| Florida                                                             |   | 65-0142704                                                                 |
|---------------------------------------------------------------------|--------|----------------------------------------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (IRS      Employer No.)                                                    |
|                                                                |   |                                                                       |
| 880 Carillon      Parkway                                           |   | St.      Petersburg,   Florida    33716 |
| (Address      of principal executive offices)                       |   | (Zip      Code)                                                            |

| Registrant’s      Telephone Number, Including Area Code: |   | (727) 567-1000 |
|----------------------------------------------------------------|--------|---------------------|

|                                  |   | Number      of Units |
|---------------------------------------|--------|---------------------------|
| Title of Each      Class              |   | March 31,      2007       |
| Beneficial      Assignee Certificates |   | 2,533                     |
| General      Partner Interest         |   |         2       |

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|   |  SERIES      2 PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                         |   LOCATION      OFPROPERTY-----------                                                                                                                                                                                                                                                                                                                                               |   #      OFUNIT-----                          |   DATE  ACQUIRED--------                                                 |   PROPERTYCOST  -----------                                                                                                                                                                         |   OCCUPANCYRATE-----                                                |   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|----------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|--------|
|   | Claxton      ElderlyDeerfield      IIHartwell      FamilyCherrytree      Apts.Springwood      Apts.Lakeshore      Apts.LewistonCharlestonSallisaw      IIPocolaInverness      ClubPearson      ElderlyRichland      ElderlyLake      ParkWoodland      TerraceMt.      Vernon ElderlyLakeland      ElderlyPrairie      ApartmentsSylacauga      HeritageManchester      HousingDurango      C.W.W.Columbus      Seniors | Claxton,      GADouglas,      GAHartwell,      GAAlbion,      PAWestfield,      NYTuskegee,      ALLewiston,      NYCharleston,      ARSallisaw,      OKPocola,      OKInverness,      FLPearson,      GARichland,      GALake      Park, GAWaynesboro,      GAMt.      Vernon, GALakeland,      GAEagle      Butte, SDSylacauga,      ALManchester,      GADurango,      COColumbus,      KS | 24242433323425324736722534483021292144492416----724==== | 9/909/909/909/909/909/9010/909/909/9010/909/909/909/909/909/909/909/9010/9012/901/911/915/92 | 808,632854,562859,6981,466,1071,568,5131,304,4571,233,9351,076,0981,517,5891,245,8703,496,824781,4601,057,8711,794,5421,082,192700,935955,8141,401,4161,782,5171,781,6141,377,518542,054-----------$28,690,218========= | 100%38%88%97%88%85%96%94%100%89%94%100%97%85%97%100%97%95%98%98%96%100%  |   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                          |                                                    |                                                                                         |                                                                                                                                                                                                                    |                                                                          |
|   | The      aggregate average effective rental income per unit for the year-ended      December 31, 2006 is $4,125 per year ($344 per month)                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                          |                                                    |                                                                                         |                                                                                                                                                                                                                    |                                                                          |

| SERIES      3 PARTNERSHIP-----------                                                                                                                                                                                                                                           |  LOCATION      OFPROPERTY-----------                                                                                                                                                                                                                                                            |  #      OFUNIT----                   |  DATEACQUIRED--------                                                  |  PROPERTYCOST----------                                                                                                                                       |  OCCUPANCYRATE-----                                 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|--------|
| Poteau      IISallisawNowata      PropertiesWaldron      PropertiesRoland      IIStilwellHornellsvilleSunchase      IICE      McKinley IIWeston      ApartmentsCountrywood      Apts.Wildwood      Apts.HancockHopkinsElkhart      Apts.Heritage      VillasLogansport      Seniors | Poteau,      OKSallisaw,      OKOolagah,      OKWaldron,      ARRoland,      OKStilwell,      OKArkport,      NYWatertown,      SDRising      Sun, MDWeston,      ALCentreville,      ALPineville,      LAHawesville,      KYMadisonville,      KYElkhart,      TXHelena,      GALogansport,      LA | 5252322452482441161040281224542532----566 | 8/908/908/909/9010/9010/909/909/909/9011/9011/9011/9012/9012/901/913/913/91 | 1,789,1481,744,1031,148,484860,2731,804,0101,597,7011,170,3161,480,119848,662347,5771,621,5451,106,688440,425927,2561,690,509824,7591,384,751----------$20,786,326 | 89%96%69%96%83%98%88%100%100%100%98%96%100%100%87%96%94% |
|                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                 | ====                                      |                                                                        | ===========                                                                                                                                                        |                                                     |

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|   PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                           |  LOCATION      OFPROPERTY-----------                                                                                                                                                                                                                                                                                                                                                                                                              |  #      OFUNIT----                                   |  DATE  ACQUIRED--------                                                               |  PROPERTYCOST  --------                                                                                                                                                                                               |  OCCUPANCYRATE------                                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|
| Seneca      ApartmentsEudora      SeniorWestvilleWellsville      SeniorStilwell      IISpring      Hill Sr.Tarpon      HeightsOaks      ApartmentsWynnwood      CommonChestnut      Apts.St.      GeorgeWillistonBrackettville      Sr.Sonora      SeniorsOzona      SeniorsFredericksburg      Sr.St.      JosephCourtyardRural      DevelopmentJasper      VillasJonesville      ManorNorton      GreenTimpson      SeniorsPiedmontS.F.      Arkansas City | Seneca,      MOEudora,      KSWestville,      OKWellsville,      KSStilwell,      OKSpring      Hill, KSGalliano,      LAOakdale,      LAFairchance,      PAHoward,      SDSt.      George, SCWilliston,      SCBrackettville,      TXSonora,      TXOzona,      TXFredericksburg,      TXSt.      Joseph, ILHuron,      SDAshland,      MEJasper,      ARJonesville,      VANorton,      VATimpson,      TXBarnesville,      GAArkansas      City, KS | 24363624522448323424242432322448242125254040283612----769 | 2/913/913/913/913/913/914/914/914/915/916/916/916/916/916/916/916/916/916/916/916/916/918/918/918/91 | 821,1291,290,1431,101,686810,9701,657,9741,036,3692,263,0141,532,1591,725,4621,079,682939,018990,0261,042,2631,047,032802,0891,444,252976,883886,3091,429,0031,122,9861,784,4291,828,850815,9161,289,047412,028----------$30,128,719 | 100%92%97%88%92%100%94%97%100%33%96%100%97%97%92%98%100%100%100%96%98%100%86%97%92% |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ====                                                      |                                                                                                 | ==========                                                                                                                                                                                                                           |                                                                                |   |

| SERIES      5 PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  LOCATION      OFPROPERTY-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  #      OFUNIT----                                                          |  DATEEACQUIREDD--------                                                                                                                    |  PROPERTYCOST--------                                                                                                                                                                                                                                                                              |  OCCUPANCYRATE-----                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|
| SeymourEffinghamS.F.      WinfieldS.F.Medicine      LodgeS.F.      OttawaS.F.      ConcordiaCarrollton      ClubScarlett      OaksBrooks      HillGreensboroGreensboro      IIPine      TerraceShellmanBlackshearCrisp      PropertiesCrawfordYorkshireWoodcrestFox      RidgeRedmont      IIClaytonAlmaPemberton      VillageMagic      CircleSpring      HillMenard      RetirementWallis      HousingZapata      HousingMill      CreekPortland      IIGeorgetownCloverdaleSo.      Timber RidgePinevilleRavenwood | Seymour,      INEffingham,      ILWinfield,      KSMedicine      Lodge,KSOttawa,      KSConcordia,      KSCarrollton,      GALexington,      SCEllijay,      GAGreensboro,      GAGreensboro,      GAWrightsville,      GAShellman,      GACordele,      GACordele,      GACrawford,      GAWagoner,      OKSouth      Boston, VARussellville,      ALRed      Bay, ALClayton,      OKAlma,      ARHiawatha,      KSEureka,      KSSpring      Hill, KSMenard,      TXWallis,      TXZapata,      TXGrove,      OKPortland,      INGeorgetown,      OHCloverdale,      INChandler,      TXPineville,      MOAmericus,      GA | 3724121624207840442432242746312560402424242424243624244060202424441224-----1,080 | 8/918/918/918/918/918/919/919/919/919/919/919/919/919/919/919/919/919/919/919/919/919/919/919/919/919/919/919/9111/9111/9111/911/921/925/921/94 | 1,517,702980,617402,402572,924732,342695,9083,217,9011,691,5141,760,233866,2591,088,664886,334901,6481,602,4331,128,784907,7122,657,9271,632,414889,941840,596871,530957,710776,725823,6431,449,378759,136578,3331,243,1181,741,669817,378996,6051,018,7121,347,586433,980900,996-----------$39,690,754 | 87%100%83%56%92%95%97%100%100%92%100%88%96%100%90%96%85%100%92%96%96%100%83%75%100%100%92%100%100%80%96%100%98%83%96% |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | =====                                                                            |                                                                                                                                            | ============                                                                                                                                                                                                                                                                                            |                                                                                                                  |   |

