034,061             |
| Additions during period:                                                  |                             |          |                                           |
|                                                                      | Acquisitions through foreclosure | 0        |                                           |   |
|                                                                      | Other acquisitions               | 119,291  |                                           |   |
|                                                                      | Improvements, etc.               | 0        |                                           |   |
|                                                                      | Other                            | 0        |                                           |   |
|                                                                      |                             |          |                                           | 119,291  |
| Deductions during period:                                                 |                             |          |                                           |
|                                                                      | Cost of real estate sold         | 0        |                                           |   |
|                                                                      | Other                            | (3,216)       |                                           |   |
|                                                                      |                             |          |                                           | (3,216) |
|                                                                      |                             |          |                                           |   |
| Balance at end of period - December 31, 2009                              |                             |          | $   16,150,136             |
|                                                                      |                             |          |                                           |   |
| Reconciliation of Accumulated Depreciation current year changes:          |                             |          |
| Balance at beginning of period - December 31, 2008                        |                             |          | $     6,598,452  |
|                                                                      | Current year expense             |          |                                           | 523,958  |
|                                                                      | Sale of assets                   |          |                                           | 0  |
|                                                                      | Prior year adjustments           |          |                                           | (3,216) |
|                                                                      |                             |          |                                           |   |
| Balance at end of period - December 31, 2009                              |                             |          | $     7,119,194  |
|                                                                      |                             |          |                                           |   |

----

| SERIES 7         |   |       |   |                                                                             |   |          |   |                 |   |         |
|------------------|--------|------------|--------|----------------------------------------------------------------------------------|--------|---------------|--------|----------------------|--------|--------------|
| PARTNERSHIP      |   | # OF UNITS |   | BALANCE                                                                          |   | INTEREST RATE |   | MONTHLY DEBT SERVICE |   | TERM (YEARS) |
|             |   |       |   |                                                                             |
|             |   |       |   |                                                                             |
|             |   |       |   |                                                                             |   |          |   |                 |   |         |
| Nottingham       |   | 18         |   | $            543,483 |   | 7.75%         |   | 4,182                |   | 50           |
| Washington       |   | 24         |   | 768,989                                                                          |   | 8.25%         |   | 2,923                |   | 50           |
| BrookStone       |   | 40         |   | 1,138,921                                                                        |   | 6.50%         |   | 6,491                |   | 50           |
| N. Irvine        |   | 24         |   | 759,356                                                                          |   | 7.75%         |   | 3,164                |   | 50           |
| Horton           |   | 24         |   | 737,271                                                                          |   | 7.75%         |   | 2,845                |   | 50           |
| Manchester       |   | 42         |   | 1,146,609                                                                        |   | 6.50%         |   | 6,417                |   | 50           |
| Waynesboro       |   | 24         |   | 639,904                                                                          |   | 6.50%         |   | 3,398                |   | 50           |
| Lakeland II      |   | 30         |   | 797,293                                                                          |   | 7.25%         |   | 3,800                |   | 50           |
| Mt. Vernon       |   | 24         |   | 705,097                                                                          |   | 6.50%         |   | 3,899                |   | 50           |
| Meadow Run       |   | 48         |   | 1,359,711                                                                        |   | 6.50%         |   | 7,564                |   | 50           |
| Warm Springs     |   | 22         |   | 646,641                                                                          |   | 7.25%         |   | 2,775                |   | 50           |
| Blue Ridge       |   | 41         |   | 1,049,052                                                                        |   | 7.25%         |   | 4,869                |   | 50           |
| Pioneer          |   | 48         |   | 1,163,506                                                                        |   | 8.25%         |   | 4,524                |   | 50           |
| Dilley           |   | 28         |   | 697,422                                                                          |   | 8.25%         |   | 2,650                |   | 50           |
| Elsa             |   | 40         |   | 994,035                                                                          |   | 7.75%         |   | 4,347                |   | 50           |
| Leander          |   | 36         |   | 878,391                                                                          |   | 7.75%         |   | 3,506                |   | 50           |
| Louisa Sr.       |   | 36         |   | 1,136,721                                                                        |   | 7.25%         |   | 6,061                |   | 50           |
| Orchard Commons  |   | 12         |   | 300,913                                                                          |   | 7.75%         |   | 5,732                |   | 50           |
| Vardaman         |   | 24         |   | 700,893                                                                          |   | 7.25%         |   | 3,006                |   | 50           |
| Heritage Park    |   | 32         |   | 1,193,859                                                                        |   | 7.75%         |   | 5,077                |   | 50           |
| BrooksHollow     |   | 40         |   | 1,124,615                                                                        |   | 6.50%         |   | 6,294                |   | 50           |
| Cavalry Crossing |   | 40         |   | 1,362,843                                                                        |   | 7.75%         |   | 5,676                |   | 50           |
| Carson City      |   | 24         |   | 755,262                                                                          |   | 7.25%         |   | 3,500                |   | 50           |
| Matteson         |   | 24         |   | 730,317                                                                          |   | 7.25%         |   | 3,500                |   | 50           |
| Pembroke         |   | 16         |   | 485,068                                                                          |   | 7.25%         |   | 2,951                |   | 50           |
| Robynwood        |   | 24         |   | 732,285                                                                          |   | 7.25%         |   | 5,251                |   | 50           |
| Atoka            |   | 24         |   | 639,604                                                                          |   | 7.25%         |   | 3,917                |   | 50           |
| Coalgate         |   | 24         |   | 640,175                                                                          |   | 7.25%         |   | 3,793                |   | 50           |
| Hill Creek       |   | 24         |   | 739,126                                                                          |   | 6.50%         |   | 3,830                |   | 50           |
| Cardinal         |   | 32         |   | 89,665                                                                           |   | 6.50%         |   | 5,200                |   | 50           |
|             |   |       |   |                                                                             |   |          |   |                 |   |         |
| TOTAL SERIES 7   |   | 889        |   | $       24,657,027                            |   |          |   |                 |   |         |
|             |   |       |   |                                                                             |   |          |   |                 |   |         |

