| [ X ] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-------|--------------------------------------------------------------------------------------|

|   | [   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|----------------------|------------------------------------------------------------------------------------------|

| Title of each class | Name of each exchange on which registered |
|---------------------|-------------------------------------------|
| None                | None                                      |

| UNITS OF LIMITED PARTNERSHIP INTEREST(Title of Class)  |
|-------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                     | Date                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|
|                  Properties owned by                                                                                                                                                                                                                    |                                                                                                                                                     | Interest                                                                                                                   |
| Local Limited Partnerships                                                    | Location                         | Acquired                    |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                     |                                                                                                                       |
| Oak Ridge (1)                                                                                                                                                                                                                                                                                                                                | Macon, GA                                                                                                                                                | 12/31/92                                                                                                                   |
| Santa Fe Oaks II (1)                                                                                                                                                                                                                                                                                                                         | Gainesville, FL                                                                                                                                          | 12/31/92                                                                                                                   |
| Andrew’s Pointe                                                                                                                                                                                                                                                                                                                        | Burnsville, MN                                                                                                                                           | 04/13/92                                                                                                                   |
| Palo Verde II (1)                                                                                                                                                                                                                                                                                                                            | Henderson, NV                                                                                                                                            | 05/19/93                                                                                                                   |
| Woods Lane (1)                                                                                                                                                                                                                                                                                                                               | Rogers, AR                                                                                                                                               | 07/30/93                                                                                                                   |
| Crafton Place (1)                                                                                                                                                                                                                                                                                                                            | Fayetteville, AR                                                                                                                                         | 07/30/93                                                                                                                   |
| Guardian Place (1)                                                                                                                                                                                                                                                                                                                           | Richmond, VA                                                                                                                                             | 10/07/93                                                                                                                   |
| Twin Oaks Meadows                                                                                                                                                                                                                                                                                                                            | Lansing, MI                                                                                                                                              | 10/29/93                                                                                                                   |
| Sunrise Terrace (1)                                                                                                                                                                                                                                                                                                                          | Madera, CA                                                                                                                                               | 11/24/93                                                                                                                   |
| Wynmor                                                                                                                                                                                                                                                                                                                                       | Brooklyn Park, MN                                                                                                                                        | 12/22/93                                                                                                                   |
| Citrus Glen (1)                                                                                                                                                                                                                                                                                                                              | Orlando, FL                                                                                                                                              | 12/30/93                                                                                                                   |
| St. Andrews Pointe (1)                                                                                                                                                                                                                                                                                                                       | Columbia, SC                                                                                                                                             | 01/05/94                                                                                                                   |
| Des Moines St. Village (1)                                                                                                                                                                                                                                                                                                                   | Des Moines, IA                                                                                                                                           | 01/31/94                                                                                                                   |
| Fountain Lakes (1)                                                                                                                                                                                                                                                                                                                           | Benton, AR                                                                                                                                               | 02/02/94                                                                                                                   |
| Fairhaven Manor                                                                                                                                                                                                                                                                                                                              | Burlington, WA                                                                                                                                           | 03/08/94                                                                                                                   |
| Grand Boulevard Renaissance (1)                                                                                                                                                                                                                                                                                                              | Chicago, IL                                                                                                                                              | 08/03/94                                                                                                                   |
| Los Claveles II (1)                                                                                                                                                                                                                                                                                                                          | Trujillio Alto, PR                                                                                                                                       | 08/31/94                                                                                                                   |
| Springwood                                                                                                                                                                                                                                                                                                                                   | Tallahassee, FL                                                                                                                                          | 12/15/94                                                                                                                   |
| Harford Commons                                                                                                                                                                                                                                                                                                                              | Baltimore, MD                                                                                                                                            | 02/28/95                                                                                                                   |