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|   PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                                        |  LOCATION      OFPROPERTY-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  #      OFUNIT-----                                                             |  DATEACQUIRED--------                                                                                                                              |  PROPERTYCOST--------                                                                                                                                                                                                                                                                                                                  |  OCCUPANCYRATE-----                                                                                                    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|
| SpruceShannonCarthageCoal      CityBlacksburg      TerraceFrazer      PlaceEhrhardtSintonFrankstonFlagler      BeachOak      RidgeMonettArmaSouthwest      CityMeadowcrestParsonsNewport      VillageGoodwater      FallsNorthfield      StationPleasant      HillWinter      ParkCornellHeritage      Drive So.BrodheadMt.      VillageHazlehurstSunriseStony      CreekLogan      PlaceHainesMaple      WoodSummerhillDorchesterLancasterAutumn      VillageHardyDawson | Pierre,      SDO’Neill,      NECarthage,      MOCoal      City, ILBlacksburg,      SCSmyrna,      DEEhrhardt,      SCSinton,      TXFrankston,      TXFlagler      Beach, FLWilliamsburg,      KYMonett,      MOArma,      KSSouthwest      City, MOLuverne,      ALParsons,      KSNewport,      TNJenkins,      KYCorbin,      KYSomerset,      KYMitchell,      SDWatertown,      SDJacksonville,      TXBrodhead,      KYMt.      Vernon, KYHazlehurst,      MSYankton,      SDHooversville,      PALogan,      OHHaines,      AKBarbourville,      KYGassville,      ARSt.      George, SCMountain      View, ARHarrison,      ARHardy,      ARDawson,      GA | 24162424323016322443243228123248403624242424402424323332403224281233162540-----1,048 | 11/9111/911/923/924/924/924/924/924/925/925/925/925/925/926/927/927/927/927/927/927/927/921/927/927/928/928/928/929/928/928/929/929/929/927/927/9211/93 | 1,181,526704,794775,0951,328,6231,378,5161,676,842709,8811,053,059676,9311,718,6761,045,6461,034,586908,494436,8821,238,4751,532,9681,678,2101,414,9781,022,561961,9261,331,7311,167,7991,235,098982,688959,5091,190,1561,499,5931,656,1351,526,9123,107,7631,039,7901,319,786561,0081,387,035616,082931,9891,474,973-----------$44,466,716 | 67%88%92%100%100%100%88%97%92%100%92%97%100%83%97%98%100%100%96%96%92%92%95%96%96%100%100%88%93%84%100%93%100%100%88%96%98% |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | =====                                                                                |                                                                                                                                                    | ===========                                                                                                                                                                                                                                                                                                                                 |                                                                                                                        |   |   |

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|                                                                                                                                                                             | SERIES      2                                                                                                | SERIES      3                                                                                                              | SERIES      4                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum.Depreciation Properties,      Net | $  1,012,180176,25426,493,3851,008,3990-----------28,690,21814,509,817-----------$ 14,180,401 | $    684,17160,54818,752,3771,289,2300-----------20,786,32612,941,903-----------$  7,844,423 | $  1,022,612189,88727,284,7811,631,4390-----------30,128,71914,557,123-----------$ 15,571,596 |
|                                                                                                                                                                             | ============                                                                                                 | ============                                                                                                               | ============                                                                                                 |

|                                                                                                                                                                             | SERIES      5                                                                                                | SERIES      6                                                                                                | TOTAL                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum.Depreciation Properties,      Net | $  1,451,551160,55136,218,8881,859,7640-----------39,690,75419,192,129-----------$ 20,498,625 | $  1,709,391569,38539,614,4482,573,4920-----------44,466,71619,596,977-----------$ 24,869,739 | $  5,879,9051,156,625148,363,8798,362,3240-----------163,762,73380,797,949-----------$ 82,964,784 |
|                                                                                                                                                                             | ============                                                                                                 | ============                                                                                                 | ============                                                                                                     |

|                                                                                                                                                                             | SERIES      2                                                                                                   | SERIES      3                                                                                                          | SERIES      4                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum.Depreciation Properties,      Net | $  1,012,180153,72126,439,200975,04638,604-----------28,618,75113,623,386-----------$ 14,995,365 | $    985,546131,28125,661,2721,593,4790-----------28,371,57816,335,525-----------$ 12,036,053 | $  1,188,112222,42731,384,8911,814,8320-----------34,610,26215,441,345-----------$ 19,168,917 |
|                                                                                                                                                                             | ===========                                                                                                     | ===========                                                                                                            | ===========                                                                                                  |

|                                                                                                                                                                             | SERIES      5                                                                                                | SERIES      6                                                                                                | TOTAL                                                                                                                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum.Depreciation Properties,      Net | $  1,451,551159,50136,202,2431,814,5550-----------39,627,85017,923,547-----------$ 21,704,303 | $  1,709,391556,19139,024,1202,414,2550-----------43,703,95718,360,632-----------$ 25,343,325 | $  6,346,7801,223,121158,711,7268,612,16738,604-----------174,932,39881,684,435-----------$ 93,247,963 |
|                                                                                                                                                                             | ===========                                                                                                  | ===========                                                                                                  | ============                                                                                                          |

|                                                                                                                                                                             | SERIES      2                                                                                                   | SERIES      3                                                                                                          | SERIES      4                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum.Depreciation Properties,      Net | $  1,012,180136,49626,404,542936,01438,604-----------28,527,83612,747,926-----------$ 15,779,910 | $    985,546123,41425,586,1681,556,3210-----------28,251,44915,378,450-----------$ 12,872,999 | $  1,188,112222,42731,289,9001,758,6550-----------34,459,09414,409,096-----------$ 20,049,998 |
|                                                                                                                                                                             | ===========                                                                                                     | ===========                                                                                                            | ===========                                                                                                  |

|                                                                                                                                                                             | SERIES      5                                                                                                | SERIES      6                                                                                                | TOTAL                                                                                                                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum.Depreciation Properties,      Net | $  1,451,551159,50136,164,8531,771,6430-----------39,547,54816,798,175-----------$ 22,749,373 | $  1,774,305536,09240,018,1592,426,4810-----------44,755,03717,672,479-----------$ 27,082,558 | $  6,411,6941,177,930159,463,6228,449,11438,604-----------175,540,96477,006,126-----------$ 98,534,838 |
|                                                                                                                                                                             | ===========                                                                                                  | ===========                                                                                                  | ============                                                                                                          |

----

| Title      of Class                   |   | Number      of Holders    |
|---------------------------------------|--------|---------------------------|
|                                  |   | as of March 31,      2007 |
| Beneficial      Assignee Certificates |   | 2,533                     |
| General      Partner Interest         |   |         2       |

| SERIES      2                                                           | 2007----                                | 2006----                                | 2005----                                | 2004----                                | 2003----                                 |
|-------------------------------------------------------------------------|-----------------------------------------|-----------------------------------------|-----------------------------------------|-----------------------------------------|------------------------------------------|
| Total      Revenues                                                     | $   15,209          | $   7,263           | $  13,938                | $  12,820                | $  12,665                 |
| Net      Loss                                                           |   (119,127)                   |  (156,399)                         |   (97,520)                    |   (92,200)                    |   (85,230)                     |
|  Equity      in (Losses) of      ProjectPartnerships               |    0                |    (32,092)              |    (10,911)              |    (8,484)               |    (17,624)               |
| Total      Assets                                                       | 257,364                            | 316,805                            | 394,306                            | 445,532                            | 523,794                             |
|  Investments      In Project Partnerships                          |  0                            |  0                            |  34,391                       |  47,597                       |  58,381                        |
| Per      BAC: (A)Tax      CreditsPortfolio IncomePassive      Loss |  .02  6.65 (125.58) |  .14  4.74 (129.62) |  .14  4.18 (142.06) |  .14  5.18 (157.55) |  2.79  7.31 (146.95) |
| Net      Loss                                                           | (19.22)                                 | (25.23)                                 | (15.73)                                 | (14.88)                                 | (13.75)                                  |
|                                                                    |                                    |                                    |                                    |                                    |                                     |

| SERIES      3                                                           | 2007----                               | 2006----                              | 2005----                              | 2004----                                | 2003----                                 |
|-------------------------------------------------------------------------|----------------------------------------|---------------------------------------|---------------------------------------|-----------------------------------------|------------------------------------------|
| Total      Revenues                                                     | $  20,439               | $  22,861              | $  18,781              | $  22,801                | $  21,167                 |
| Net      Income (Loss)                                                  | 305,962                           | (108,278)                             | (77,647)                              | (77,243)                                | (82,729)                                 |
|  Equity      in Income (Losses) ofProjectPartnerships              |    490             |    0              |    0              |    (5,137)               |    (25,505)               |
| Total      Assets                                                       | 598,431                           | 294,987                          | 329,653                          | 344,724                            | 405,777                             |
|  Investments      In Project Partnerships                          |  0                           |  0                          |  0                          |  0                            |  6,633                         |
| Per      BAC: (A)Tax      CreditsPortfolio IncomePassive      Loss |  0  11.09 (118.50) |  0  6.85 (137.15) |  0  5.78 (147.47) |  .17  6.54 (159.39) |  1.38  7.92 (137.28) |
| Net      Income (Loss)                                                  | 46.84                             | (19.65)                               | (14.09)                               | (14.02)                                 | (15.01)                                  |
|                                                                    |                                   |                                  |                                  |                                    |                                     |

