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| Assets                                                 |   | December 31 |      |   | March 31 |   |
|--------------------------------------------------------|--------|-------------|-----------|--------|----------|--------|
|                                                   |   |        |      |   |     |   |
| Cash and cash equivalents                              |   | $           | 2,741,648 |   |     | $      | 2,671,659 |   |
| Restricted cash                                        |   |        | -         |   |     |   | 244,396 |   |
| Investments in Local Limited Partnerships (Note 1)     |   |        | 91,791    |   |     |   | 346,611 |   |
| Other assets                                           |   |        | 1,059     |   |     |   | 388 |   |
| Total Assets                                           |   | $           | 2,834,498 |   |     | $      | 3,263,054 |   |
|                                                   |   |        |      |   |     |   |   |   |
| Liabilities and Partners' Equity                       |   |        |      |   |     |   |   |   |
|                                                   |   |        |      |   |     |   |   |   |
| Due to affiliates                                      |   | $           | 96,927    |   |     | $      | 195,786 |   |
| Accrued expenses                                       |   |        | 31,778    |   |     |   | 58,387 |   |
| Total Liabilities                                      |   |        | 128,705   |   |     |   | 254,173 |   |
|                                                   |   |        |      |   |     |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |        | 2,705,793 |   |     |   | 3,008,881 |   |
| Total Liabilities and Partners' Equity                 |   | $           | 2,834,498 |   |     | $      | 3,263,054 |   |
|                                                   |   |        |      |   |     |   |   |   |
|                                                   |   |        |      |   |     |   |   |   |

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|                                                                    |   | Three Months Ended |     |   | Nine Months Ended |   |
|-------------------------------------------------------------------------|--------|--------------------|----------|--------|-------------------|--------|
|                                                                    |   | December 31,       |     |   | December 31,      |   |   | December 31, |   |   | December 31, |   |
|                                                                    |   | 2010               |     |   | 2009              |   |   | 2010 |   |   | 2009 |   |
| Revenue                                                                 |   |               |     |   |              |   |   |   |   |   |   |   |
| Investment                                                              |   | $                  | 2,769    |   |              | $      | 11,255 |   |   | $ | 7,935 |   |   | $ | 23,273 |   |
| Cash distribution income                                                |   |               | 30,084   |   |              |   | - |   |   |   | 30,084 |   |   |   |  208,336 |   |
| Total Revenue                                                           |   |               | 32,853   |   |              |   | 11,255 |   |   |   | 38,019 |   |   |   |  231,609 |   |
|                                                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                               |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Asset Management Fees, affiliate                                        |   |               | 96,926   |   |              |   | 94,378 |   |   |   | 290,779 |   |   |   | 283,134 |   |
|     Impairment on investments                       |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|        in Local Limited Partnerships |   |               | -        |   |              |   | - |   |   |   | 231,000 |   |   |   | 9,000 |   |
| General and administrative                                              |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| (includes reimbursement to affiliate                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| in the amounts of $126,643 and                                          |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| $116,534 for the nine months ended                                      |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010 and 2009,                                             |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| respectively)                                                           |   |               | 52,798   |   |              |   | 75,314 |   |   |   | 188,124 |   |   |   | 203,568 |   |
| Amortization                                                            |   |               | 886      |   |              |   | (261 | ) |   |   | 2,657 |   |   |   |  3,644 |   |
| Total Expenses                                                          |   |               | 150,610  |   |              |   | 169,431 |   |   |   | 712,560 |   |   |   |  499,346 |   |
|                                                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Loss before equity in losses of                                         |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Local Limited Partnerships                                              |   |               | (117,757 | )      |              |   | (158,176 | ) |   |   | (674,541 | ) |   |   | (267,737 | ) |
|                                                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Equity in losses of Local Limited                                       |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (Note 1)                                                   |   |               | (87,461  | )      |              |   | (78,704 | ) |   |   | (101,423 | ) |   |   | (161,051 | ) |
|                                                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Gain on sale of investments in Local                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partnerships                                                    |   |               | -        |   |              |   | - |   |   |   | 472,876 |   |   |   |  1,706,447 |   |
|                                                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss)                                                       |   | $                  | (205,218 | )      |              | $      | (236,880 | ) |   | $ | (303,088 | ) |   | $ | 1,277,659 |   |
|                                                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss) allocated:                                            |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| General Partners                                                        |   | $                  | (2,052   | )      |              | $      | (2,368 | ) |   | $ | (3,031 | ) |   | $ | 12,777 |   |
| Limited Partners                                                        |   |               | (203,166 | )      |              |   | (234,512 | ) |   |   | (300,057 | ) |   |   | 1,264,882 |   |
|                                                                    |   | $                  | (205,218 | )      |              | $      | (236,880 | ) |   | $ | (303,088 | ) |   | $ | 1,277,659 |   |
|                                                                    |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss) Per Limited Partner                                   |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Unit (50,930 Units)                                                     |   | $                  | (3.99    | )      |              | $      | (4.61 | ) |   | $ | (5.89 | ) |   | $ | 24.84 |   |