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|                                                                                                                                                                                                                                                                                                     |   |                                                 |            Capital Contributions |   |                                              |                     |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------------------------|------------|
| Local Limited Partnership                                                                                                                                                                                                                                                                                |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |
| Property Name                                                                                                                                                                                                                                                                                            |   |                                                 |                                                                               |   |  Total                                       |                     |       | Paid |   |   |    Mtge. Loans |   |   |   |      Occupancy at |   |
| Property Location                                                                                                                                                                                                                                                                                        |   | Number of                                            |                                                                               |   | Committed at                                      |                     |       | Through |   |   | Payable at |   |     Type of |   |            March 31, |   |
|                  Local General Partner                             |   | Apts Units                                           |                                                                               |   |      March 31, 2011           |                     |       |     March 31, 2011 |   |   | December 31, 2010 |   |      Subsidy                |   |     2011 |   |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |
| Andrew's Pointe Limited                                                                                                                                                                                                                                                                                  |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |
| Partnership                                                                                                                                                                                                                                                                                              |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |
| Andrew's Pointe                                                                                                                                                                                                                                                                                          |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |
| Burnsville, MN                                                                                                                                                                                                                                                                                           |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |
| Shelter Corporation                                                                                                                                                                                                                                                                                      |   |                                                 | 57                                                                                 |   |                                              |                     | 1,333,800  |   |   |   | 1,333,800 |   |   |   | 967,279 |   | None |   |   | 98 | % |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Twin Oaks Meadows Limited                                                                                                                                                                                                                                                                                |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend Housing Association                                                                                                                                                                                                                                                                             |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partnership                                                                                                                                                                                                                                                                                      |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Twin Oaks Meadows                                                                                                                                                                                                                                                                                        |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Lansing, MI                                                                                                                                                                                                                                                                                              |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First Centrum Corporation                                                                                                                                                                                                                                                                                |   |                                                 | 63                                                                                 |   |                                              |                     | 1,436,400  |   |   |   | 1,436,400 |   |   |   | 1,961,829 |   | None |   |   | 87 | % |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eden Park Limited                                                                                                                                                                                                                                                                                        |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership                                                                                                                                                                                                                                                                                              |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wynmor                                                                                                                                                                                                                                                                                                   |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brooklyn Park, MN                                                                                                                                                                                                                                                                                        |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wynmor Redevelopment L.P. c/o                                                                                                                                                                                                                                                                            |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| R.E Equitie                                                                                                                                                                                                                                                                                              |   |                                                 | 324                                                                                |   |                                              |                     | 5,527,758  |   |   |   | 5,527,758 |   |   |   | 5,386,422 |   | None |   |   | 96 | % |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fairhaven Manor Limited                                                                                                                                                                                                                                                                                  |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Partnership                                                                                                                                                                                                                                                                |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fairhaven Manor                                                                                                                                                                                                                                                                                          |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Burlington, WA                                                                                                                                                                                                                                                                                           |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Manor Properties, L.L.C.                                                                                                                                                                                                                                                                                 |   |                                                 | 40                                                                                 |   |                                              |                     | 1,232,020  |   |   |   | 1,232,020 |   |   |   | 685,672 |   | None |   |   | 100 | % |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              | Capital Contributions    |       |   |   |   |
| Local Limited Partnership                                                                                                                                                                                                                                                                                |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property Name                                                                                                                                                                                                                                                                                            |   |                                                 |                                                                               |   |                                              |     Total |       |   | Paid |   |   |      Mtge. Loans |   |   |   |            Occupancy at |   |
|                         Property Location                                                                                                                                        |   |         Number of |                                                                               |   |        Committed at |                     |       | Through |   |   |       Payable at |   |                Type of |   |               March 31, |   |
|                    Local General Partner                                                                                                                                                                  |   | Apts Units                                           |                                                                               |   |     March 31, 2011                 |                     |       | March 31, 2011 |   |   | December 31, 2010 |   |         Subsidy                |   |   | 2011 |   |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Springwood Apartments,                                                                                                                                                                                                                                                                                   |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     A Limited Partnership                                                                                                                                                                                                                                                            |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Springwood                                                                                                                                                                                                                                                                                               |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tallahassee, FL                                                                                                                                                                                                                                                                                          |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Flournoy Development Co.                                                                                                                                                                                                                                                                                 |   |                                                 | 113                                                                                |   |                                              |                     | 624,804    |   |   |   | 624,804 |   |   |   | 3,107,247 |   | None |   |   | 89 | % |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BHP/Harford Commons                                                                                                                                                                                                                                                                                      |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partnership                                                                                                                                                                                                                                                                                      |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Harford Commons                                                                                                                                                                                                                                                                                          |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Baltimore, MD                                                                                                                                                                                                                                                                                            |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RH II LLC                                                                                                                                                                                                                                                                                                |   |                                                 | 30                                                                                 |   |                                              |                     | 1,128,000  |   |   |   | 1,128,000 |   |   |   | 1,736,092 |   | None |   |   | 90 | % |
|                                                                                                                                                                                                                                                                                                     |   |                                                 | 627                                                                                |   |                                              | $                        | 11,282,782 |   |   | $ | 11,282,782 |   |   | $ | 13,844,541 |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   |                                                 |                                                                               |   |                                              |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|  Title of                                                                      |    Name and Address of                                                                                                                                                                                                                           |       Beneficially                                               |        Amount |
|-------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|---------------------------------------------|
| Class              |  Beneficial Owner                                       | Owned               |     Percent of Class         |
|                                                                                |                                                                                                                                                                                                                                                       |                                                                                      |                                        |
| Limited                                                                             | Oldham Institutional Tax Credits LLC                                                                                                                                                                                                                       | 5,349 units                                                                               | 10.5%                                       |
| Partner                                                                             | 101 Arch Street                                                                                                                                                                                                                                            |                                                                                      |                                        |
|                                                                                | Boston, MA                                                                                                                                                                                                                                                 |                                                                                      |                                        |