----

| SERIES      4                                                           | 2007----                              | 2006----                                 | 2005----                                | 2004----                                 | 2003----                                 |
|-------------------------------------------------------------------------|---------------------------------------|------------------------------------------|-----------------------------------------|------------------------------------------|------------------------------------------|
| Total      Revenues                                                     | $  20,091              | $  18,473                 | $  16,181                | $  27,960                 | $  14,116                 |
| Net      Loss                                                           | (79,276)                              | (138,304)                                | (102,967)                               | (98,159)                                 | (160,313)                                |
|  Equity      in Income (Losses)      of ProjectPartnerships        |    0              |    0                 |    0                |    (8,763)                |    (77,657)               |
| Total      Assets                                                       | 469,913                          | 396,889                             | 445,208                            | 472,775                             | 536,633                             |
|  Investments      In Project Partnerships                          |  0                          |  0                             |  0                            |  0                             |  12,279                        |
| Per      BAC: (A)Tax      CreditsPortfolio IncomePassive      Loss |  0  9.68 (149.08) |  1.22  5.99 (150.52) |  .21  5.11 (140.52) |  1.22  4.16 (134.34) |  2.98  8.48 (147.73) |
| Net      Loss                                                           | (20.70)                               | (19.80)                                  | (14.74)                                 | (14.05)                                  | (22.95)                                  |
|                                                                    |                                  |                                     |                                    |                                     |                                     |

| SERIES      5                                                           | 2007----                              | 2006----                              | 2005----                                 | 2004----                                 | 2003----                                  |
|-------------------------------------------------------------------------|---------------------------------------|---------------------------------------|------------------------------------------|------------------------------------------|-------------------------------------------|
| Total      Revenues                                                     | $  26,812              | $  22,819              | $  27,663                 | $  16,981                 | $  20,909                  |
| Net      Income(Loss)                                                   | (194,685)                             | (208,790)                             | 15,153                              | (265,039)                                | (261,993)                                 |
|  Equity      in Losses of ProjectPartnerships                      |    (5,528)             |    (22,512)            |    (21,348)               |    (133,705)              |    (159,492)               |
| Total      Assets                                                       | 402,832                          | 508,067                          | 773,331                             | 827,194                             | 1,073,840                            |
|  Investments      In Project Partnerships                          |  125,403                    |  151,630                    |  202,405                       |  229,630                       |  376,275                        |
| Per      BAC: (A)Tax      CreditsPortfolio IncomePassive      Loss |  0  5.89 (118.24) |  0  5.79 (112.76) |  2.33  5.39 (151.09) |  8.66  4.81 (148.50) |  54.70  6.71 (136.53) |
| Net      Income(Loss)                                                   | (22.37)                               | (23.99)                               | (6.71)                                   | (30.45)                                  | (30.10)                                   |
|                                                                    |                                  |                                  |                                     |                                     |                                      |

| SERIES      6                                                           | 2007----                             | 2006----                             | 2005----                                | 2004----                                  | 2003---                                    |
|-------------------------------------------------------------------------|--------------------------------------|--------------------------------------|-----------------------------------------|-------------------------------------------|--------------------------------------------|
| Total      Revenues                                                     | $  29,678             | $  26,354             | $  32,039                | $  21,129                  | $  16,919                   |
| Net      Loss                                                           | (332,668)                            | (342,258)                            | (198,709)                               | (294,767)                                 | (334,594)                                  |
|  Equity      in Losses of Project      Partnerships                |   (7,156)                  |   (25,699)                 |   (65,236)                    |   (148,498)                     |   (209,950)                      |
| Total      Assets                                                       | 683,149                         | 914,235                         | 1,374,037                          | 1,467,978                            | 1,731,924                             |
|  Investments      In Project Partnerships                          |  208,779                   |  372,285                   |  781,147                      |  858,488                        |  1,024,672                       |
| Per      BAC: (A)Tax      CreditsPortfolio IncomePassive      Loss |  0  9.85 (99.04) |  0  7.33 (96.72) |  3.81  5.34 (99.58) |  15.16  5.41 (109.10) |  129.74  7.48 (115.70) |
| Net      Loss                                                           | (32.59)                              | (42.09)                              | (19.47)                                 | (28.88)                                   | (32.78)                                    |
|                                                                    |                                 |                                 |                                    |                                      |                                       |

----

----

----

----

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|                                                                                          |                            | Payment      due by period |
|-----------------------------------------------------------------------------------------------|---------------------------------|----------------------------|
| Contractual      Obligations                                                                  | Total                           | Less      than1      year  | 1-3      years | 3-5      years | More      than5      years |
| Long-Term      Debt Obligations                                                               |                            |                       |   |   |   |
| Capital      Lease Obligations                                                                |                            |                       |   |   |   |
| Operating      Lease Obligations                                                              |                            |                       |   |   |   |
| Purchase      Obligations                                                                     |                            |                       |   |   |   |
| Other      Liabilities Reflected on the      Registrant’s Balance Sheet under      GAAP |   $3,800,683      (1) |   317,633        |   3,483,050 |   0 |   0 |

----

----

----

| SERIES      2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2007----                                                                                                                                                                                                                                                                                                                   | 2006----                                                                                                                                                                                                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities      Total      Assets LIABILITIES      AND PARTNERS’ EQUITY (Deficit)Current      Liabilities: Payable      to General Partners Other      Payable   Total      Current Liabilities Long-Term      Liabilities: Payable      to General Partners Partners’      Equity (Deficit):Assignor      Limited Partner Units      of limited partnership interest consisting of 40,000      authorized BAC’s, of which Series 2 had 6,136 at March      31, 2007 and 2006 issued to the assigneesAssignees Units      of beneficial interest of the limited partnership interest      of the assignor limited partner, $1,000 stated value      per BAC, Series 2 had 6,136 at March 31, 2007 and 2006,      issued and outstandingGeneral      Partners   Total      Partners’ Equity (Deficit)     Total      Liabilities and Partners’ Equity (Deficit) |   $ 129,724 127,640 ----------$ 257,364 ==========  $  48,705 0 ----------48,705 ---------- 666,568 ----------        (399,531)(58,378)----------(457,909)----------$ 257,364 ========== |   $ 250,529 66,276 ----------$ 316,805 ==========  $  48,304 8,030 ----------56,334 ---------- 599,253 ----------        (281,595)(57,187)----------(338,782)----------$ 316,805 ========== |

----

| SERIES      3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2007----                                                                                                                                                                                                                                                                                                                                                    | 2006----                                                                                                                                                                                                                                                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities Receivable      - Other       Total      Assets LIABILITIES      AND PARTNERS’ EQUITY (Deficit)Current      Liabilities: Payable      to General Partners Distribution      Payable Deferred      Gain on Sale of Project Partnerships Other      Payable   Total      Current Liabilities Long-Term      Liabilities: Payable      to General Partners Partners’      Equity (Deficit):Assignor      Limited Partner Units      of limited partnership interest consisting of 40,000      authorized BAC’s, of which Series 3 had 5,456 at March      31, 2007 and 2006 issued to the assigneesAssignees Units      of beneficial interest of the limited partnership interest      of the assignor limited partner, $1,000 stated value      per BAC, Series 3 had 5,456 at March 31, 2007 and 2006,      issued and outstandingGeneral      Partners   Total      Partners’ Equity (Deficit)     Total      Liabilities and Partners’ Equity (Deficit) |   $ 426,791 127,640 44,000 ----------$ 598,431 ==========  $  55,354 313,273 43,850 0 ----------412,477 ---------- 551,211 ----------        (365,257)(0)----------(365,257)----------$ 598,431 ========== |   $ 236,035 58,952 0 ----------$ 294,987 ==========  $  52,905 0 0 7,300 ----------60,205 ---------- 493,156 ----------        (207,975)(50,399)----------(258,374)----------$ 294,987 ========== |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                               |

