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|                                                         |   | June 30 |               |   | March 31 |   |
|--------------------------------------------------------------|--------|---------|--------------------|--------|----------|--------|
| Assets                                                       |   |    |               |   |     |   |
|                                                         |   |    |               |   |     |   |
| Cash and cash equivalents                                    |   | $       | 227,258            |   |     | $      | 237,917 |   |
| Investment in Local Limited Partnership (Note 1)             |   |    | -                  |   |     |   | - |   |
| Other assets                                                 |   |    |  52           |   |     |   | 95 |   |
| Total Assets                                                 |   | $       | 227,310            |   |     | $      | 238,012 |   |
|                                                         |   |    |               |   |     |   |   |   |
| Liabilities and Partners' Equity                             |   |    |               |   |     |   |   |   |
|                                                         |   |    |               |   |     |   |   |   |
| Due to affiliate                                             |   | $       | 12,299             |   |     | $      | 6,682 |   |
| Accrued expenses                                             |   |    |   37,440 |   |     |   | 29,088 |   |
| Total Liabilities                                            |   |    | 49,739             |   |     |   | 35,770 |   |
|                                                         |   |    |               |   |     |   |   |   |
| General, Initial and Investor Limited Partners’ Equity |   |    |  177,571      |   |     |   | 202,242 |   |
| Total Liabilities and Partners' Equity                       |   | $       | 227,310            |   |     | $      | 238,012 |   |
|                                                         |   |    |               |   |     |   |   |   |
|                                                         |   |    |               |   |     |   |   |   |

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|                                                    |   | 2011   |    |   | 2010   |   |
|---------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Revenue:                                                |   |   |    |   |   |   |
|  Investment                                        |   | $      | 228     |   |   | $      | 361 |   |
|       Total Revenue       |   |   | 228     |   |   |   | 361 |   |
|                                                    |   |   |    |   |   |   |   |   |
| Expenses:                                               |   |   |    |   |   |   |   |   |
| Asset management fees, affiliate                        |   |   | 2,359   |   |   |   | 2,324 |   |
| General and administrative (includes reimbursements     |   |   |    |   |   |   |   |   |
| to an affiliate in the amount of  $3,258      |   |   |    |   |   |   |   |   |
| and  $4,630 in 2011 and 2010, respectively)   |   |   | 22,540  |   |   |   | 28,769 |   |
| Total expenses                                          |   |   | 24,899  |   |   |   | 31,093 |   |
|                                                    |   |   |    |   |   |   |   |   |
| Loss before equity in loss of Local Limited Partnership |   |   | (24,671 | )      |   |   | (30,732 | ) |
|                                                    |   |   |    |   |   |   |   |   |
| Equity in loss of Local Limited Partnership (Note 1)    |   |   | -       |   |   |   | - |   |
|                                                    |   |   |    |   |   |   |   |   |
| Net Loss                                                |   | $      | (24,671 | )      |   | $      | (30,732 | ) |
|                                                    |   |   |    |   |   |   |   |   |
| Net Loss allocated:                                     |   |   |    |   |   |   |   |   |
| General Partners                                        |   | $      | (247    | )      |   | $      | (307 | ) |
| Limited Partners                                        |   |   | (24,424 | )      |   |   | (30,425 | ) |
|                                                    |   | $      | (24,671 | )      |   | $      | (30,732 | ) |
| Net Loss per Limited Partner Unit                       |   |   |    |   |   |   |   |   |
| (100,000 Units)                                         |   | $      | (0.24   | )      |   | $      | (0.30 | ) |

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|                      |   |     |   |   | Initial  |   |   | Investor |   |   |    |   |
|---------------------------|--------|----------|--------|--------|----------|--------|--------|----------|--------|--------|---------|--------|
|                      |   | General  |   |   | Limited  |   |   | Limited  |   |   |    |   |
|                      |   | Partners |   |   | Partners |   |   | Partners |   |   | Total   |   |
|                      |   |     |   |   |     |   |   |     |   |   |    |   |
| Balance at March 31, 2011 |   | $        | 1,949  |   |     | $      | 5,000  |     |   | $      | 195,293 |   |   | $ | 202,242 |   |
|                      |   |     |   |   |     |   |   |     |   |   |    |   |   |   |   |   |
| Net Loss                  |   |     | (247   | )      |     |   | -      |     |   |   | (24,424 | )      |   |   | (24,671 | ) |
|                      |   |     |   |   |     |   |   |     |   |   |    |   |   |   |   |   |
| Balance at June 30, 2011  |   | $        | 1,702  |   |     | $      | 5,000  |     |   | $      | 170,869 |   |   | $ | 177,571 |   |
|                      |   |     |   |   |     |   |   |     |   |   |    |   |   |   |   |   |
|                      |   |     |   |   |     |   |   |     |   |   |    |   |   |   |   |   |

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|                                      |   | 2011   |    |   | 2010   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                      |   |   |    |   |   |   |
| Net cash used for operating activities    |   | $      | (10,659 | )      |   | $      | (23,487 | ) |
|                                      |   |   |    |   |   |   |   |   |
| Net decrease in cash and cash equivalents |   |   | (10,659 | )      |   |   | (23,487 | ) |
|                                      |   |   |    |   |   |   |   |   |
| Cash and cash equivalents, beginning      |   |   | 237,917 |   |   |   | 381,970 |   |
|                                      |   |   |    |   |   |   |   |   |
| Cash and cash equivalents, ending         |   | $      | 227,258 |   |   | $      | 358,483 |   |
|                                      |   |   |    |   |   |   |   |   |

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|                                                                                 |   | June 30 |       |   | March 31 |   |
|--------------------------------------------------------------------------------------|--------|---------|------------|--------|----------|--------|
| Capital contributions paid to Local Limited Partnership and purchase                 |   |    |       |   |     |   |
| price paid to withdrawing partners of Local Limited Partnership                      |   | $       | 3,597,307  |   |     | $      | 3,597,307 |   |
|                                                                                 |   |    |       |   |     |   |   |   |
| Cumulative equity in losses of Local Limited Partnership                             |   |    |       |   |     |   |   |   |
|     (excluding cumulative unrecognized losses of $45,657,022     |   |    |       |   |     |   |   |   |
|     and $45,180,634 at June 30 and March 31, 2011, respectively) |   |    | (3,664,427 | )      |     |   | (3,664,427 | ) |
|                                                                                 |   |    |       |   |     |   |   |   |
| Investment in Local Limited Partnership before adjustments                           |   |    | (67,120    | )      |     |   | (67,120 | ) |
|                                                                                 |   |    |       |   |     |   |   |   |
| Excess investment costs over the underlying assets acquired:                         |   |    |       |   |     |   |   |   |
|                                                                                 |   |    |       |   |     |   |   |   |
| Acquisition fees and expenses                                                        |   |    | 75,142     |   |     |   | 75,142 |   |
|                                                                                 |   |    |       |   |     |   |   |   |
| Cumulative amortization of acquisition fees and expenses                             |   |    | (8,022     | )      |     |   | (8,022 | ) |
|                                                                                 |   |    |       |   |     |   |   |   |
| Investment in Local Limited Partnership                                              |   | $       | -          |   |     | $      | - |   |

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

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

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

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

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

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