|                  |   | 2011 |    |   | 2010   |   |
|-----------------------|--------|------|---------|--------|--------|--------|
| Asset management fees |   | $    | 389,159 |   |   | $      | 380,060 |   |

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|                                         |   | 2011   |    |   | 2010   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                         |   |   |    |   |   |   |
| Salaries and benefits expense reimbursements |   | $      | 154,396 |   |   | $      | 168,544 |   |

|       |   | 2011   |   |   | 2010   |   |
|------------|--------|--------|--------|--------|--------|--------|
|       |   |   |   |   |   |   |
| Audit fees |   | $      | 42,500 |   |   | $      | 65,127 |   |
| Tax fees   |   | $      | 2,500  |   |   | $      | 2,500 |   |

|                                      3.1 | Amended and Restated Agreement of Limited Partnership, dated as of December 24, 1992 – Exhibit A to Prospectus contained in Form S-11 Registration Statement, File no. 33-52468. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

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|                                                   |   | 2011   |      |   | 2010   |   |
|--------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Assets                                                 |   |   |      |   |   |   |
|                                                   |   |   |      |   |   |   |
| Cash and cash equivalents                              |   | $      | 2,479,438 |   |   | $      | 2,671,659 |   |
| Restricted cash (Note 4)                               |   |   | -         |   |   |   | 244,396 |   |
| Investments in Local Limited Partnerships (Note 4)     |   |   | 84,293    |   |   |   | 346,611 |   |
| Due from affiliate (Note 5)                            |   |   | 1,454     |   |   |   | - |   |
| Other assets                                           |   |   | 660       |   |   |   | 388 |   |
| Total Assets                                           |   | $      | 2,565,845 |   |   | $      | 3,263,054 |   |
|                                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity                       |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |
| Due to affiliate (Note 5)                              |   | $      | -         |   |   | $      | 96,927 |   |
| Accrued expenses                                       |   |   | 26,836    |   |   |   | 58,387 |   |
| Interest Payable (Note 4)                              |   |   |  -   |   |   |   |  98,859 |   |
| Total Liabilities                                      |   |   | 26,836    |   |   |   | 254,173 |   |
|                                                   |   |   |      |   |   |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |   | 2,539,009 |   |   |   | 3,008,881 |   |
| Total Liabilities and Partners' Equity                 |   | $      | 2,565,845 |   |   | $      | 3,263,054 |   |

