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| Assets                                                 |   | September 30 |      |   | March 31 |   |
|--------------------------------------------------------|--------|--------------|-----------|--------|----------|--------|
|                                                   |   |         |      |   |     |   |
| Cash and cash equivalents                              |   | $            | 2,783,587 |   |     | $      | 2,671,659 |   |
| Restricted cash                                        |   |         | 244,703   |   |     |   | 244,396 |   |
| Investments in Local Limited Partnerships (Note 1)     |   |         | 99,878    |   |     |   | 346,611 |   |
| Other assets                                           |   |         | 1,409     |   |     |   | 388 |   |
| Total Assets                                           |   | $            | 3,129,577 |   |     | $      | 3,263,054 |   |
|                                                   |   |         |      |   |     |   |   |   |
| Liabilities and Partners' Equity                       |   |         |      |   |     |   |   |   |
|                                                   |   |         |      |   |     |   |   |   |
| Due to affiliates                                      |   | $            | 196,094   |   |     | $      | 195,786 |   |
| Accrued expenses                                       |   |         | 22,472    |   |     |   | 58,387 |   |
| Total Liabilities                                      |   |         | 218,566   |   |     |   | 254,173 |   |
|                                                   |   |         |      |   |     |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |         | 2,911,011 |   |     |   | 3,008,881 |   |
| Total Liabilities and Partners' Equity                 |   | $            | 3,129,577 |   |     | $      | 3,263,054 |   |
|                                                   |   |         |      |   |     |   |   |   |
|                                                   |   |         |      |   |     |   |   |   |

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|                                                                    |   |                 Three Months Ended |     |   |             Six Months Ended |   |
|-------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|----------|--------|-------------------------------------------------------------------------------------|--------|
|                                                                    |   |          September 30,                                                |     |   |      September 30,                                              |   |   |        September 30, |   |   |           September 30, |   |
|                                                                    |   |      2010                                                                                 |     |   |    2009                                                                   |   |   |     2010 |   |   |                    2009 |   |
| Revenue                                                                 |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |
| Investment                                                              |   | $                                                                                                             | 2,589    |   |                                                                                | $      | 6,342 |   |   | $ | 5,166 |   |   | $ | 12,018 |   |
| Cash distribution income                                                |   |                                                                                                          | -        |   |                                                                                |   | 208,336 |   |   |   | - |   |   |   |  208,336 |   |
| Total Revenue                                                           |   |                                                                                                          | 2,589    |   |                                                                                |   | 214,678 |   |   |   | 5,166 |   |   |   |  220,354 |   |
|                                                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                               |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Asset Management Fees, affiliate                                        |   |                                                                                                          | 96,927   |   |                                                                                |   | 94,378 |   |   |   | 193,853 |   |   |   | 188,756 |   |
|     Impairment on investments                       |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|        in Local Limited Partnerships |   |                                                                                                          | 10,000   |   |                                                                                |   | 4,000 |   |   |   | 231,000 |   |   |   | 9,000 |   |
| General and administrative                                              |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| (includes reimbursement to affiliate                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| in the amounts of $94,518 and                                           |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| $65,236 for the six months ended                                        |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2010 and 2009,                                            |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| respectively)                                                           |   |                                                                                                          | 68,670   |   |                                                                                |   | 58,431 |   |   |   | 135,326 |   |   |   | 128,254 |   |
| Amortization                                                            |   |                                                                                                          | 689      |   |                                                                                |   | 1,728 |   |   |   | 1,771 |   |   |   |  3,905 |   |
| Total Expenses                                                          |   |                                                                                                          | 176,286  |   |                                                                                |   | 158,537 |   |   |   | 561,950 |   |   |   |  329,915 |   |
|                                                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) before equity in losses of                                |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Local Limited Partnerships                                              |   |                                                                                                          | (173,697 | )      |                                                                                |   | 56,141 |   |   |   | (556,784 | ) |   |   | (109,561 | ) |
|                                                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Equity in losses of Local Limited                                       |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (Note 1)                                                   |   |                                                                                                          | (6,933   | )      |                                                                                |   | (7,588 | ) |   |   | (13,962 | ) |   |   | (82,347 | ) |
|                                                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Gain on sale of investments in Local                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partnerships                                                    |   |                                                                                                          | 472,876  |   |                                                                                |   | 1,706,447 |   |   |   | 472,876 |   |   |   |  1,706,447 |   |
|                                                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss)                                                       |   | $                                                                                                             | 292,246  |   |                                                                                | $      | 1,755,000 |   |   | $ | (97,870 | ) |   | $ | 1,514,539 |   |
|                                                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss) allocated:                                            |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| General Partners                                                        |   | $                                                                                                             | 2,922    |   |                                                                                | $      | 17,550 |   |   | $ | (979 | ) |   | $ | 15,145 |   |
| Limited Partners                                                        |   |                                                                                                          | 289,324  |   |                                                                                |   | 1,737,450 |   |   |   | (96,891 | ) |   |   | 1,499,394 |   |
|                                                                    |   | $                                                                                                             | 292,246  |   |                                                                                | $      | 1,755,000 |   |   | $ | (97,870 | ) |   | $ | 1,514,539 |   |
|                                                                    |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss) Per Limited Partner                                   |   |                                                                                                          |     |   |                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Unit (50,930 Units)                                                     |   | $                                                                                                             | 5.68     |   |                                                                                | $      | 34.11 |   |   | $ | (1.90 | ) |   | $ | 29.44 |   |

