|   | [ 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 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|                    Massachusetts                                                                     ____04-3166203_________ |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       (State or other jurisdiction of                                           (I.R.S. Employer Identification No.)                                                                                                                                                                                                            |
|        incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

|    101 Arch Street, Boston, Massachusetts                                                     02110-1106 ________ |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   (Address of principal executive offices)                                             (Zip Code)                                                              |

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

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

----

----

| PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| Item 1  Business                                                                                                     K-4                            |   |
| Item 2  Properties                                                                                                   K-6                                      |   |
| Item 3  Legal Proceedings                                                                                     K-9                                                                                                                        |   |
| Item 4  Submission of Matters to a Vote of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|             Security Holders                                                                                         K-9                                      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| Item 5    Market for the Registrant's Units and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
|               Related Security Holder Matters                                                              K-9                                                                                                                                                                             |   |
| Item 7    Management's Discussion and Analysis of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
|               Financial Condition and Results of Operations                                     K-9                                                                                                                                                                                                                                                                                                                          |   |
| Item 8    Financial Statements and Supplementary Data                                     K-16                                                                                                                                                                                                                                                                                                                                                                            |   |
| Item 9    Changes in and Disagreements with Accountants                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|                on Accounting and Financial Disclosure                                              K-16                                                                                                                                                                                                                                                                    |   |
| Item 9A Controls and Procedures                                                                          K-16                                                                                                                                                                                             |   |
| Item 9B  Other Information                                                                                      K-17                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| PART III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| Item 10  Directors and Executive Officers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
|               of the Registrant                                                                                            K-17      |   |
| Item 11  Management Remuneration                                                                        K-18                                                                                                                                                                                         |   |
| Item 12  Security Ownership of Certain Beneficial                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                Owners and Management                                                                           K-18                                                                                                  |   |
| Item 13  Certain Relationships and Related Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                and Director Independence                                                                        K-18                                                                                                                |   |
| Item 14  Principal Accountant Fees and Services                                                  K-20                                                                                                                                                                                                                                                                                                         |   |
| Item 15  Exhibits, Financial Statement Schedules                                                  K-20                                                                                                                                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| SIGNATURES                                                                                                            K-21 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| CERTIFICATIONS                                                                                                     K-22                                       |   |

----

----

|                        |               | 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              | 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 | 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 |

----

----

|                                          |   |       | Capital Contributions |   |           |   |       |
|-----------------------------------------------|--------|------------|-----------------------|--------|----------------|--------|------------|
| Local Limited Partnership                     |   |       |                  |   | Total          |   |       | Paid |   |   | Mtge. Loans |   |   |   | Occupancy at |   |
| Property Name                                 |   | Number of  |                  |   | Committed at   |   |       | Through |   |   | Payable at |   | Type of |   | March 31, |   |
| Property Location                             |   | Apts Units |                  |   | March 31, 2010 |   |       | March 31, 2010 |   |   | December 31, 2009 |   | Subsidy * |   | 2010 |   |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |
| Andrew's Pointe Limited                       |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |
| Partnership                                   |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |
| Andrew's Pointe                               |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |
| Burnsville, MN                                |   |       | 57                    |   |           |   | 1,333,800  |   |   |   | 1,333,800 |   |   |   | 1,767,185 |   | None |   |   | 98 | % |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Guardian Place                                |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partnership                           |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Guardian Place                                |   |       | 120                   |   |           |   | 2,174,390  |   |   |   | 2,174,390 |   |   |   | 3,368,317 |   | None |   |   | 94 | % |
| Richmond, VA                                  |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Twin Oaks Meadows Limited                     |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend Housing Association                  |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partnership                           |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Twin Oaks Meadows                             |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Lansing, MI                                   |   |       | 63                    |   |           |   | 1,436,400  |   |   |   | 1,436,400 |   |   |   | 1,951,296 |   | None |   |   | 98 | % |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eden Park Limited                             |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership                                   |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wynmor                                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brooklyn Park, MN                             |   |       | 324                   |   |           |   | 5,527,758  |   |   |   | 5,527,758 |   |   |   | 5,496,070 |   | None |   |   | 94 | % |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fairhaven Manor Limited                       |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Partnership                       |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fairhaven Manor                               |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Burlington, WA                                |   |       | 40                    |   |           |   | 1,232,020  |   |   |   | 1,232,020 |   |   |   | 714,646 |   | None |   |   | 95 | % |
|  Grand Boulevard Renaissance I           |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Limited Partnership               |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Grand Boulevard Renaissance                   |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Chicago, IL                                   |   |       | 30                    |   |           |   | 936,719    |   |   |   | 936,719 |   |   |   | 1,692,349 |   | Section 8 |   |   | 90 | % |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Springwood Apartments,                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     A Limited Partnership |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Springwood                                    |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tallahassee, FL                               |   |       | 113                   |   |           |   | 624,804    |   |   |   | 624,804 |   |   |   | 3,205,985 |   | None |   |   | 76 | % |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BHP/Harford Commons                           |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partnership                           |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Harford Commons                               |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Baltimore, MD                                 |   |       | 30                    |   |           |   | 1,128,000  |   |   |   | 1,128,000 |   |   |   | 1,736,092 |   | None |   |   | 87 | % |
|                                          |   |       | 777                   |   |           | $      | 14,393,891 |   |   | $ | 14,393,891 |   |   | $ | 19,931,940 |   |   |   |   |   |   |
|                                          |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| *  Section 8 | This subsidy, which is authorized under Section 8 of Title II of the Housing and Community Development Act of 1974, allows qualified low-income tenants to pay 30% of their monthly income as rent with the balance paid by the federal government. |
|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