----

|                                                                               |   | 2011   |     |   | 2010   |   |
|------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                                           |   |   |     |   |   |   |
| Investment                                                                         |   | $      | 10,542   |   |   | $      | 26,290 |   |
| Cash distribution income                                                           |   |   | 30,085   |   |   |   | 274,976 |   |
| Total Revenue                                                                      |   |   | 40,627   |   |   |   | 301,266 |   |
|                                                                               |   |   |     |   |   |   |   |   |
| Expense:                                                                           |   |   |     |   |   |   |   |   |
| Asset management fees, affiliate (Note 5)                                          |   |   | 389,159  |   |   |   | 380,060 |   |
|    Impairment on investments in Local Limited Partnerships (Note 4) |   |   | 231,000  |   |   |   | 9,000 |   |
| General and administrative (includes reimbursements                                |   |   |     |   |   |   |   |   |
| to an affiliate in the amount of $154,396 and                                      |   |   |     |   |   |   |   |   |
| $168,544 in 2011 and 2010, respectively) (Note 5)                                  |   |   | 251,637  |   |   |   | 283,596 |   |
| Amortization                                                                       |   |   | 3,543    |   |   |   | 4,925 |   |
| Total Expense                                                                      |   |   | 875,339  |   |   |   | 677,581 |   |
|                                                                               |   |   |     |   |   |   |   |   |
| Loss before equity in losses of Local Limited Partnerships                         |   |   |     |   |   |   |   |   |
| and gain on disposition of investments in Local Limited Partnerships               |   |   | (834,712 | )      |   |   | (376,315 | ) |
|                                                                               |   |   |     |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships (Note 4)                            |   |   | (48,265  | )      |   |   | (217,920 | ) |
|                                                                               |   |   |     |   |   |   |   |   |
| Gain on disposition of investments in Local Limited                                |   |   |     |   |   |   |   |   |
| Partnerships (Note 4)                                                              |   |   | 413,105  |   |   |   | 1,889,049 |   |
|                                                                               |   |   |     |   |   |   |   |   |
| Net Income (Loss)                                                                  |   | $      | (469,872 | )      |   | $      | 1,294,814 |   |
|                                                                               |   |   |     |   |   |   |   |   |
| Net Income (Loss) allocated:                                                       |   |   |     |   |   |   |   |   |
| General Partners                                                                   |   | $      | (4,699   | )      |   | $      | 12,948 |   |
| Limited Partners                                                                   |   |   | (465,173 | )      |   |   | 1,281,866 |   |
|                                                                               |   | $      | (469,872 | )      |   | $      | 1,294,814 |   |
| Net Income (Loss) per Limited Partner Unit                                         |   |   |     |   |   |   |   |   |
| (50,930 Units)                                                                     |   | $      | (9.13    | )      |   | $      | 25.17 |   |

----

|                            |   |     |         |   | Initial  |   |        | Investor |   |   |            |   |
|---------------------------------|--------|----------|--------------|--------|----------|--------|-------------|----------|--------|--------|-----------------|--------|
|                            |   | General  |         |   | Limited  |   |        | Limited  |   |   |            |   |
|                            |   | Partners |         |   | Partners |   |        | Partners |   |   | Total           |   |
|                            |   |     |         |   |     |   |        |     |   |   |            |   |
| Balance at March 31, 2009       |   | $        | 27,182       |   |     | $      | 5,000       |     |   | $      | 2,686,081       |   |   | $ | 2,718,263 |   |
|  Cash distributions        |   |     | (10,042      | )      |     |   |   -    |     |   |   | (994,154        | )      |   |   | (1,004,196 | ) |
| Net Income                      |   |     |  12,948 |   |     |   | -           |     |   |   | 1,281,866       |   |   |   | 1,294,814 |   |
|  Balance at March 31, 2010 |   |     |  30,088 |   |     |   |  5,000 |     |   |   |  2,973,793 |   |   |   |  3,008,881 |   |
|                            |   |     |         |   |     |   |        |     |   |   |            |   |   |   |   |   |
| Net Loss                        |   |     | (4,699       | )      |     |   | -           |     |   |   | (465,173        | )      |   |   | (469,872 | ) |
|                            |   |     |         |   |     |   |        |     |   |   |            |   |   |   |   |   |
| Balance at March 31, 2011       |   | $        | 25,389       |   |     | $      | 5,000       |     |   | $      | 2,508,620       |   |   | $ | 2,539,009 |   |