----

| SERIES 8          |   |       |   |                                                                             |   |          |   |                 |   |         |
|-------------------|--------|------------|--------|----------------------------------------------------------------------------------|--------|---------------|--------|----------------------|--------|--------------|
| PARTNERSHIP       |   | # OF UNITS |   | BALANCE                                                                          |   | INTEREST RATE |   | MONTHLY DEBT SERVICE |   | TERM (YEARS) |
|              |   |       |   |                                                                             |
|              |   |       |   |                                                                             |
|              |   |       |   |                                                                             |   |          |   |                 |   |         |
| Purdy             |   | 16         |   | $            438,320 |   | 7.75%         |   | 2,285                |   | 50           |
| Galena            |   | 24         |   | 582,616                                                                          |   | 7.25%         |   | 2,776                |   | 50           |
| Antlers 2         |   | 24         |   | 598,937                                                                          |   | 7.25%         |   | 4,085                |   | 50           |
| Holdenville       |   | 24         |   | 683,356                                                                          |   | 6.50%         |   | 4,330                |   | 50           |
| Wetumka           |   | 24         |   | 617,981                                                                          |   | 6.50%         |   | 4,314                |   | 50           |
| Mariners Cove     |   | 32         |   | 993,429                                                                          |   | 7.25%         |   | 4,600                |   | 50           |
| Mariners Cove Sr. |   | 24         |   | 769,405                                                                          |   | 7.25%         |   | 3,500                |   | 50           |
| Antlers           |   | 36         |   | 1,044,395                                                                        |   | 7.25%         |   | 4,619                |   | 50           |
| Bentonville       |   | 24         |   | 428,836                                                                          |   | 7.75%         |   | 14,430               |   | 45           |
| Deerpoint         |   | 24         |   | 694,647                                                                          |   | 7.75%         |   | 6,238                |   | 50           |
| Aurora            |   | 28         |   | 697,146                                                                          |   | 7.25%         |   | 3,236                |   | 50           |
| Baxter            |   | 16         |   | 404,632                                                                          |   | 6.50%         |   | 2,720                |   | 50           |
| Arbor Gate        |   | 24         |   | 718,331                                                                          |   | 6.50%         |   | 4,099                |   | 50           |
| Timber Ridge      |   | 24         |   | 703,470                                                                          |   | 7.25%         |   | 3,446                |   | 50           |
| Concordia Sr.     |   | 24         |   | 650,904                                                                          |   | 6.50%         |   | 3,350                |   | 50           |
| Mountainburg      |   | 24         |   | 676,155                                                                          |   | 6.50%         |   | 3,824                |   | 50           |
| Lincoln           |   | 25         |   | 856,356                                                                          |   | 8.25%         |   | 3,351                |   | 50           |
| Fox Ridge         |   | 24         |   | 711,785                                                                          |   | 7.25%         |   | 3,398                |   | 50           |
| Meadow View       |   | 16         |   | 566,281                                                                          |   | 7.25%         |   | 2,683                |   | 50           |
| Sheridan          |   | 16         |   | 580,037                                                                          |   | 8.25%         |   | 3,211                |   | 50           |
| Grand Isle        |   | 16         |   | 955,671                                                                          |   | 8.25%         |   | 8,875                |   | 50           |
| Meadowview        |   | 29         |   | 697,049                                                                          |   | 7.25%         |   | 7,575                |   | 39           |
| Taylor            |   | 44         |   | 1,187,152                                                                        |   | 7.50%         |   | 6,644                |   | 50           |
| Brookwood         |   | 44         |   | 1,394,931                                                                        |   | 6.50%         |   | 7,860                |   | 50           |
| Pleasant Valley   |   | 33         |   | 1,053,708                                                                        |   | 7.25%         |   | 4,893                |   | 50           |
| Reelfoot          |   | 20         |   | 620,137                                                                          |   | 7.25%         |   | 3,892                |   | 50           |
| River Rest        |   | 34         |   | 1,101,800                                                                        |   | 7.25%         |   | 4,791                |   | 50           |
| Kirskville        |   | 24         |   | 656,681                                                                          |   | 7.25%         |   | 2,591                |   | 50           |
| Kenton            |   | 46         |   | 1,372,636                                                                        |   | 7.25%         |   | 6,044                |   | 50           |
| Lovingston        |   | 64         |   | 2,122,929                                                                        |   | 7.00%         |   | 10,920               |   | 50           |
| Pontotoc          |   | 36         |   | 1,060,624                                                                        |   | 7.25%         |   | 4,490                |   | 50           |
| Hustonville       |   | 16         |   | 495,223                                                                          |   | 6.50%         |   | 3,187                |   | 50           |
| Northpoint        |   | 24         |   | 858,782                                                                          |   | 7.25%         |   | 4,112                |   | 50           |
| Brooks Field      |   | 32         |   | 918,218                                                                          |   | 7.25%         |   | 4,004                |   | 50           |
| Brooks Lane       |   | 36         |   | 1,062,523                                                                        |   | 7.25%         |   | 4,297                |   | 50           |
| Brooks Point      |   | 41         |   | 1,318,681                                                                        |   | 7.25%         |   | 4,833                |   | 50           |
| Brooks Run        |   | 24         |   | 730,946                                                                          |   | 7.25%         |   | 2,975                |   | 50           |
| Logan Heights     |   | 24         |   | 753,006                                                                          |   | 7.25%         |   | 3,072                |   | 50           |
| Lakeshore 2       |   | 36         |   | 1,112,701                                                                        |   | 7.75%         |   | 4,147                |   | 50           |
| Cottondale        |   | 25         |   | 737,499                                                                          |   | 7.75%         |   | 2,711                |   | 50           |
|              |   |       |   |                                                                             |   |          |   |                 |   |         |
| TOTAL SERIES 8    |   | 1,121      |   | $       33,627,916                            |   |          |   |                 |   |         |
|              |   |       |   |                                                                             |   |          |   |                 |   |         |