----

| SERIES      4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2007----                                                                                                                                                                                                                                                                                                                                                                                     | 2006----                                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities Receivable      - Other       Total      Assets LIABILITIES      AND PARTNERS’ EQUITY (Deficit)Current      Liabilities: Payable      to General Partners Distribution      Payable Deferred      Gain on Sale of Project Partnerships Other      Payable   Total      Current Liabilities Long-Term      Liabilities: Payable      to General Partners Partners’      Equity (deficit):Assignor      Limited Partner Units      of limited partnership interest consisting of 40,000      authorized BAC’s, of which Series 4 had 6,915 at March      31, 2007 and 2006 issued to the assigneesAssignees Units      of beneficial interest of the limited partnership interest      of the assignor limited partner, $1,000 stated value      per BAC, Series 4 had 6,915 at March 31, 2007 and 2006,      issued and outstandingGeneral      Partners   Total      Partners’ Equity (Deficit)     Total      Liabilities and Partners’ Equity (Deficit) |   $  206,516 178,897 84,500 -----------$  469,913 ===========  $   60,680 62,744 84,200 0 -----------207,624 ----------- 722,109 -----------        (459,820)0 ----------(459,820)----------$  469,913 =========== |   $  322,204 74,685 0 -----------$  396,889 ===========  $   59,221 0 0 8,030 -----------67,251 ----------- 647,438 -----------        (253,967)(63,833)----------(317,800)----------$  396,889 =========== |

----

| SERIES      5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2007----                                                                                                                                                                                                                                                                                                                                                                                                    | 2006----                                                                                                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities Receivable      – Other   Total      Current Assets  Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS’ EQUITY (Deficit)Current      Liabilities: Payable      to General Partners Other      Payable   Total      Current Liabilities Long-Term      Liabilities: Payable      to General Partners Partners’      Equity (Deficit):Assignor      Limited Partner Units      of limited partnership interest consisting of 40,000      authorized BAC’s, of which Series 5 had 8,616 at March      31, 2007 and 2006 issued to the assigneesAssignees Units      of beneficial interest of the limited partnership interest      of the assignor limited partner, $1,000 stated value      per BAC, Series 5 had 8,616 at March 31, 2007 and 2006,      issued and outstandingGeneral      Partners   Total      Partners’ Equity (Deficit)     Total      Liabilities and Partners’ Equity (Deficit) |   $  175,920 101,509 0 -----------277,429  125,403 -----------$  402,832 ===========  $   78,583 0 -----------78,583 ----------- 603,864 -----------        (275,580)(4,035)-----------(279,615)-----------$  402,832 =========== |   $  262,439 93,086 912 -----------356,437  151,630 -----------$  508,067 ===========  $   77,770 3,650 -----------81,420 ----------- 511,577 -----------        (82,842)(2,088)-----------(84,930)-----------$  508,067 =========== |

----

| SERIES      6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2007----                                                                                                                                                                                                                                                                                                                                                                                              | 2006----                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities   Total      Current Assets  Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS’ EQUITY (Deficit)Current      Liabilities: Payable      to General Partners Distribution      Payable   Total      Current Liabilities Long-Term      Liabilities: Payable      to General Partners Partners’      Equity (Deficit):Assignor      Limited Partner Units      of limited partnership interest consisting of 40,000 authorized      BAC’s, of which Series 6 had 10,105 at March 31, 2007      and 2006 issued to the assigneesAssignees Units      of beneficial interest of the limited partnership interest      of the assignor limited partner, $1,000 stated value      per BAC, Series 6 had 10,105 at March 31, 2007 and 2006,      issued and outstandingGeneral      Partners   Total      Partners’ Equity (Deficit)     Total      Liabilities and Partners’ Equity (Deficit) |   $  193,964 280,406 -----------474,370  208,779 -----------$  683,149 ===========  $   74,311 46 -----------74,357 ----------- 939,298 -----------        (327,179)(3,327)-----------(330,506)-----------$  683,149 =========== |   $  463,580 78,370 -----------541,950  372,285 -----------$  914,235 ===========  $   73,971 46 -----------74,017 ----------- 838,056 -----------        2,162 0 -----------2,162 -----------$  914,235 =========== |

----

| TOTAL      SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2007----                                                                                                                                                                                                                                                                                                                                                                                                           | 2006----                                                                                                                                                                                                                                                                                                                                                                                              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities Receivable      - Other   Total      Current Assets  Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS’ EQUITY (Deficit)Current      Liabilities: Payable      to General Partners Distribution      Payable Deferred      Gain on Sale of Project Partnerships Other      Payable   Total      Current Liabilities Long-Term      Liabilities: Payable      to General Partners Partners’      Equity (Deficit):Assignor      Limited Partner Units      of limited partnership interest consisting of 40,000      authorized BAC’s, of which Series 2-6 had 37,228 at March      31, 2007 and 2006 issued to the assigneesAssignees Units      of beneficial interest of the limited partnership interest      of the assignor limited partner, $1,000 stated value      per BAC, Series 2-6 had 37,228 at March 31, 2007 and 2006,      issued and outstandingGeneral      Partners   Total      Partners’ Equity (Deficit)     Total      Liabilities and Partners’ Equity (Deficit) |   $1,132,915 816,092 128,500 -----------2,077,507  334,182 -----------$2,411,689 ===========  $  317,633 376,063 128,050 0 -----------821,746 ----------- 3,483,050 -----------        (1,827,367)(65,740)-----------(1,893,107)-----------$2,411,689 =========== |   $1,534,787 371,369 912 -----------1,907,068  523,915 -----------$2,430,983 ===========  $  312,171 46 0 27,010 -----------339,227 ----------- 3,089,480 -----------        (824,217)(173,507)-----------(997,724)-----------$2,430,983 =========== |

----

| SERIES      2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2007----                                                                                                                                                                                                                                                                                                                                                                      | 2006----                                                                                                                                                                                                                                                                                                                                                                       | 2005----                                                                                                                                                                                                                                                                                                                                                                               |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues: Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other Amortization   Total      Expenses Loss      Before Equity in Losses of Project  Partnerships      and Other IncomeEquity      in Losses of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Assignees General      Partners  Net      Loss Per Beneficial Assignee CertificateNumber      of Beneficial Assignee Certificates Outstanding |  $    15,209 -----------15,209 ----------- 67,315  61,537 19,652 0 -----------148,504 ----------- (133,295)0 14,168 -----------$ (119,127)=========== $ (117,936)(1,191)-----------$ (119,127)===========$   (19.22)===========6,136 =========== |  $    7,263 -----------7,263 ----------- 67,609  47,681 28,551 699 -----------144,540 ----------- (137,277)(32,092)12,970 -----------$ (156,399)=========== $ (154,835)(1,564)-----------$ (156,399)===========$   (25.23)===========6,136 =========== |  $   13,938 -----------13,938 ----------- 67,609  32,074 11,930 697 -----------112,310 ----------- (98,372)(10,911)11,763 -----------$  (97,520)=========== $  (96,545)(975)-----------$  (97,520)===========$   (15.73)===========6,136 =========== |

----

| Series      3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2007----                                                                                                                                                                                                                                                                                                                                                                                   | 2006----                                                                                                                                                                                                                                                                                                                             | 2005----                                                                                                                                                                                                                                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues: Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other   Total      Expenses Loss      Before Equity in Income of Project  Partnerships      and Other IncomeEquity      in Income of Project PartnershipsGain      on Sale of Project PartnershipsInterest      Income Net      Income (Loss) Allocation      of Net Income (Loss): Assignees General      Partners   Net      Income (Loss) Per Beneficial Assignee CertificateNumber      of Beneficial Assignee CertificatesOutstanding |  $  20,439 ----------20,439 ---------- 58,055  63,702 21,099 ----------142,856 ---------- (122,417)490 412,624 15,265 ----------$ 305,962 ========== $ 255,563 50,399 ----------$ 305,962 ========== $   46.84 ==========5,456 ========== |  $  22,861 ----------22,861 ---------- 62,716  49,848 30,605 ---------143,169 ---------- (120,308)0 0 12,030 ----------$(108,278)========== $(107,195)(1,083)----------$(108,278)========== $  (19.65)==========5,456 ========== |  $  18,781 ----------18,781 ---------- 62,717  33,531 10,716 ----------106,964 ---------- (88,183)0 0 10,536 ----------$ (77,647)========== $ (76,871)(776)----------$ (77,647)========== $  (14.09)==========5,456 ========== |