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|                                                                                                          |   | 2011   |          |   | 2010   |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|--------|
| Cash flows from operating activities:                                                                         |   |   |          |   |   |   |
| Net Income (Loss)                                                                                             |   | $      | (469,872      | )      |   | $      |        1,294,814 |   |
| Adjustments to reconcile net income (loss) to net                                                             |   |   |          |   |   |   |   |   |
| cash used for operating activities:                                                                           |   |   |          |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships                                                                |   |   | 48,265        |   |   |   | 217,920 |   |
| Gain on disposition of investments in                                                                         |   |   |          |   |   |   |   |   |
|             Local Limited Partnerships            |   |   | (413,105      | )      |   |   | (1,889,049 | ) |
|          Impairment on investments in Local Limited Partnerships |   |   | 231,000       |   |   |   | 9,000 |   |
| Amortization                                                                                                  |   |   | 3,543         |   |   |   | 4,925 |   |
| Cash distributions included in net income (loss)                                                              |   |   | (30,085       | )      |   |   | (274,976 | ) |
| Decrease in cash arising from changes                                                                         |   |   |          |   |   |   |   |   |
| in operating assets and liabilities:                                                                          |   |   |          |   |   |   |   |   |
|             Due from affiliate                    |   |   | (1,454        | )      |   |   | - |   |
| Other assets                                                                                                  |   |   | (272          | )      |   |   | (388 | ) |
| Due to affiliate                                                                                              |   |   | (96,927       | )      |   |   | (61,132 | ) |
| Accrued expenses                                                                                              |   |   | (31,551       | )      |   |   | (713 | ) |
| Net cash used for operating activities                                                                        |   |   | (760,458      | )      |   |   | (699,599 | ) |
|                                                                                                          |   |   |          |   |   |   |   |   |
| Cash flows from investing activities:     Release of restricted cash                 |   |   |  145,537 |   |   |   |  - |   |
|      Investments in Local Limited Partnerships                                       |   |   | (145,537      | )      |   |   | - |   |
| Cash distributions received from Local Limited Partnerships                                                   |   |   | 95,361        |   |   |   | 680,613 |   |
| Proceeds from disposition of investments in                                                                   |   |   |          |   |   |   |   |   |
|          Local Limited Partnerships                              |   |   | 472,876       |   |   |   | 2,129,860 |   |
| Net cash provided by investing activities                                                                     |   |   | 568,237       |   |   |   | 2,810,473 |   |
|                                                                                                          |   |   |          |   |   |   |   |   |
| Cash flows from financing activities:                                                                         |   |   |          |   |   |   |   |   |
|      Cash distributions                                                              |   |   | -             |   |   |   | (1,004,196 | ) |
| Net cash provided by (used for) financing activities                                                          |   |   | -             |   |   |   | (1,004,196 | ) |
|                                                                                                          |   |   |          |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                          |   |   | (192,221      | )      |   |   | 1,106,678 |   |
|                                                                                                          |   |   |          |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                                          |   |   | 2,671,659     |   |   |   | 1,564,981 |   |
|                                                                                                          |   |   |          |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                             |   | $      | 2,479,438     |   |   | $      | 2,671,659 |   |
|                                                                                                          |   |   |          |   |   |   |   |   |
|                                                                                                          |   |   |          |   |   |   |   |   |
|                                                                                                          |   |   |          |   |   |   |   |   |
|                                                                                                          |   |   |          |   |   |   |   |   |