----

| SERIES 9       |   |       |   |                                                                             |   |          |   |                 |   |         |
|----------------|--------|------------|--------|----------------------------------------------------------------------------------|--------|---------------|--------|----------------------|--------|--------------|
| PARTNERSHIP    |   | # OF UNITS |   | BALANCE                                                                          |   | INTEREST RATE |   | MONTHLY DEBT SERVICE |   | TERM (YEARS) |
|           |   |       |   |                                                                             |
|           |   |       |   |                                                                             |
|           |   |       |   |                                                                             |   |          |   |                 |   |         |
| Jay            |   | 24         |   | $            623,603 |   | 7.25%         |   | 2,851                |   | 50           |
| Boxwood        |   | 24         |   | 582,902                                                                          |   | 6.50%         |   | 3,894                |   | 50           |
| Stilwell 3     |   | 16         |   | 440,239                                                                          |   | 7.25%         |   | 2,728                |   | 50           |
| Arbor Trace    |   | 24         |   | 711,142                                                                          |   | 7.25%         |   | 3,309                |   | 50           |
| Arbor Trace 2  |   | 42         |   | 1,401,790                                                                        |   | 7.25%         |   | 6,157                |   | 50           |
| Omega          |   | 36         |   | 1,090,874                                                                        |   | 7.25%         |   | 4,679                |   | 50           |
| Cornell 2      |   | 24         |   | 884,558                                                                          |   | 7.25%         |   | 4,135                |   | 50           |
| Elm Creek      |   | 24         |   | 915,519                                                                          |   | 7.25%         |   | 4,223                |   | 50           |
| Marionville    |   | 20         |   | 537,975                                                                          |   | 6.50%         |   | 2,974                |   | 50           |
| Lamar          |   | 24         |   | 680,328                                                                          |   | 7.25%         |   | 11,480               |   | 50           |
| Centreville    |   | 24         |   | 758,857                                                                          |   | 7.25%         |   | 3,340                |   | 50           |
| Skyview        |   | 36         |   | 1,091,236                                                                        |   | 7.25%         |   | 4,771                |   | 50           |
| Sycamore       |   | 40         |   | 1,360,783                                                                        |   | 7.25%         |   | 5,914                |   | 50           |
| Bradford       |   | 24         |   | 760,913                                                                          |   | 7.03%         |   | 3,205                |   | 50           |
| Cedar Lane     |   | 24         |   | 689,208                                                                          |   | 6.50%         |   | 5,465                |   | 50           |
| Stanton        |   | 24         |   | 767,753                                                                          |   | 7.25%         |   | 3,892                |   | 50           |
| Abernathy      |   | 24         |   | 588,792                                                                          |   | 6.50%         |   | 3,737                |   | 50           |
| Pembroke       |   | 24         |   | 766,568                                                                          |   | 7.25%         |   | 3,495                |   | 50           |
| Meadowview     |   | 24         |   | 639,746                                                                          |   | 0.50%         |   | 2,162                |   | 20           |
| Town Branch    |   | 24         |   | 733,873                                                                          |   | 7.25%         |   | 4,347                |   | 50           |
| Fox Run        |   | 24         |   | 741,932                                                                          |   | 6.50%         |   | 3,685                |   | 50           |
