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| Assets                                                 |   | June 30 |      |   | March 31 |   |
|--------------------------------------------------------|--------|---------|-----------|--------|----------|--------|
|                                                   |   |    |      |   |     |   |
| Cash and cash equivalents                              |   | $       | 2,521,770 |   |     | $      | 2,671,659 |   |
| Restricted cash                                        |   |    | 244,548   |   |     |   | 244,396 |   |
| Investments in Local Limited Partnerships (Note 1)     |   |    | 117,500   |   |     |   | 346,611 |   |
| Other assets                                           |   |    | 401       |   |     |   | 388 |   |
| Total Assets                                           |   | $       | 2,884,219 |   |     | $      | 3,263,054 |   |
|                                                   |   |    |      |   |     |   |   |   |
| Liabilities and Partners' Equity                       |   |    |      |   |     |   |   |   |
|                                                   |   |    |      |   |     |   |   |   |
| Due to affiliates                                      |   | $       | 195,656   |   |     | $      | 195,786 |   |
| Accrued expenses                                       |   |    | 69,798    |   |     |   | 58,387 |   |
| Total Liabilities                                      |   |    | 265,454   |   |     |   | 254,173 |   |
|                                                   |   |    |      |   |     |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |    | 2,618,765 |   |     |   | 3,008,881 |   |
| Total Liabilities and Partners' Equity                 |   | $       | 2,884,219 |   |     | $      | 3,263,054 |   |
|                                                   |   |    |      |   |     |   |   |   |
|                                                   |   |    |      |   |     |   |   |   |

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|                                                                            |   | 2010   |     |   | 2009   |   |
|---------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                                        |   |   |     |   |   |   |
| Investment                                                                      |   | $      | 2,577    |   |   | $      | 5,676 |   |
| Total Revenue                                                                   |   |   | 2,577    |   |   |   | 5,676 |   |
|                                                                            |   |   |     |   |   |   |   |   |
| Expense:                                                                        |   |   |     |   |   |   |   |   |
| Asset management fees, affiliate                                                |   |   | 96,926   |   |   |   | 94,378 |   |
|     Impairment on investments in Local Limited Partnerships |   |   | 221,000  |   |   |   | 5,000 |   |
| General and administrative (includes reimbursements to                          |   |   |     |   |   |   |   |   |
| an affiliate in the amount of  $37,912 and  $30,971         |   |   |     |   |   |   |   |   |
| in 2010 and 2009, respectively)                                                 |   |   | 66,656   |   |   |   | 69,823 |   |
| Amortization                                                                    |   |   | 1,082    |   |   |   | 2,177 |   |
| Total Expense                                                                   |   |   | 385,664  |   |   |   | 171,378 |   |
|                                                                            |   |   |     |   |   |   |   |   |
| Loss before equity in losses of Local Limited Partnerships                      |   |   | (383,087 | )      |   |   | (165,702 | ) |
|                                                                            |   |   |     |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships (Note 1)                         |   |   | (7,029   | )      |   |   | (74,759 | ) |
|                                                                            |   |   |     |   |   |   |   |   |
| Net Loss                                                                        |   | $      | (390,116 | )      |   | $      | (240,461 | ) |
|                                                                            |   |   |     |   |   |   |   |   |
| Net Loss allocated:                                                             |   |   |     |   |   |   |   |   |
| General Partners                                                                |   | $      | (3,901   | )      |   | $      | (2,405 | ) |
| Limited Partners                                                                |   |   | (386,215 | )      |   |   | (238,056 | ) |
|                                                                            |   | $      | (390,116 | )      |   | $      | (240,461 | ) |
| Net Loss per Limited Partner Unit                                               |   |   |     |   |   |   |   |   |
| (50,930 Units)                                                                  |   | $      | (7.58    | )      |   | $      | (4.67 | ) |

----

|                      |   |     |   |   |    |   |   |     |   |   |      |   |
|---------------------------|--------|----------|--------|--------|---------|--------|--------|----------|--------|--------|-----------|--------|
|                      |   |     |   |   | 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                  |   |     | (3,901 | )      |    |   | -      |     |   |   | (386,215  | )      |   |   | (390,116 | ) |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Balance at June 30, 2010  |   | $        | 26,187 |   |    | $      | 5,000  |     |   | $      | 2,587,578 |   |   | $ | 2,618,765 |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
|                      |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |

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|                                      |   |   |      |   |   |   |
|-------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                      |   | 2010   |      |   | 2009   |   |
|                                      |   |   |      |   |   |   |
| Net cash used for operating activities    |   | $      | (149,889  | )      |   | $      | (169,671 | ) |
|                                      |   |   |      |   |   |   |   |   |
| Net cash provided by investing activities |   |   | -         |   |   |   | 25,734 |   |
|                                      |   |   |      |   |   |   |   |   |
| Net decrease in cash and cash equivalents |   |   | (149,889  | )      |   |   | (143,937 | ) |
|                                      |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, beginning      |   |   | 2,671,659 |   |   |   | 1,564,981 |   |
|                                      |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, ending         |   | $      | 2,521,770 |   |   | $      | 1,421,044 |   |

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|                                                                                                                                                          |   | June 30 |        |   | March 31 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|----------|--------|
| Capital contributions and advances paid to Local Limited Partnerships and    purchase price paid to withdrawing partners of Local Limited |   |    |        |   |     |   |
| Partnerships                                                                                                                                                  |   | $       | 14,407,031  |   |     | $      | 14,407,031 |   |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding    cumulative unrecognized losses of $4,209,185 and $4,024,182 at    |   |    |        |   |     |   |   |   |
|    June 30 and March 31, 2010, respectively)                                                                                                   |   |    | (11,291,035 | )      |     |   | (11,284,006 | ) |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                                        |   |    | (1,262,921  | )      |     |   | (1,262,921 | ) |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                                  |   |    | 1,853,075   |   |     |   | 1,860,104 |   |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Excess investment costs over the underlying assets acquired:                                                                                                  |   |    |        |   |     |   |   |   |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Acquisition fees and expenses                                                                                                                                 |   |    | 581,846     |   |     |   | 581,846 |   |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                                                                      |   |    | (196,634    | )      |     |   | (195,552 | ) |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                                                                                          |   |    | 2,238,287   |   |     |   | 2,246,398 |   |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Valuation allowance on investments in Local Limited Partnerships                                                                                              |   |    | (2,120,787  | )      |     |   | (1,899,787 | ) |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |
| Investments in Local Limited Partnerships                                                                                                                     |   | $       | 117,500     |   |     | $      | 346,611 |   |
|                                                                                                                                                          |   |    |        |   |     |   |   |   |

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

| Citrus Glen |   |   | 2010  |   |   |   | 2009  |   |
|-------------|--------|--------|------------|--------|--------|--------|------------|--------|
|        |   |   |       |   |   |   |       |   |
| Revenue     |   |   | N/A        |   |   | $      | 351,800    |   |
| Net Loss    |   |   | N/A        |   |   | $      | (63,700    | )      |
|        |   |   |       |   |   |   |       |   |

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

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

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

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

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

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

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