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

----

|                         |   |     |   |   |    |   |   |     |   |   |      |   |
|------------------------------|--------|----------|--------|--------|---------|--------|--------|----------|--------|--------|-----------|--------|
|                         |   |     |   |   | 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                     |   |     | (3,031 | )      |    |   | -      |     |   |   | (300,057  | )      |   |   | (303,088 | ) |
|                         |   |     |   |   |    |   |   |     |   |   |      |   |   |   |   |   |
| Balance at December 31, 2010 |   | $        | 27,057 |   |    | $      | 5,000  |     |   | $      | 2,673,736 |   |   | $ | 2,705,793 |   |

----

|                                      |   |   |      |   |   |   |
|-------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                      |   | 2010   |      |   | 2009   |   |
|                                      |   |   |      |   |   |   |
| Net cash used for operating activities    |   | $      | (498,248  | )      |   | $      | (532,161 | ) |
|                                      |   |   |      |   |   |   |   |   |
| Net cash provided by investing activities |   |   | 568,237   |   |   |   | 2,635,931 |   |
|                                      |   |   |      |   |   |   |   |   |
| Net increase in cash and cash equivalents |   |   | 69,989    |   |   |   | 2,103,770 |   |
|                                      |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, beginning      |   |   | 2,671,659 |   |   |   | 1,564,981 |   |
|                                      |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, ending         |   | $      | 2,741,648 |   |   | $      | 3,668,751 |   |

----

----

|                                                                                                                                                          |   | December 31 |       |   | March 31 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|------------|--------|----------|--------|
| Capital contributions and advances paid to Local Limited Partnerships and    purchase price paid to withdrawing partners of Local Limited |   |        |       |   |     |   |
| Partnerships                                                                                                                                                  |   | $           | 11,295,923 |   |     | $      | 14,407,031 |   |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding    cumulative unrecognized losses of $4,301,850 and $4,024,182 at    |   |        |       |   |     |   |   |   |
|    December 31 and March 31, 2010, respectively)                                                                                               |   |        | (8,526,941 | )      |     |   | (11,284,006 | ) |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                                        |   |        | (932,150   | )      |     |   | (1,262,921 | ) |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                                  |   |        | 1,836,832  |   |     |   | 1,860,104 |   |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Excess investment costs over the underlying assets acquired:                                                                                                  |   |        |       |   |     |   |   |   |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Acquisition fees and expenses                                                                                                                                 |   |        | 428,112    |   |     |   | 581,846 |   |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                                                                      |   |        | (147,012   | )      |     |   | (195,552 | ) |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                                                                                          |   |        | 2,117,932  |   |     |   | 2,246,398 |   |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Valuation allowance on investments in Local Limited Partnerships                                                                                              |   |        | (2,026,141 | )      |     |   | (1,899,787 | ) |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |
| Investments in Local Limited Partnerships                                                                                                                     |   | $           | 91,791     |   |     | $      | 346,611 |   |
|                                                                                                                                                          |   |        |       |   |     |   |   |   |

----

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

| Citrus Glen     |   |   | 2010  |   |   |   | 2009    |   |
|-----------------|--------|--------|------------|--------|--------|--------|---------|--------|
|            |   |   |       |   |   |   |    |   |
| Revenue         |   |   |  N/A  |   |   | $      | 346,463 |   |
| Net Loss        |   |   | N/A        |   |   | $      | (56,881 | )      |
|            |   |   |       |   |   |   |    |   |
| Grand Boulevard |   |   | 2010       |   |   |   | 2009    |   |
|            |   |   |       |   |   |   |    |   |
| Revenue         |   | $      | 92,902     |   |   | $      | 56,616  |   |
| Net Loss        |   | $      | (1,554     | )      |   | $      | (5,312  | )      |

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

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

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

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

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

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

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