----

| SERIES      4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2007----                                                                                                                                                                                                                                                                                                                                            | 2006----                                                                                                                                                                                                                                                                                                                        | 2005----                                                                                                                                                                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues: Distribution      Income   Total      Revenues Expenses: Asset      Management Fee - General Partner General      and Administrative:  General      Partner  Other   Total      Expenses Loss      Before Equity in Income of Project  Partnerships      and Other IncomeEquity      in Income of Project PartnershipsGain      on Sale of Project PartnershipsInterest      Income Net      Income (Loss) Allocation      of Net Income (Loss): Assignees General      Partners   Net      Income (Loss) Per Beneficial AssigneeCertificateNumber      of Beneficial Assignee CertificatesOutstanding |  $  20,091 ---------20,091 --------- 74,671  81,118 23,570 ---------179,359 --------- (159,268)0 62,740 17,252 ---------$ (79,276)========== $(143,109)63,833 ---------$ (79,276)========== $  (20.70)==========6,915 ========== |  $  18,473 ---------18,473 --------- 77,205  62,853 33,151 ---------173,209 --------- (154,736)0 0 16,432 ---------$(138,304)========== $(136,921)(1,383)---------$(138,304)========== $  (19.80)==========6,915 ========== |  $  16,181 ---------16,181 --------- 77,205  42,279 13,260 ---------132,744 --------- (116,563)0 0 13,596 ---------$(102,967)========== $(101,937)(1,030)---------$(102,967)========== $  (14.74)==========6,915 ========== |

----

| SERIES      5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2007----                                                                                                                                                                                                                                                                                                                                   | 2006----                                                                                                                                                                                                                                                                                                                                    | 2005----                                                                                                                                                                                                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues: Distribution      Income   Total      Revenues Expenses: Asset      Management Fee - General Partner General      and Administrative:  General      Partner  Other Amortization   Total      Expenses Loss      Before Equity in Losses of Project  Partnerships      and Other IncomeEquity      in Income (Losses) of Project PartnershipsGain      on Sale of Project PartnershipsInterest      Income Net      Income (Loss) Allocation      of Net Income (Loss): Assignees General      Partners   Net      Loss Per Beneficial AssigneeCertificateNumber      of Beneficial Assignee CertificatesOutstanding |  $ 26,812 ----------26,812 ---------- 92,287  97,901 24,984 15,436 ----------230,608 ---------- (203,796)(5,528)0 14,639 ----------$(194,685)========== (192,738)(1,947)----------$(194,685)========== $  (22.37)==========8,616 ========== |  $ 22,819 ----------22,819 ---------- 92,722  77,443 30,180 25,784 ----------226,129 ---------- (203,310)(22,512)0 17,032 ----------$(208,790)========== (206,702)(2,088)----------$(208,790)========== $  (23.99)==========8,616 ========== |  $ 27,663 ----------27,663 ---------- 92,722  52,484 17,788 2,005 ----------164,999 ---------- (137,336)(21,348)157,126 16,711 ----------$  15,153 ========== (57,812)72,965 ----------$  15,153 ========== $   (6.71)==========8,616 ========== |

----

| SERIES      6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2007----                                                                                                                                                                                                                                                                                                                                                                | 2006----                                                                                                                                                                                                                                                                                                                                                                           | 2005----                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues: Distribution      Income   Total      Revenues Expenses: Asset      Management Fee - General Partner General      and Administrative:  General      Partner  Other Amortization Impairment      of Investment in Project   Partnerships   Total      Expenses Loss      Before Equity in Income (Losses) of ProjectPartnerships      and Other IncomeEquity      in Income (Losses) of Project PartnershipsGain      on Sale of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Assignees General      Partners   Net      Loss Per Beneficial AssigneeCertificateNumber      of Beneficial Assignee CertificatesOutstanding |  $  29,678 ----------29,678 ---------- 101,242  103,495 28,470 44,929  103,003 ----------381,139 ---------- (351,461)(7,156)0 25,949 ----------$(332,668)========== $(329,341)(3,327)----------$(332,668)========== $  (32.59)==========10,105 ========== |  $  26,354 ----------26,354 ---------- 101,592  81,777 26,202 39,001  343,241 ----------591,813 ---------- (565,459)(25,699)224,074 24,826 ----------$(342,258)========== $(425,299)83,041 ----------$(342,258)========== $  (42.09)==========10,105 ========== |  $  32,039 ----------32,039 ---------- 104,509  55,400 17,799 6,106  0 ----------183,814 ---------- (151,775)(65,236)0 18,302 ----------$(198,709)========== $(196,722)(1,987)----------$(198,709)========== $  (19.47)==========10,105 ========== |

----

| TOTAL      SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2007----                                                                                                                                                                                                                                                                                                                                                                                   | 2006----                                                                                                                                                                                                                                                                                                                                                                        | 2005----                                                                                                                                                                                                                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues: Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other Amortization Impairment      of Investment in Project   Partnerships   Total      Expenses Loss      Before Equity in Income (Losses) ofProject      Partnerships and Other IncomeEquity      in Income (Losses) of ProjectPartnershipsGain      on Sale of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Assignees General      Partners |  $   112,229 -----------112,229 ----------- 393,570  407,753 117,775 60,365  103,003 -----------1,082,466 ----------- (970,237) (12,194)475,364 87,273 -----------$  (419,794)============ $  (527,561)107,767 ------------$  (419,794)============ |  $   97,770 -----------97,770 ----------- 401,844  319,602 148,689 65,484  343,241 -----------1,278,860 ----------- (1,181,090) (80,303)224,074 83,290 -----------$  (954,029)============ $(1,030,952)76,923 ------------$  (954,029)============ |  $  108,602 -----------108,602 ----------- 404,762  215,768 71,493 8,808  0 -----------700,831 ----------- (592,229) (97,495)157,126 70,908 -----------$  (461,690)============ $  (529,887)68,197 ------------$  (461,690)============ |

----

| SERIES      2                                                                                                                                                                                                                     |  Assignees---------                                                                                                                                                      | GeneralPartners--------                                                                                                                                                   |  Total-----                                                                                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |   $  (30,215) (96,545)----------- (126,760) (154,835)----------- (281,595) (117,936)----------- $ (399,531)=========== |   $  (54,648) (975)----------- (55,623) (1,564)----------- (57,187) (1,191)----------- $  (58,378)=========== |   $  (84,863) (97,520)----------- (182,383) (156,399)----------- (338,782) (119,127)----------- $ (457,909)=========== |

| SERIES      3                                                                                                                                                                                                                                          |  Assignees---------                                                                                                                                                                         | GeneralPartners--------                                                                                                                                                                                                        |  Total-----                                                                                                                                                                                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Income Distributions  Balance      at March 31, 2007 |   $  (23,909) (76,871)----------- (100,780) (107,195)----------- (207,975) 255,563  (412,845)----------- $ (365,257)=========== |   $  (48,540) (776)----------- (49,316) (1,083)----------- (50,399) 50,399  0 ----------- $        0 =========== |   $  (72,449) (77,647)----------- (150,096) (108,278)----------- (258,374) 305,962  (412,845)----------- $ (365,257)=========== |

----

| SERIES      4                                                                                                                                                                                                                                                 |  Assignees---------                                                                                                                                                                     | GeneralPartners--------                                                                                                                                                                                                  |  Total-----                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Income (Loss) Distributions  Balance      at March 31, 2007 |   $  (15,109) (101,937)----------- (117,046) (136,921)----------- (253,967) (143,109) (62,744)----------- $ (459,820)=========== |   $ (61,420) (1,030)---------- (62,450) (1,383)---------- (63,833) 63,833  0 ----------- $        0 =========== |   $  (76,529) (102,967)----------- (179,496) (138,304)----------- (317,800) (79,276) (62,744)----------- $ (459,820)=========== |

| SERIES      5                                                                                                                                                                                                                                                 |  Assignees---------                                                                                                                                                                             | GeneralPartners--------                                                                                                                                                          |  Total-----                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Balance      at March 31, 2004 Net      Income (Loss) Distributions  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |   $  338,798  (57,812) (157,126)----------- 123,860  (206,702)----------- (82,842) (192,738)----------- $ (275,580)=========== |   $ (72,965) 72,965  0 ---------- 0  (2,088)---------- (2,088) (1,947)---------- $  (4,035)========== |   $  265,833  15,153  (157,126)----------- 123,860  (208,790)----------- (84,930) (194,685)----------- $ (279,615)=========== |

