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| Assets                                                 |   | June 30 |      |   | March 31 |   |
|--------------------------------------------------------|--------|---------|-----------|--------|----------|--------|
|                                                   |   |    |      |   |     |   |
| Cash and cash equivalents                              |   | $       | 3,280,408 |   |     | $      | 2,479,438 |   |
| Investments in Local Limited Partnerships (Note 1)     |   |    | 80,833    |   |     |   | 84,293 |   |
| Due from affiliates                                    |   |    | 100       |   |     |   | 1,454 |   |
| Other assets                                           |   |    | 206       |   |     |   | 660 |   |
| Total Assets                                           |   | $       | 3,361,547 |   |     | $      | 2,565,845 |   |
|                                                   |   |    |      |   |     |   |   |   |
| Liabilities and Partners' Equity                       |   |    |      |   |     |   |   |   |
|                                                   |   |    |      |   |     |   |   |   |
| Accrued expenses                                       |   | $       | 40,004    |   |     | $      | 26,836 |   |
| Total Liabilities                                      |   |    | 40,004    |   |     |   | 26,836 |   |
|                                                   |   |    |      |   |     |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |    | 3,321,543 |   |     |   | 2,539,009 |   |
| Total Liabilities and Partners' Equity                 |   | $       | 3,361,547 |   |     | $      | 2,565,845 |   |
|                                                   |   |    |      |   |     |   |   |   |
|                                                   |   |    |      |   |     |   |   |   |

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|                                                                            |   | 2011   |     |   | 2010   |   |
|---------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                                        |   |   |     |   |   |   |
| Investment                                                                      |   | $      | 2,701    |   |   | $      | 2,577 |   |
| Total Revenue                                                                   |   |   | 2,701    |   |   |   | 2,577 |   |
|                                                                            |   |   |     |   |   |   |   |   |
| Expenses:                                                                       |   |   |     |   |   |   |   |   |
| Asset management fees, affiliate                                                |   |   | 98,380   |   |   |   | 96,926 |   |
|     Impairment on investments in Local Limited Partnerships |   |   | -        |   |   |   | 221,000 |   |
| General and administrative (includes reimbursements to                          |   |   |     |   |   |   |   |   |
| an affiliate in the amount of  $19,549 and $37,912                    |   |   |     |   |   |   |   |   |
| in 2011 and 2010, respectively)                                                 |   |   | 43,427   |   |   |   | 66,656 |   |
| Amortization                                                                    |   |   | 886      |   |   |   | 1,082 |   |
| Total Expenses                                                                  |   |   | 142,693  |   |   |   | 385,664 |   |
|                                                                            |   |   |     |   |   |   |   |   |
| Loss before equity in losses of Local Limited Partnerships                      |   |   |     |   |   |   |   |   |
| and gain on disposition of investments in Local Limited Partnerships            |   |   | (139,992 | )      |   |   | (383,087 | ) |
|                                                                            |   |   |     |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships (Note 1)                         |   |   | (2,574   | )      |   |   | (7,029 | ) |
|                                                                            |   |   |     |   |   |   |   |   |
| Gain on disposition of investments in Local Limited                             |   |   |     |   |   |   |   |   |
| Partnerships                                                                    |   |   | 925,100  |   |   |   | - |   |
|                                                                            |   |   |     |   |   |   |   |   |
| Net Income (Loss)                                                               |   | $      | 782,534  |   |   | $      | (390,116 | ) |
|                                                                            |   |   |     |   |   |   |   |   |
| Net Income (Loss) allocated:                                                    |   |   |     |   |   |   |   |   |
| General Partners                                                                |   | $      | 7,825    |   |   | $      | (3,901 | ) |
| Limited Partners                                                                |   |   | 774,709  |   |   |   | (386,215 | ) |
|                                                                            |   | $      | 782,534  |   |   | $      | (390,116 | ) |
| Net Income (Loss) per Limited Partner Unit                                      |   |   |     |   |   |   |   |   |
| (50,930 Units)                                                                  |   | $      | 15.21    |   |   | $      | (7.58 | ) |

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|                      |   |            |   |   |           |   |   |            |   |   |      |   |
|---------------------------|--------|-----------------|--------|--------|----------------|--------|--------|-----------------|--------|--------|-----------|--------|
|                      |   |            |   |   | Initial        |   |   | Investor        |   |   |      |   |
|                      |   | General         |   |   |   Limited |   |   | Limited         |   |   |      |   |
|                      |   |   Partners |   |   |  Partner  |   |   |   Partners |   |   | Total     |   |
|                      |   |            |   |   |           |   |   |            |   |   |      |   |
| Balance at March 31, 2011 |   | $               | 25,389 |   |           | $      | 5,000  |            |   | $      | 2,508,620 |   |   | $ | 2,539,009 |   |
|                      |   |            |   |   |           |   |   |            |   |   |      |   |   |   |   |   |
| Net Income                |   |            | 7,825  |   |           |   | -      |            |   |   | 774,709   |   |   |   | 782,534 |   |
|                      |   |            |   |   |           |   |   |            |   |   |      |   |   |   |   |   |
| Balance at June 30, 2011  |   | $               | 33,214 |   |           | $      | 5,000  |            |   | $      | 3,283,329 |   |   | $ | 3,321,543 |   |

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|                                                 |   |   |      |   |   |   |
|------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                 |   | 2011   |      |   | 2010   |   |
|                                                 |   |   |      |   |   |   |
| Net cash used for operating activities               |   | $      | (124,130  | )      |   | $      | (149,889 | ) |
|                                                 |   |   |      |   |   |   |   |   |
| Net cash provided by investing activities            |   |   | 925,100   |   |   |   | - |   |
|                                                 |   |   |      |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents |   |   | 800,970   |   |   |   | (149,889 | ) |
|                                                 |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, beginning                 |   |   | 2,479,438 |   |   |   | 2,671,659 |   |
|                                                 |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, ending                    |   | $      | 3,280,408 |   |   | $      | 2,521,770 |   |

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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                                                                                                                                                  |   | $       | 3,796,420  |   |     | $      | 11,295,923 |   |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding   cumulative unrecognized losses of $1,657,112 and $4,425,279 at          |   |    |       |   |     |   |   |   |
|    June 30 and March 31, 2011, respectively)                                                                                                   |   |    | (2,892,131 | )      |     |   | (8,533,553 | ) |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                                        |   |    | (164,673   | )      |     |   | (932,150 | ) |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                                  |   |    | 739,616    |   |     |   | 1,830,220 |   |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Excess investment costs over the underlying assets acquired:                                                                                                  |   |    |       |   |     |   |   |   |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Acquisition fees and expenses                                                                                                                                 |   |    | 275,270    |   |     |   | 428,112 |   |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                                                                      |   |    | (101,053   | )      |     |   | (147,898 | ) |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                                                                                          |   |    |       |   |     |   |   |   |
| and impairment                                                                                                                                                |   |    | 913,833    |   |     |   | 2,110,434 |   |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Cumulative valuation allowance on advances to Local Limited Partnerships                                                                                      |   |    | -          |   |     |   | (13,141 | ) |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Cumulative impairment on investments in Local Limited Partnerships                                                                                            |   |    | (833,000   | )      |     |   | (2,013,000 | ) |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |
| Investments in Local Limited Partnerships                                                                                                                     |   | $       | 80,833     |   |     | $      | 84,293 |   |
|                                                                                                                                                          |   |    |       |   |     |   |   |   |

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

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

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