| Name                                                 Position |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                          |
| Kenneth J. Cutillo                            Chief Executive Officer                                                                                             |

----

| 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                           |         |             |

----

|                  |   | 2010 |    |   | 2009   |   |
|-----------------------|--------|------|---------|--------|--------|--------|
| Asset management fees |   | $    | 380,060 |   |   | $      | 377,230 |   |

|                                         |   | 2010   |    |   | 2009   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                         |   |   |    |   |   |   |
| Salaries and benefits expense reimbursements |   | $      | 168,544 |   |   | $      | 149,089 |   |

----

|       |   | 2010   |   |   | 2009   |   |
|------------|--------|--------|--------|--------|--------|--------|
|       |   |   |   |   |   |   |
| Audit fees |   | $      | 65,127 |   |   | $      | 72,286 |   |
| Tax fees   |   | $      | 2,500  |   |   | $      | 2,500 |   |

|        31.2   |    Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of |
|-------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|

----

| By:    /s/Kenneth J. Cutillo                                      Date:    June 29, 2010 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                Kenneth J. Cutillo                                                                                                                                                                                                              |
|                President                                                                                                                                                                                                                       |
|                Arch Street VIII, Inc.                                                                                                                                                                                                          |
|                (Chief Executive Officer)                                                                                                                                                                                                            |

| By:    /s/Kenneth J. Cutillo                                      Date:    June 29, 2010 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                Kenneth J. Cutillo                                                                                                                                                                                                              |
|                President                                                                                                                                                                                                                       |
|                Arch Street VIII, Inc.                                                                                                                                                                                                          |
|              (Chief Financial Officer)                                                                                                                                                                                                                   |

| By:     /s/Kenneth J. Cutillo                                       Date:   June 29, 2010 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 Kenneth J.  Cutillo                                                                                                                                                                                                             |
|                 President                                                                                                                                                                                                                            |
|                 Arch Street VIII, Inc.                                                                                                                                                                                                               |
|                (Chief Accounting Officer)                                                                                                                                                                                                                      |