----

| SERIES      6                                                                                                                                                                                                                                                 |  Assignees---------                                                                                                                                                                                                 | GeneralPartners--------                                                                                                                                                           |  Total-----                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Income (Loss) Distributions  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |   $   848,257  (196,722)------------ 651,535  (425,299) (224,074)------------ 2,162  (329,341)------------ $  (327,179)============ |   $ (81,054) (1,987)---------- (83,041) 83,041  0 ---------- 0  (3,327)---------- $  (3,327)========== |   $  767,203  (198,709)----------- 568,494  (342,258) (224,074)----------- 2,162  (332,668)----------- $ (330,506)=========== |

|  TOTAL      SERIES 2 - 6                                                                                                                                                                                                                                                                                         |  Assignees---------                                                                                                                                                                                                                 | GeneralPartners--------                                                                                                                                                                                         |  Total-----                                                                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Balance      at March 31, 2004 Net      Income (Loss) Distributions  Balance      at March 31, 2005 Net      Income (Loss) Distributions  Balance      at March 31, 2006 Net      Income (Loss) Distributions  Balance      at March 31, 2007 |   $ 1,117,822  (529,887) (157,126)------------ 430,809  (1,030,952) (224,074)------------ (824,217) (527,561) (475,589)------------ $      (1,827,367)============ |   $(318,627) 68,197  0 ---------- (250,430) 76,923  0 ---------- (173,507) 107,767  0 ---------- $ (65,740)========== |   $  799,195  (461,690) (157,126)----------- 180,379  (954,029) (224,074)----------- (997,724) (419,794) (475,589)----------- $      (1,893,107)=========== |

----

| SERIES      2                                                                         | 2007                 |   | 2006                 |   | 2005                 |
|---------------------------------------------------------------------------------------|----------------------|--------|----------------------|--------|----------------------|
| Cash      Flows from Operating Activities:                                            |                 |   |                 |   |                 |
|  Net      Loss                                                                   | $      (119,127)     |   | $      (156,399)     |   | $      (97,520)      |
|  Adjustments      to Reconcile Net Loss to                                       |                 |   |                 |   |                 |
|  Net      Cash Used in Operating Activities:                                     |                 |   |                 |   |                 |
|          Amortization                                                  | 0               |   | 699             |   | 697             |
| Accreted      Interest Income on                                                      |                 |   |                 |   |                 |
|   Investments      in Securities                                            | 0               |   | (4,927)              |   | (9,361)              |
|  Accreted      Discount on Investments in                                        |                 |   |                 |   |                 |
|   Securities                                                                | (509)                |   | 0               |   | 0               |
|  Equity      in Losses of Project                                                |                 |   |                 |   |                 |
|   Partnerships                                                              | 0               |   | 32,092          |   | 10,911          |
|  Distributions      Included in Other                                            |                 |   |                 |   |                 |
|   Income                                                                    | (15,209)             |   | (7,263)              |   | (13,438)             |
|    Changes      in Operating Assets and                                |                 |   |                 |   |                 |
|     Liabilities:                                                  |                 |   |                 |   |                 |
|      Increase      in Interest Receivable                    | (2,120)              |   | 0               |   | 0               |
|      Increase      in Payable to General                     |                 |   |                 |   |                 |
|        Partners                                    | 67,716          |   | 70,868          |   | 46,294          |
|      (Decrease)      Increase in Other                       |                 |   |                 |   |                 |
|        Payable                                     | (8,030)              |   | 8,030           |   | 0               |
|                                                                                  |                 |   |                 |   |                 |
|          Net      Cash Used in Operating |                 |   |                 |   |                 |
|          Activities                      | (77,279)             |   | (56,900)             |   | (62,417)             |
|                                                                                  |                 |   |                 |   |                 |
| Cash      Flows from Investing Activities:                                            |                 |   |                 |   |                 |
|   Distributions      Received from Project                                  |                 |   |                 |   |                 |
|   Partnerships                                                              | 15,209          |   | 8,863           |   | 15,038          |
|   Redemption      of Investment in Securities                               | 66,276          |   | 63,562          |   | 61,299          |
|   Investment      in Securities                                             | (125,011)            |   | 0               |   | 0               |
|                                                                                  |                 |   |                 |   |                 |
|         Net      Cash (Used in) Provided by   |                 |   |                 |   |                 |
|         Investing      Activities             | (43,526)             |   | 72,425          |   | 76,337          |
|                                                                                  |                 |   |                 |   |                 |
| (Decrease)      Increase in Cash and Cash                                             |                 |   |                 |   |                 |
| Equivalents                                                                           | (120,805)            |   | 15,525          |   | 13,920          |
| Cash      and Cash Equivalents at Beginning                                           |                 |   |                 |   |                 |
| of      Year                                                                          | 250,529         |   | 235,004         |   | 221,084         |
|                                                                                  |                 |   |                 |   |                 |
| Cash      and Cash Equivalents at End of Year                                         | $ 129,724  |   | $ 250,529  |   | $ 235,004  |
|                                                                                  |                 |   |                 |   |                 |

----

| SERIES      3                                                                       | 2007                                                                 |   | 2006                                                           |   | 2005                                                           |
|-------------------------------------------------------------------------------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|----------------------------------------------------------------|
| Cash      Flows from Operating Activities:                                          |                                                                 |   |                                                           |   |                                                           |
|   Net      Income (Loss)                                                  | $ 305,962                                                  |   | $      (108,278)                                               |   | $ (77,647)                                                |
|   Adjustments      to Reconcile Net Income                                |                                                                 |   |                                                           |   |                                                           |
|   (Loss)      to Net Cash Used in Operating                               |                                                                 |   |                                                           |   |                                                           |
|   Activities:                                                             |                                                                 |   |                                                           |   |                                                           |
|     Accreted      Interest Income on                            |                                                                 |   |                                                           |   |                                                           |
|      Investments      in Securities                        | 0                                                               |   | (4,382)                                                        |   | (8,327)                                                        |
|     Accreted      Discount on Investments in                    |                                                                 |   |                                                           |   |                                                           |
|      Securities                                            | (509)                                                                |   | 0                                                         |   | 0                                                         |
|     Equity      in Income of Project                            |                                                                 |   |                                                           |   |                                                           |
|      Partnerships                                          | (490)                                                                |   | 0                                                         |   | 0                                                         |
|     Gain      on Sale of Project Partnerships                   | (412,624)                                                            |   | 0                                                         |   | 0                                                         |
|     Distributions      Included In Other                        |                                                                 |   |                                                           |   |                                                           |
|      Income                                                | (20,439)                                                             |   | (22,861)                                                       |   | (18,781)                                                       |
|     Changes      in Operating Assets and                        |                                                                 |   |                                                           |   |                                                           |
|     Liabilities:                                                |                                                                 |   |                                                           |   |                                                           |
|       Increase      in Interest Receivable            | (2,120)                                                              |   | 0                                                         |   | 0                                                         |
|       Increase      in Payable to General             |                                                                 |   |                                                           |   |                                                           |
|        Partners                                  | 60,504                                                          |   | 66,312                                                    |   | 62,576                                                    |
|       (Decrease)      Increase in Other               |                                                                 |   |                                                           |   |                                                           |
|        Payable                                   | (7,300)                                                              |   | 7,300                                                     |   | 0                                                         |
|                                                                                |                                                                 |   |                                                           |   |                                                           |
|         Net      Cash Used in Operating     |                                                                 |   |                                                           |   |                                                           |
|         Activities                          | (77,016)                                                             |   | (61,909)                                                       |   | (42,179)                                                       |
|                                                                                |                                                                 |   |                                                           |   |                                                           |
| Cash      Flows from Investing Activities:                                          |                                                                 |   |                                                           |   |                                                           |
|   Distributions      Received from Project                                |                                                                 |   |                                                           |   |                                                           |
|   Partnerships                                                            | 20,439                                                          |   | 22,861                                                    |   | 18,781                                                    |
|   Net      Proceeds from Sale of Project                                  |                                                                 |   |                                                           |   |                                                           |
|   Partnerships                                                            | 412,964                                                         |   | 0                                                         |   | 0                                                         |
|   Redemption      of Investment in Securities                             | 58,952                                                          |   | 56,536                                                    |   | 54,526                                                    |
|   Investment      in Securities                                           | (125,011)                                                            |   | 0                                                         |   | 0                                                         |
|                                                                                |                                                                 |   |                                                           |   |                                                           |
|         Net      Cash Provided by Investing |                                                                 |   |                                                           |   |                                                           |
|         Activities                          | 367,344                                                         |   | 79,397                                                    |   | 73,307                                                    |
|                                                                                |                                                                 |   |                                                           |   |                                                           |
| Cash      Flows from Financing Activities:                                          |                                                                 |   |                                                           |   |                                                           |
|   Distributions      Paid to Limited Partners                             | (99,572)                                                             |   | 0                                                         |   | 0                                                         |
|                                                                                |                                                                 |   |                                                           |   |                                                           |
|         Net      Cash Used in Financing     |                                                                 |   |                                                           |   |                                                           |
|         Activities                          | (99,572)                                                             |   | 0                                                         |   | 0                                                         |
|                                                                                |                                                                 |   |                                                           |   |                                                           |
| Increase      in Cash and Cash Equivalents                                          | 190,756                                                         |   | 17,488                                                    |   | 31,128                                                    |
| Cash      and Cash Equivalents at Beginning                                         |                                                                 |   |                                                           |   |                                                           |
| of      Year                                                                        | 236,035                                                         |   | 218,547                                                   |   | 187,419                                                   |
|                                                                                |                                                                 |   |                                                           |   |                                                           |
| Cash      and Cash Equivalents at End of Year                                       | $ 426,791                                                  |   | $ 236,035                                            |   | $ 218,547                                            |
|                                                                                |                                                                 |   |                                                           |   |                                                           |
| Supplemental      non-cash activities:                                              |                                                                 |   |                                                           |   |                                                           |
| Increase      in Distribution Payable                                               | $ 313,273                                                  |   | $              0  |   | $              0  |
| Distribution      to Limited Partners                                               | (313,273)                                                            |   | 0                                                         |   | 0                                                         |
| Increase      in Receivable – Other                                           | (44,000)                                                             |   | 0                                                         |   | 0                                                         |
| Proceeds      from Sale of Project Partnership                                      | 44,000                                                          |   | 0                                                         |   | 0                                                         |
|                                                                                | $               0  |   | $             0        |   | $        0        |