| Maple Street   |   | 32         |   | 1,314,606                                                                        |   | 7.25%         |   | 5,421                |   | 50           |
| Manchester     |   | 18         |   | 568,351                                                                          |   | 7.25%         |   | 2,438                |   | 50           |
|           |   |       |   |                                                                             |   |          |   |                 |   |         |
| TOTAL SERIES 9 |   | 600        |   | $       18,651,548                            |   |          |   |                 |   |         |
|           |   |       |   |                                                                             |   |          |   |                 |   |         |

----

| SERIES 10       |   |       |   |                                                                             |   |          |   |                 |   |         |
|-----------------|--------|------------|--------|----------------------------------------------------------------------------------|--------|---------------|--------|----------------------|--------|--------------|
| PARTNERSHIP     |   | # OF UNITS |   | BALANCE                                                                          |   | INTEREST RATE |   | MONTHLY DEBT SERVICE |   | TERM (YEARS) |
|            |   |       |   |                                                                             |
|            |   |       |   |                                                                             |
|            |   |       |   |                                                                             |   |          |   |                 |   |         |
| Albany          |   | 24         |   | $            734,048 |   | 6.50%         |   | 4,992                |   | 50           |
| Oak Terrace     |   | 18         |   | 517,543                                                                          |   | 6.50%         |   | 2,861                |   | 50           |
| Wellshill       |   | 32         |   | 1,041,752                                                                        |   | 7.25%         |   | 4,437                |   | 50           |
| Applegate       |   | 36         |   | 1,114,105                                                                        |   | 0.50%         |   | 0                    |   | 20           |
| Heatherwood     |   | 36         |   | 856,384                                                                          |   | 0.50%         |   | 0                    |   | 20           |
| Peachtree       |   | 28         |   | 1,059,671                                                                        |   | 7.25%         |   | 4,608                |   | 50           |
| Donna           |   | 50         |   | 1,358,030                                                                        |   | 6.50%         |   | 7,509                |   | 50           |
| Wellsville      |   | 24         |   | 984,662                                                                          |   | 6.50%         |   | 8,231                |   | 50           |
| Tecumseh        |   | 24         |   | 850,330                                                                          |   | 7.25%         |   | 3,531                |   | 50           |
| Clay City       |   | 24         |   | 779,156                                                                          |   | 7.25%         |   | 3,619                |   | 50           |
| Irvine West     |   | 24         |   | 778,982                                                                          |   | 7.25%         |   | 3,361                |   | 50           |
| New Castle      |   | 24         |   | 771,314                                                                          |   | 7.25%         |   | 5,131                |   | 50           |
| Stigler         |   | 20         |   | 569,290                                                                          |   | 7.25%         |   | 3,813                |   | 50           |
| Courtyard       |   | 21         |   | 614,433                                                                          |   | 6.50%         |   | 2,386                |   | 50           |
|            |   |       |   |                                                                             |   |          |   |                 |   |         |
| TOTAL SERIES 10 |   | 385        |   | $       12,029,700                            |   |          |   |                 |   |         |
|            |   |       |   |                                                                             |   |          |   |                 |   |         |