----

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |     2011                                                  2010 |             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
| 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 $4,425,279 and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |
|     $4,024,182 at March 31, 2011 and 2010, respectively                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                                                                                                                                                                                                                                                               | (8,533,553       | ) |   |   | (11,284,006 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                               | (932,150         | ) |   |   | (1,262,921 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                               | 1,830,220        |   |   |   | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                               | (147,898         | ) |   |   | (195,552 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |
|     and impairment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                               | 2,110,434        |   |   |   | 2,246,398 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |
| Cumulative valuation allowance on advances to Local Limited Partnerships                                                                                                                                                                                                                    (13,141) |   |                                                                                                                                                                                                                                                                                                                               |             | (13,141 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |
| Cumulative impairment on investments to Local Limited Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                               | (2,013,000       | ) |   |   | (1,886,646 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |
| Investments in Local Limited Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                                                                                                                                                                                                                                                                                                                  | 84,293           |   |   | $ | 346,611 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                               |             |   |   |   |   |   |

----

|                                       |   | 2010   |       |   | 2009   |   |
|--------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                       |   |   |       |   |   |   |
| Assets:                                    |   |   |       |   |   |   |
| Investment property, net                   |   | $      | 12,805,615 |   |   | $      | 25,854,043 |   |
| Other assets                               |   |   | 1,093,938  |   |   |   | 2,240,940 |   |
| Total Assets                               |   | $      | 13,899,553 |   |   | $      | 28,094,983 |   |
|                                       |   |   |       |   |   |   |   |   |
| Liabilities and Partners' Deficiency:      |   |   |       |   |   |   |   |   |
| Mortgage notes payable                     |   | $      | 10,737,294 |   |   | $      | 23,043,444 |   |
| Other liabilities                          |   |   | 3,517,701  |   |   |   | 6,594,721 |   |
| Total Liabilities                          |   |   | 14,254,995 |   |   |   | 29,638,165 |   |
|                                       |   |   |       |   |   |   |   |   |
| Fund's deficiency                          |   |   | (2,084,835 | )      |   |   | (2,736,242 | ) |
| Other partners' equity                     |   |   | 1,729,393  |   |   |   | 1,193,060 |   |
| Total Partners' Deficiency:                |   |   | (355,442   | )      |   |   | (1,543,182 | ) |
| Total Liabilities and Partners' Deficiency |   | $      | 13,899,553 |   |   | $      | 28,094,983 |   |

|                              |   | 2010   |      |   | 2009   |   |
|-----------------------------------|--------|--------|-----------|--------|--------|--------|
|                              |   |   |      |   |   |   |
| Rental and other income           |   | $      | 4,701,323 |   |   | $      | 9,688,547 |   |
|                              |   |   |      |   |   |   |   |   |
| Expenses:                         |   |   |      |   |   |   |   |   |
| Operating                         |   |   | 3,734,757 |   |   |   | 6,756,999 |   |
| Interest                          |   |   | 618,764   |   |   |   | 1,951,790 |   |
| Depreciation and amortization     |   |   | 1,020,527 |   |   |   | 2,533,888 |   |
| Total Expenses                    |   |   | 5,374,048 |   |   |   | 11,242,677 |   |
|                              |   |   |      |   |   |   |   |   |
| Net Loss                          |   | $      | (672,725  | )      |   | $      | (1,554,130 | ) |
|                              |   |   |      |   |   |   |   |   |
| Fund’s share of Net Loss    |   | $      | (465,753  | )      |   | $      | (1,033,766 | ) |
| Other partners' share of Net Loss |   | $      | (206,972  | )      |   | $      | (520,364 | ) |