----

----

----

----

|                                                   |   | 2010   |         |   | 2009   |   |
|--------------------------------------------------------|--------|--------|--------------|--------|--------|--------|
| Assets                                                 |   |   |         |   |   |   |
|                                                   |   |   |         |   |   |   |
| Cash and cash equivalents                              |   | $      | 2,671,659    |   |   | $      | 1,564,981 |   |
| Restricted cash (Note 4)                               |   |   | 244,396      |   |   |   | 284,447 |   |
| Investments in Local Limited Partnerships (Note 4)     |   |   | 346,611      |   |   |   | 1,224,904 |   |
| Other assets                                           |   |   | 388          |   |   |   | 141 |   |
| Total Assets                                           |   | $      | 3,263,054    |   |   | $      | 3,074,473 |   |
|                                                   |   |   |         |   |   |   |   |   |
| Liabilities and Partners' Equity                       |   |   |         |   |   |   |   |   |
|                                                   |   |   |         |   |   |   |   |   |
| Due to affiliates (Notes 4 and 5)                      |   | $      | 195,786      |   |   | $      | 297,110 |   |
| Accrued expenses                                       |   |   |  58,387 |   |   |   |  59,100 |   |
| Total Liabilities                                      |   |   | 254,173      |   |   |   | 356,210 |   |
|                                                   |   |   |         |   |   |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |   | 3,008,881    |   |   |   | 2,718,263 |   |
| Total Liabilities and Partners' Equity                 |   | $      | 3,263,054    |   |   | $      | 3,074,473 |   |

----

|                                                                               |   | 2010   |      |   | 2009   |   |
|------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Revenue:                                                                           |   |   |      |   |   |   |
| Investment                                                                         |   | $      | 26,290    |   |   | $      | 29,105 |   |
| Cash distribution income                                                           |   |   | 274,976   |   |   |   | 87,177 |   |
| Total Revenue                                                                      |   |   | 301,266   |   |   |   | 116,282 |   |
|                                                                               |   |   |      |   |   |   |   |   |
| Expense:                                                                           |   |   |      |   |   |   |   |   |
| Asset management fees, affiliate (Note 5)                                          |   |   | 380,060   |   |   |   | 377,230 |   |
| Provision for valuation allowance on advances to Local                             |   |   |      |   |   |   |   |   |
| Limited Partnerships (Note 4)                                                      |   |   | -         |   |   |   | 48,404 |   |
|    Impairment on investments in Local Limited Partnerships (Note 4) |   |   | 9,000     |   |   |   | 99,000 |   |
| General and administrative (includes reimbursements                                |   |   |      |   |   |   |   |   |
| to an affiliate in the amount of $168,544 and                                      |   |   |      |   |   |   |   |   |
| $149,089 in 2010 and 2009, respectively) (Note 5)                                  |   |   | 283,596   |   |   |   | 271,160 |   |
| Amortization                                                                       |   |   | 4,925     |   |   |   | 9,693 |   |
| Total Expense                                                                      |   |   | 677,581   |   |   |   | 805,487 |   |
|                                                                               |   |   |      |   |   |   |   |   |
| Loss before equity in losses of Local Limited Partnerships                         |   |   |      |   |   |   |   |   |
| and gain on sale of investments in Local Limited Partnerships                      |   |   | (376,315  | )      |   |   | (689,205 | ) |
|                                                                               |   |   |      |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships (Note 4)                            |   |   | (217,920  | )      |   |   | (385,150 | ) |
|                                                                               |   |   |      |   |   |   |   |   |
| Gain on sale of investments in Local Limited Partnerships (Note 4)                 |   |   | 1,889,049 |   |   |   | 1,432,168 |   |
|                                                                               |   |   |      |   |   |   |   |   |
| Net Income                                                                         |   | $      | 1,294,814 |   |   | $      | 357,813 |   |
|                                                                               |   |   |      |   |   |   |   |   |
| Net Income allocated:                                                              |   |   |      |   |   |   |   |   |
| General Partners                                                                   |   | $      | 12,948    |   |   | $      | 3,578 |   |
| Limited Partners                                                                   |   |   | 1,281,866 |   |   |   | 354,235 |   |
|                                                                               |   | $      | 1,294,814 |   |   | $      | 357,813 |   |
| Net Income per Limited Partner Unit                                                |   |   |      |   |   |   |   |   |
| (50,930 Units)                                                                     |   | $      | 25.17     |   |   | $      | 6.96 |   |