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

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|                          |   |                                          |   |   |                                                                |   |   |                                                     |   |   |                                                               |   |
|-------------------------------|--------|-----------------------------------------------|--------|--------|---------------------------------------------------------------------|--------|--------|----------------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|
|                          |   |                                          |   |   |         Initial                  |   |   |         Investor      |   |   |                                                               |   |
|                          |   |       General        |   |   |           Limited |   |   |         Limited       |   |   |                                                               |   |
|                          |   |        Partners |   |   |          Partner            |   |   |         Partners |   |   |            Total |   |
|                          |   |                                          |   |   |                                                                |   |   |                                                     |   |   |                                                               |   |
| Balance at March 31, 2010     |   | $                                             | 30,088 |   |                                                                | $      | 5,000  |                                                     |   | $      | 2,973,793                                                          |   |   | $ | 3,008,881 |   |
|                          |   |                                          |   |   |                                                                |   |   |                                                     |   |   |                                                               |   |   |   |   |   |
| Net Loss                      |   |                                          | (979   | )      |                                                                |   | -      |                                                     |   |   | (96,891                                                            | )      |   |   | (97,870 | ) |
|                          |   |                                          |   |   |                                                                |   |   |                                                     |   |   |                                                               |   |   |   |   |   |
| Balance at September 30, 2010 |   | $                                             | 29,109 |   |                                                                | $      | 5,000  |                                                     |   | $      | 2,876,902                                                          |   |   | $ | 2,911,011 |   |

----

|                                      |   |                    |      |   |                                                                          |   |
|-------------------------------------------|--------|-------------------------|-----------|--------|-------------------------------------------------------------------------------|--------|
|                                      |   |     2010 |      |   |              2009 |   |
|                                      |   |                    |      |   |                                                                          |   |
| Net cash used for operating activities    |   | $                       | (360,948  | )      |                                                                          | $      | (304,098 | ) |
|                                      |   |                    |      |   |                                                                          |   |   |   |
| Net cash provided by investing activities |   |                    | 472,876   |   |                                                                          |   | 2,635,932 |   |
|                                      |   |                    |      |   |                                                                          |   |   |   |
| Net increase in cash and cash equivalents |   |                    | 111,928   |   |                                                                          |   | 2,331,834 |   |
|                                      |   |                    |      |   |                                                                          |   |   |   |
| Cash and cash equivalents, beginning      |   |                    | 2,671,659 |   |                                                                          |   | 1,564,981 |   |
|                                      |   |                    |      |   |                                                                          |   |   |   |
| Cash and cash equivalents, ending         |   | $                       | 2,783,587 |   |                                                                          | $      | 3,896,815 |   |

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|                                                                                                                                                          |   |          September 30 |       |   |       March 31 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|------------|--------|-----------------------------------------|--------|
| Capital contributions and advances paid to Local Limited Partnerships and    purchase price paid to withdrawing partners of Local Limited |   |                                                          |       |   |                                    |   |
| Partnerships                                                                                                                                                  |   | $                                                             | 12,232,641 |   |                                    | $      | 14,407,031 |   |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding    cumulative unrecognized losses of $4,075,064 and $4,024,182 at    |   |                                                          |       |   |                                    |   |   |   |
|    September 30 and March 31, 2010, respectively)                                                                                              |   |                                                          | (9,566,786 | )      |                                    |   | (11,284,006 | ) |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                                        |   |                                                          | (884,337   | )      |                                    |   | (1,262,921 | ) |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                                  |   |                                                          | 1,781,518  |   |                                    |   | 1,860,104 |   |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Excess investment costs over the underlying assets acquired:                                                                                                  |   |                                                          |       |   |                                    |   |   |   |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Acquisition fees and expenses                                                                                                                                 |   |                                                          | 537,314    |   |                                    |   | 581,846 |   |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                                                                      |   |                                                          | (179,655   | )      |                                    |   | (195,552 | ) |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                                                                                          |   |                                                          | 2,139,177  |   |                                    |   | 2,246,398 |   |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Valuation allowance on investments in Local Limited Partnerships                                                                                              |   |                                                          | (2,039,299 | )      |                                    |   | (1,899,787 | ) |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |
| Investments in Local Limited Partnerships                                                                                                                     |   | $                                                             | 99,878     |   |                                    | $      | 346,611 |   |
|                                                                                                                                                          |   |                                                          |       |   |                                    |   |   |   |

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| Citrus Glen |   |   | 2010  |   |   |   | 2009  |   |
|-------------|--------|--------|------------|--------|--------|--------|------------|--------|
|        |   |   |       |   |   |   |       |   |
| Revenue     |   |   | N/A        |   |   | $      | 347,403    |   |
| Net Loss    |   |   | N/A        |   |   | $      | (19,157    | )      |
|        |   |   |       |   |   |   |       |   |

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

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

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

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

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

|   | (b) | Reports on Form 8-K - No reports on Form 8-K were filed during the quarter ended September 30, 2010. |
|--------|-----|------------------------------------------------------------------------------------------------------|

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