----

----

|                                                                     |   | 2011   |          |   | 2010   |   |
|--------------------------------------------------------------------------|--------|--------|---------------|--------|--------|--------|
|                                                                     |   |   |          |   |   |   |
| Net Income (Loss) per financial statements                               |   | $      | (469,872      | )      |   | $      | 1,294,814 |   |
|                                                                     |   |   |          |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships for financial reporting   |   |   |          |   |   |   |   |   |
| purposes in excess of equity in losses for tax purposes                  |   |   | 199,448       |   |   |   | 164,139 |   |
|                                                                     |   |   |          |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships not recognized            |   |   |          |   |   |   |   |   |
| for financial reporting purposes, net of recognition of previously       |   |   |          |   |   |   |   |   |
|     unrecognized losses                              |   |   | (506,488      | )      |   |   | (815,846 | ) |
|                                                                     |   |   |          |   |   |   |   |   |
| Adjustment to reflect March 31 fiscal year end to                        |   |   |          |   |   |   |   |   |
| December 31 taxable year end                                             |   |   | (14,652       | )      |   |   | 6,362 |   |
|                                                                     |   |   |          |   |   |   |   |   |
| Amortization for tax purposes in excess of amortization                  |   |   |          |   |   |   |   |   |
| for financial reporting purposes                                         |   |   | (17,150       | )      |   |   | (24,418 | ) |
|                                                                     |   |   |          |   |   |   |   |   |
| Impairment on investments in Local Limited Partnerships                  |   |   |          |   |   |   |   |   |
| not deductible for tax purposes                                          |   |   | 231,000       |   |   |   | 9,000 |   |
|                                                                     |   |   |          |   |   |   |   |   |
| Gain on disposition of investments in Local Limited Partnerships for tax |   |   |          |   |   |   |   |   |
| purposes in excess of gain recognized for financial reporting purposes   |   |   | 1,332,383     |   |   |   | 4,330,433 |   |
|                                                                     |   |   |          |   |   |   |   |   |
| Cash distributions included in net income (loss) for financial reporting |   |   |          |   |   |   |   |   |
|    purposes                                               |   |   |  (30,085 | )      |   |   |  (274,976 | ) |
| Net Income per tax return                                                |   | $      | 724,584       |   |   | $      | 4,689,508 |   |

|                                      |   |    Financial       |      |   |                 |   |      |                     |   |
|-------------------------------------------|--------|------------------------------|-----------|--------|----------------------|--------|-----------|--------------------------|--------|
|                                      |   |     Reporting |      |   |  Tax            |   |      |                     |   |
|                                      |   | Purposes                     |      |   |   Purposes |   |      |    Differences |   |
|                                      |   |                         |      |   |                 |   |      |                     |   |
| Investments in Local Limited Partnerships |   | $                            | 84,293    |   |                 | $      | (610,712  | )                        |   | $ | 695,005 |   |
| Other assets                              |   | $                            | 2,480,098 |   |                 | $      | 9,047,607 |                     |   | $ | (6,567,509 | ) |
| Liabilities                               |   | $                            | 25,382    |   |                 | $      | 128,705   |                     |   | $ | (103,323 | ) |

----

|                                      |   |   Financial       |      |   |      |   |       |                                 |   |
|-------------------------------------------|--------|------------------------|-----------|--------|-----------|--------|------------|--------------------------------------|--------|
|                                      |   |    Reporting |      |   |  Tax |   |       |                                 |   |
|                                      |   | Purposes               |      |   | Purposes  |   |       |      Differences |   |
|                                      |   |                   |      |   |      |   |       |                                 |   |
| Investments in Local Limited Partnerships |   | $                      | 346,611   |   |      | $      | (1,342,218 | )                                    |   | $ | 1,688,829 |   |
| Other assets                              |   | $                      | 2,916,443 |   |      | $      | 10,218,702 |                                 |   | $ | (7,302,259 | ) |
| Liabilities                               |   | $                      | 254,173   |   |      | $      | 288,682    |                                 |   | $ | (34,509 | ) |