----

|                           |   |     |    |   | Initial  |   |    | Investor |   |   |      |   |
|--------------------------------|--------|----------|---------|--------|----------|--------|---------|----------|--------|--------|-----------|--------|
|                           |   | General  |    |   | Limited  |   |    | Limited  |   |   |      |   |
|                           |   | Partners |    |   | Partners |   |    | Partners |   |   | Total     |   |
|                           |   |     |    |   |     |   |    |     |   |   |      |   |
| Balance at March 31, 2008      |   | $        | 23,604  |   |     |   | 5,000   |     |   |   | 2,331,846 |   |   | $ | 2,360,450 |   |
|                           |   |     |    |   |     |   |    |     |   |   |      |   |   |   |   |   |
| Net Income                     |   |     | 3,578   |   |     |   | -       |     |   |   | 354,235   |   |   |   | 357,813 |   |
|                           |   |     |    |   |     |   |    |     |   |   |      |   |   |   |   |   |
| 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 |   |

----

|                                                                                                          |   | 2010   |         |   | 2009   |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------|
| Cash flows from operating activities:                                                                         |   |   |         |   |   |   |
| Net Income                                                                                                    |   | $      | 1,294,814    |   |   | $      | 357,813 |   |
| Adjustments to reconcile net income to net                                                                    |   |   |         |   |   |   |   |   |
| cash used for operating activities:                                                                           |   |   |         |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships                                                                |   |   | 217,920      |   |   |   | 385,150 |   |
| Gain on sale of investments in Local Limited Partnerships                                                     |   |   | (1,889,049   | )      |   |   | (1,432,168 | ) |
|          Impairment on investments in Local Limited Partnerships |   |   | 9,000        |   |   |   | 99,000 |   |
| Amortization                                                                                                  |   |   | 4,925        |   |   |   | 9,693 |   |
| Cash distributions included in net income                                                                     |   |   | (274,976     | )      |   |   | (87,177 | ) |
| Other non-cash item                                                                                           |   |   | (690         | )      |   |   | (6,249 | ) |
| Increase (decrease) in cash arising from changes                                                              |   |   |         |   |   |   |   |   |
| in operating assets and liabilities:                                                                          |   |   |         |   |   |   |   |   |
| Other assets                                                                                                  |   |   | (247         | )      |   |   | 615 |   |
| Due to affiliates                                                                                             |   |   | (101,324     | )      |   |   | (175,981 | ) |
| Accrued expenses                                                                                              |   |   | (713         | )      |   |   | 3,229 |   |
| Other liabilities                                                                                             |   |   | -            |   |   |   | (45,198 | ) |
| Net cash used for operating activities                                                                        |   |   | (740,340     | )      |   |   | (891,273 | ) |
|                                                                                                          |   |   |         |   |   |   |   |   |
| Cash flows from investing activities:     Release of restricted cash                 |   |   |  40,741 |   |   |   |  - |   |
| Cash distributions received from Local Limited Partnerships                                                   |   |   | 680,613      |   |   |   | 211,861 |   |
| Proceeds from sale of investments in Local Limited Partnerships                                               |   |   | 2,129,860    |   |   |   | 1,630,776 |   |
| Net cash provided by investing activities                                                                     |   |   | 2,851,214    |   |   |   | 1,842,637 |   |
|                                                                                                          |   |   |         |   |   |   |   |   |
| Cash flows from financing activities:                                                                         |   |   |         |   |   |   |   |   |
|      Cash distributions                                                              |   |   | (1,004,196   | )      |   |   | - |   |
| Net cash used for financing activities                                                                        |   |   | (1,004,196   | )      |   |   | - |   |
|                                                                                                          |   |   |         |   |   |   |   |   |
| Net increase in cash and cash equivalents                                                                     |   |   | 1,106,678    |   |   |   | 951,364 |   |
|                                                                                                          |   |   |         |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                                          |   |   | 1,564,981    |   |   |   | 613,617 |   |
|                                                                                                          |   |   |         |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                             |   | $      | 2,671,659    |   |   | $      | 1,564,981 |   |
|                                                                                                          |   |   |         |   |   |   |   |   |
|                                                                                                          |   |   |         |   |   |   |   |   |
|                                                                                                          |   |   |         |   |   |   |   |   |
|                                                                                                          |   |   |         |   |   |   |   |   |