| SERIES 11       |   |       |   |                                                             |   |          |   |                 |   |         |
|-----------------|--------|------------|--------|------------------------------------------------------------------|--------|---------------|--------|----------------------|--------|--------------|
| PARTNERSHIP     |   | # OF UNITS |   | BALANCE                                                          |   | INTEREST RATE |   | MONTHLY DEBT SERVICE |   | TERM (YEARS) |
|            |   |       |   |                                                             |
|            |   |       |   |                                                             |
|            |   |       |   |                                                             |   |          |   |                 |   |         |
| Homestead       |   | 32         |   | $         1,223,667 |   | 6.50%         |   | 6,408                |   | 50           |
| Mountain Oak    |   | 24         |   | 636,521                                                          |   | 8.00%         |   | 4,666                |   | 50           |
| Eloy            |   | 24         |   | 626,862                                                          |   | 6.00%         |   | 2,109                |   | 50           |
| Gila Bend       |   | 36         |   | 1,604,774                                                        |   | 8.00%         |   | 3,070                |   | 50           |
| Creekstone      |   | 40         |   | 514,286                                                          |   | 11.00%        |   | 56,427               |   | 30           |
| Tifton          |   | 36         |   | 705,051                                                          |   | 0.00%         |   | 24,929               |   | 42           |
| Cass Towne      |   | 10         |   | 0                                                                |   | 3.00%         |   | 17,000               |   | 10           |
| Warsaw          |   | 56         |   | 2,544,651                                                        |   | 6.50%         |   | 12,984               |   | 50           |
| Royston         |   | 25         |   | 714,525                                                          |   | 6.75%         |   | 3,009                |   | 50           |
| Red Bud         |   | 8          |   | 230,326                                                          |   | 7.25%         |   | 863                  |   | 50           |
| Cardinal        |   | 32         |   | 58,497                                                           |   | 6.50%         |   | 3,392                |   | 50           |
| Parsons         |   | 38         |   | 1,055,901                                                        |   | 8.00%         |   | 3,943                |   | 50           |
|            |   |       |   |                                                             |   |          |   |                 |   |         |
| TOTAL SERIES 11 |   | 361        |   | $         9,915,061 |   |          |   |                 |   |         |
|            |   |       |   |                                                             |   |          |   |                 |   |         |

----

| GATEWAY TAX CREDIT FUND III, LTD.        |
|------------------------------------------|
| (A Florida Limited Partnership)          |
| By: Raymond James Tax Credit Funds, Inc. |
| (the Managing General Partner)           |

| Date: July 1, 2010 |   | By:/s/ Ronald M. Diner |
|--------------------|--------|------------------------|
|               |   | Ronald M. Diner        |
|               |   | President and Director |

| Date: July 1, 2010 |   | By:/s/ J. Davenport Mosby III |
|--------------------|--------|-------------------------------|
|               |   | J. Davenport Mosby III        |
|               |   | Director                      |

| Date: July 1, 2010 |   | By:/s/ Toni S. Matthews                    |
|--------------------|--------|--------------------------------------------|
|               |   | Toni S. Matthews                           |
|               |   | Vice President and Chief Financial Officer |

| Date: July 1, 2010 |   | By:/s/ Sandra C. Humphreys |
|--------------------|--------|----------------------------|
|               |   | Sandra C. Humphreys        |
|               |   | Secretary and Treasurer    |