----

| SERIES      4                                                                       | 2007                                                                             |   | 2006                                                                           |   | 2005                                                                       |
|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|
| Cash      Flows from Operating Activities:                                          |                                                                             |   |                                                                           |   |                                                                       |
|   Net      Income (Loss)                                                  | $ (79,276)                                                                  |   | $      (138,304)                                                               |   | $      (102,967)                                                           |
|   Adjustments      to Reconcile Net Income                                |                                                                             |   |                                                                           |   |                                                                       |
|   (Loss)      to Net Cash Used in Operating                               |                                                                             |   |                                                                           |   |                                                                       |
|   Activities:                                                             |                                                                             |   |                                                                           |   |                                                                       |
|     Accreted      Interest Income on                            |                                                                             |   |                                                                           |   |                                                                       |
|      Investments      in Securities                        | 0                                                                           |   | (5,552)                                                                        |   | (10,549)                                                                   |
|     Accreted      Discount on Investments in                    |                                                                             |   |                                                                           |   |                                                                       |
|      Securities                                            | (713)                                                                            |   | 0                                                                         |   | 0                                                                     |
|     Equity      in Income of Project                            |                                                                             |   |                                                                           |   |                                                                       |
|      Partnerships                                          | 0                                                                           |   | 0                                                                         |   | 0                                                                     |
|     Gain      on Sale of Project Partnerships                   | (62,740)                                                                         |   | 0                                                                         |   | 0                                                                     |
|     Distributions      Included In Other                        |                                                                             |   |                                                                           |   |                                                                       |
|      Income                                                | (20,091)                                                                         |   | (18,473)                                                                       |   | (16,173)                                                                   |
|     Changes      in Operating Assets and                        |                                                                             |   |                                                                           |   |                                                                       |
|     Liabilities:                                                |                                                                             |   |                                                                           |   |                                                                       |
|       Increase      in Interest Receivable            | (2,972)                                                                          |   | 0                                                                         |   | 0                                                                     |
|       Increase      in Payable to General             |                                                                             |   |                                                                           |   |                                                                       |
|        Partners                                  | 76,130                                                                      |   | 81,955                                                                    |   | 75,400                                                                |
|       (Decrease)      Increase in Other               |                                                                             |   |                                                                           |   |                                                                       |
|        Payable                                   | (8,030)                                                                          |   | 8,030                                                                     |   | 0                                                                     |
|                                                                                |                                                                             |   |                                                                           |   |                                                                       |
|         Net      Cash Used in Operating     |                                                                             |   |                                                                           |   |                                                                       |
|         Activities                          | (97,692)                                                                         |   | (72,344)                                                                       |   | (54,289)                                                                   |
|                                                                                |                                                                             |   |                                                                           |   |                                                                       |
| Cash      Flows from Investing Activities:                                          |                                                                             |   |                                                                           |   |                                                                       |
|   Distributions      Received from Project                                |                                                                             |   |                                                                           |   |                                                                       |
|   Partnerships                                                            | 20,091                                                                      |   | 18,473                                                                    |   | 16,173                                                                |
|   Net      Proceeds from Sale of Project                                  |                                                                             |   |                                                                           |   |                                                                       |
|   Partnerships                                                            | 62,440                                                                      |   | 0                                                                         |   | 0                                                                     |
|   Redemption      of Investment in Securities                             | 74,685                                                                      |   | 71,628                                                                    |   | 69,078                                                                |
|   Investment      in Securities                                           | (175,212)                                                                        |   | 0                                                                         |   | 0                                                                     |
|                                                                                |                                                                             |   |                                                                           |   |                                                                       |
|         Net      Cash (Used in) Provided by |                                                                             |   |                                                                           |   |                                                                       |
|         Investing      Activities           | (17,996)                                                                         |   | 90,101                                                                    |   | 85,251                                                                |
|                                                                                |                                                                             |   |                                                                           |   |                                                                       |
| (Decrease)      Increase in Cash and Cash                                           |                                                                             |   |                                                                           |   |                                                                       |
| Equivalents                                                                         | (115,688)                                                                        |   | 17,757                                                                    |   | 30,962                                                                |
| Cash      and Cash Equivalents at Beginning                                         |                                                                             |   |                                                                           |   |                                                                       |
| of      Year                                                                        | 322,204                                                                     |   | 304,447                                                                   |   | 273,485                                                               |
|                                                                                |                                                                             |   |                                                                           |   |                                                                       |
| Cash      and Cash Equivalents at End of Year                                       | $ 206,516                                                              |   | $ 322,204                                                            |   | $ 304,447                                                        |
|                                                                                |                                                                             |   |                                                                           |   |                                                                       |
| Supplemental      non-cash activities:                                              |                                                                             |   |                                                                           |   |                                                                       |
| Increase      in Distribution Payable                                               | $        62,744                                                   |   | $                    0  |   | $           0  |
| Distribution      to Limited Partners                                               | (62,744)                                                                         |   | 0                                                                         |   | 0                                                                     |
| Increase      in Receivable – Other                                           | (84,500)                                                                         |   | 0                                                                         |   | 0                                                                     |
| Proceeds      from Sale of Project Partnership                                      | 84,500                                                                      |   | 0                                                                         |   | 0                                                                     |
|                                                                                | $            0  |   | $                0      |   | $               0        |