----

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|                                                                                                                                                                       |   | 2010   |        |   | 2009   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| Capital contributions and advances paid to Local Limited Partnerships    and purchase price paid to withdrawing partners of Local Limited Partnerships |   | $      | 14,407,031  |   |   | $      | 27,305,481 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding    cumulative unrecognized losses of $4,024,182 and $3,570,296)                   |   |   | (11,284,006 | )      |   |   | (20,745,430 | ) |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                                                     |   |   | (1,262,921  | )      |   |   | (2,382,471 | ) |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                                               |   |   | 1,860,104   |   |   |   | 4,177,580 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Excess investment costs over the underlying assets acquired:                                                                                                               |   |   |        |   |   |   |   |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Acquisition fees and expenses                                                                                                                                              |   |   | 581,846     |   |   |   | 846,688 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                                                                                   |   |   | (195,552    | )      |   |   | (298,577 | ) |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                                                                                                       |   |   | 2,246,398   |   |   |   | 4,725,691 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Valuation allowance on investments in Local Limited Partnerships                                                                                                           |   |   | (1,899,787  | )      |   |   | (3,500,787 | ) |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Investments in Local Limited Partnerships                                                                                                                                  |   | $      | 346,611     |   |   | $      | 1,224,904 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |

----

|                                           |   | 2009   |       |   | 2008   |   |
|------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                           |   |   |       |   |   |   |
| Assets:                                        |   |   |       |   |   |   |
| Investment property, net                       |   | $      | 25,854,043 |   |   | $      | 44,067,522 |   |
| Other assets                                   |   |   | 2,240,940  |   |   |   | 4,510,500 |   |
| Total Assets                                   |   | $      | 28,094,983 |   |   | $      | 48,578,022 |   |
|                                           |   |   |       |   |   |   |   |   |
| Liabilities and Partners' Equity (Deficiency): |   |   |       |   |   |   |   |   |
| Mortgage notes payable                         |   | $      | 23,043,444 |   |   | $      | 44,035,823 |   |
| Other liabilities                              |   |   | 6,594,721  |   |   |   | 8,534,676 |   |
| Total Liabilities                              |   |   | 29,638,165 |   |   |   | 52,570,499 |   |
|                                           |   |   |       |   |   |   |   |   |
| Fund's deficiency                              |   |   | (2,736,242 | )      |   |   | (4,993,560 | ) |
| Other partners' equity                         |   |   | 1,193,060  |   |   |   | 1,001,083 |   |
| Total Partners' Deficiency:                    |   |   | (1,543,182 | )      |   |   | (3,992,477 | ) |
| Total Liabilities and Partners' Equity         |   | $      | 28,094,983 |   |   | $      | 48,578,022 |   |

|                                                                    |   | 2009   |       |   | 2008   |   |
|-------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                    |   |   |       |   |   |   |
| Rental and other income                                                 |   | $      | 9,688,547  |   |   | $      | 12,017,642 |   |
|                                                                    |   |   |       |   |   |   |   |   |
| Expenses:                                                               |   |   |       |   |   |   |   |   |
| Operating                                                               |   |   | 6,756,999  |   |   |   | 8,268,699 |   |
| Interest                                                                |   |   | 1,951,790  |   |   |   | 2,614,705 |   |
| Depreciation and amortization                                           |   |   | 2,533,888  |   |   |   | 2,954,166 |   |
| Total Expenses                                                          |   |   | 11,242,677 |   |   |   | 13,837,570 |   |
|                                                                    |   |   |       |   |   |   |   |   |
| Net Loss                                                                |   | $      | (1,554,130 | )      |   | $      | (1,819,928 | ) |
|                                                                    |   |   |       |   |   |   |   |   |
| Fund’s share of net loss (2008 includes $78,010 from prior years) |   | $      | (1,033,766 | )      |   | $      | (1,325,043 | ) |
| Other partners' share of net loss                                       |   | $      | (520,364   | )      |   | $      | (416,875 | ) |

----

----

|                                                                              |   | 2010   |           |   | 2009   |   |
|-----------------------------------------------------------------------------------|--------|--------|----------------|--------|--------|--------|
|                                                                              |   |   |           |   |   |   |
| Net Income per financial statements                                               |   | $      | 1,294,814      |   |   | $      | 357,813 |   |
|                                                                              |   |   |           |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships for financial reporting            |   |   |           |   |   |   |   |   |
| purposes in excess of equity in losses for tax purposes                           |   |   | 164,139        |   |   |   | 127,263 |   |
|                                                                              |   |   |           |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships not recognized                     |   |   |           |   |   |   |   |   |
| for financial reporting purposes                                                  |   |   | (815,846       | )      |   |   | (939,893 | ) |
|                                                                              |   |   |           |   |   |   |   |   |
| Adjustment to reflect March 31 fiscal year end to                                 |   |   |           |   |   |   |   |   |
| December 31 taxable year end                                                      |   |   | 6,362          |   |   |   | (8,434 | ) |
|                                                                              |   |   |           |   |   |   |   |   |
| Amortization for tax purposes in excess of amortization                           |   |   |           |   |   |   |   |   |
| for financial reporting purposes                                                  |   |   | (24,418        | )      |   |   | (26,633 | ) |
|                                                                              |   |   |           |   |   |   |   |   |
| Provision for valuation allowance on advances to Local Limited                    |   |   |           |   |   |   |   |   |
| Partnerships, not deductible for tax purposes                                     |   |   | -              |   |   |   | 48,404 |   |
|                                                                              |   |   |           |   |   |   |   |   |
| Impairment on investments in Local Limited Partnerships                           |   |   |           |   |   |   |   |   |
| not deductible for tax purposes                                                   |   |   | 9,000          |   |   |   | 99,000 |   |
|                                                                              |   |   |           |   |   |   |   |   |
| Gain on sale of investments in Local Limited Partnerships for tax                 |   |   |           |   |   |   |   |   |
| purposes in excess of gain recognized for financial reporting purposes            |   |   | 4,330,433      |   |   |   | - |   |
|                                                                              |   |   |           |   |   |   |   |   |
| Gain on sale of investments in Local Limited Partnerships for financial           |   |   |           |   |   |   |   |   |
| reporting purposes in excess of gain recognized for tax purposes                  |   |   | -              |   |   |   | (429,344 | ) |
|                                                                              |   |   |           |   |   |   |   |   |
| Cash distributions included in net income (loss) for financial reporting purposes |   |   |  (274,976 | )      |   |   |  (87,177 | ) |
|                                                                              |   |   |           |   |   |   |   |   |
| Net Income (loss) per tax return                                                  |   | $      | 4,689,508      |   |   | $      | (859,001 | ) |

----

|                                      |   | 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 | ) |

|                                      |   | Financial |      |   |     |   |       |        |   |
|-------------------------------------------|--------|-----------|-----------|--------|----------|--------|------------|-------------|--------|
|                                      |   | Reporting |      |   | Tax      |   |       |        |   |
|                                      |   | Purposes  |      |   | Purposes |   |       | Differences |   |
|                                      |   |      |      |   |     |   |       |        |   |
| Investments in Local Limited Partnerships |   | $         | 1,224,904 |   |     | $      | (4,063,128 | )           |   | $ | 5,288,032 |   |
| Other assets                              |   | $         | 1,849,569 |   |     | $      | 8,282,050  |        |   | $ | (6,432,481 | ) |
| Liabilities                               |   | $         | 356,210   |   |     | $      | 320,628    |        |   | $ | 35,582 |   |

----

| Citrus Glen       |   | 2009   |      |   | 2008   |   |
|-------------------|--------|--------|-----------|--------|--------|--------|
|              |   |   |      |   |   |   |
| Total Assets      |   | $      | 4,455,331 |   |   | $      | 4,985,663 |   |
| Total Liabilities |   | $      | 5,692,072 |   |   | $      | 5,867,615 |   |
| Revenue           |   | $      | 1,397,815 |   |   | $      | 1,407,210 |   |
| Net Loss          |   | $      | (291,867  | )      |   | $      | (254,158 | ) |
|              |   |   |      |   |   |   |   |   |