----

| SERIES      5                                                                         | 2007                 |   | 2006                 |   | 2005                      |
|---------------------------------------------------------------------------------------|----------------------|--------|----------------------|--------|---------------------------|
| Cash      Flows from Operating Activities:                                            |                 |   |                 |   |                      |
|  Net      Loss                                                                   | $      (194,685)     |   | $      (208,790)     |   | $  15,153  |
|  Adjustments      to Reconcile Net Loss to                                       |                 |   |                 |   |                      |
|  Net      Cash Used in Operating Activities:                                     |                 |   |                 |   |                      |
|  Amortization                                                                    | 15,436          |   | 25,784          |   | 2,005                |
|  Accreted      Interest Income on                                                |                 |   |                 |   |                      |
|   Investments      in Securities                                            | 0               |   | (6,919)              |   | (13,147)                  |
|  Accreted      Discount on Investments in                                        |                 |   |                 |   |                      |
|   Securities                                                                | (405)                |   | 0               |   | 0                    |
|  Equity      in Losses of Project                                                |                 |   |                 |   |                      |
|   Partnerships                                                              | 5,528           |   | 22,512          |   | 21,348               |
|  Gain      on Sale of Project Partnerships                                       | 0               |   | 0               |   | (157,126)                 |
|  Distributions      Included in Other                                            |                 |   |                 |   |                      |
|   Income                                                                    | (26,812)             |   | (22,819)             |   | (27,063)                  |
|    Changes      in Operating Assets and                                |                 |   |                 |   |                      |
|     Liabilities:                                                  |                 |   |                 |   |                      |
|      Increase      in Interest Receivable                    | (1,686)              |   | 0               |   | 0                    |
|      Decrease      (Increase) in Receivable –          |                 |   |                 |   |                      |
|       Other                                             | 912             |   | (912)                |   | 0                    |
|      Increase      in Payable to General                     |                 |   |                 |   |                      |
|        Partners                                    | 93,100          |   | 97,702          |   | (69,716)                  |
|      (Decrease)      Increase in Other Payable               | (3,650)              |   | 2,950           |   | 700                  |
|                                                                                  |                 |   |                 |   |                      |
|          Net      Cash Used in Operating |                 |   |                 |   |                      |
|          Activities                      | (112,262)            |   | (90,492)             |   | (227,846)                 |
|                                                                                  |                 |   |                 |   |                      |
| Cash      Flows from Investing Activities:                                            |                 |   |                 |   |                      |
|   Distributions      Received from Project                                  |                 |   |                 |   |                      |
|   Partnerships                                                              | 32,075          |   | 25,298          |   | 30,934               |
|   Proceeds      from Sale of Project                                        |                 |   |                 |   |                      |
|   Partnerships                                                              | 0               |   | 0               |   | 0                    |
|   Redemption      of Investment in Securities                               | 93,086          |   | 89,273          |   | 86,098               |
|   Investment      in Securities                                             | (99,418)             |   | 0               |   | 0                    |
|                                                                                  |                 |   |                 |   |                      |
|         Net      Cash Provided by Investing   |                 |   |                 |   |                      |
|         Activities                            | 25,743          |   | 114,571         |   | 117,032              |
|                                                                                  |                 |   |                 |   |                      |
| (Decrease)      Increase in Cash and Cash                                             |                 |   |                 |   |                      |
| Equivalents                                                                           | (86,519)             |   | 24,079          |   | (110,814)                 |
| Cash      and Cash Equivalents at Beginning                                           |                 |   |                 |   |                      |
| of      Year                                                                          | 262,439         |   | 238,360         |   | 349,174              |
|                                                                                  |                 |   |                 |   |                      |
| Cash      and Cash Equivalents at End of Year                                         | $ 175,920  |   | $ 262,439  |   | $ 238,360       |
|                                                                                  |                 |   |                 |   |                      |

----

| SERIES      6                                                                         | 2007                 |   | 2006                 |   | 2005                 |
|---------------------------------------------------------------------------------------|----------------------|--------|----------------------|--------|----------------------|
| Cash      Flows from Operating Activities:                                            |                 |   |                 |   |                 |
|  Net      Loss                                                                   | $      (332,668)     |   | $      (342,258)     |   | $      (198,709)     |
|  Adjustments      to Reconcile Net Loss to                                       |                 |   |                 |   |                 |
|  Net      Cash Used in Operating Activities:                                     |                 |   |                 |   |                 |
|  Amortization                                                                    | 44,929          |   | 39,001          |   | 6,106           |
|  Impairment      of Investment in Project                                        |                 |   |                 |   |                 |
|   Partnerships                                                              | 103,003         |   | 343,241         |   | 0               |
|  Accreted      Interest Income on                                                |                 |   |                 |   |                 |
|   Investments      in Securities                                            | (4,630)              |   | (9,931)              |   | (14,483)             |
|  Accreted      Discount on Investments in                                        |                 |   |                 |   |                 |
|   Securities                                                                | (1,117)              |   | 0               |   | 0               |
|  Equity      in Losses of Project                                                |                 |   |                 |   |                 |
|   Partnerships                                                              | 7,156           |   | 25,699          |   | 65,236          |
|  Gain      on Sale of Project Partnerships                                       | 0               |   | (224,074)            |   | 0               |
|  Distributions      Included in Other                                            |                 |   |                 |   |                 |
|   Income                                                                    | (29,678)             |   | (26,354)             |   | (32,039)             |
|    Changes      in Operating Assets and                                |                 |   |                 |   |                 |
|     Liabilities:                                                  |                 |   |                 |   |                 |
|      Increase      in Interest Receivable                    | (4,659)              |   | 0               |   | 0               |
|      Decrease      (Increase) in Receivable –          |                 |   |                 |   |                 |
|       Other                                             | 0               |   | 700             |   | (700)                |
|      Increase      in Payable to General                     |                 |   |                 |   |                 |
|        Partners                                    | 101,582         |   | 106,984         |   | 104,268         |
|      (Decrease)      Increase in Other Payable               | 0               |   | (500)                |   | 500             |
|                                                                                  |                 |   |                 |   |                 |
|          Net      Cash Used in Operating |                 |   |                 |   |                 |
|          Activities                      | (116,082)            |   | (87,492)             |   | (69,821)             |
|                                                                                  |                 |   |                 |   |                 |
| Cash      Flows from Investing Activities:                                            |                 |   |                 |   |                 |
|   Distributions      Received from Project                                  |                 |   |                 |   |                 |
|    Partnerships                                                        | 38,096          |   | 27,275          |   | 38,038          |
|   Net      Proceeds from Sale of Project                                    |                 |   |                 |   |                 |
|    Partnerships                                                        | 0               |   | 224,074         |   | 0               |
|   Redemption      of Investment in Securities                               | 83,000          |   | 79,000          |   | 74,999          |
|   Investment      in Securities                                             | (274,630)            |   | 0               |   | 0               |
|                                                                                  |                 |   |                 |   |                 |
|         Net      Cash (Used in) Provided by   |                 |   |                 |   |                 |
|         Investing      Activities             | (153,534)            |   | 330,349         |   | 113,037         |
|                                                                                  |                 |   |                 |   |                 |
| Cash      Flows from Financing Activities:                                            |                 |   |                 |   |                 |
|   Distributions      Paid to Limited Partners                               | 0               |   | (224,028)            |   | 0               |
|                                                                                  |                 |   |                 |   |                 |
|         Net      Cash Used in Financing       |                 |   |                 |   |                 |
|         Activities                            | 0               |   | (224,028)            |   | 0               |
|                                                                                  |                 |   |                 |   |                 |
| (Decrease)      Increase in Cash and Cash                                             |                 |   |                 |   |                 |
| Equivalents                                                                           | (269,616)            |   | 18,829          |   | 43,216          |
| Cash      and Cash Equivalents at Beginning                                           |                 |   |                 |   |                 |
| of      Year                                                                          | 463,580         |   | 444,751         |   | 401,535         |
|                                                                                  |                 |   |                 |   |                 |
| Cash      and Cash Equivalents at End of Year                                         | $ 193,964  |   | $ 463,580  |   | $ 444,751  |
|                                                                                  |                 |   |                 |   |                 |

----

| TOTAL SERIES 2 -      6                                                             | 2007                                                                                         |   | 2006                                                                                               |   | 2005                                                                                         |
|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|
| Cash      Flows from Operating Activities:                                          |                                                                                         |   |                                                                                               |   |                                                                                         |
|   Net      Loss                                                           | $ (419,794)                                                                             |   | $ (954,029)                                                                                   |   | $      (461,690)                                                                             |
|   Adjustments      to Reconcile Net Loss to                               |                                                                                         |   |                                                                                               |   |                                                                                         |
|   Net      Cash Used in Operating Activities:                             |                                                                                         |   |                                                                                               |   |                                                                                         |
|     Amortization                                                | 60,365                                                                                  |   | 65,484                                                                                        |   | 8,808                                                                                   |
|     Impairment      of Investment in Project                    |                                                                                         |   |                                                                                               |   |                                                                                         |
|      Partnerships                                          | 103,003                                                                                 |   | 343,241                                                                                       |   | 0                                                                                       |
|     Accreted      Interest Income on                            |                                                                                         |   |                                                                                               |   |                                                                                         |
|      Investments      in Securities                        | (4,630)                                                                                      |   | (31,711)                                                                                           |   | (55,867)                                                                                     |
|     Accreted      Discount on Investments in                    |                                                                                         |   |                                                                                               |   |                                                                                         |
|      Securities                                            | (3,253)                                                                                      |   | 0                                                                                             |   | 0                                                                                       |
|     Equity      in Losses of Project                            |                                                                                         |   |                                                                                               |   |                                                                                         |
|      Partnerships                                          | 12,194                                                                                  |   | 80,303                                                                                        |   | 97,495                                                                                  |
|     Gain      on Sale of Project Partnerships                   | (475,364)                                                                                    |   | (224,074)                                                                                          |   | (157,126)                                                                                    |
|     Distributions      Included In Other Income                 | (112,229)                                                                                    |   | (97,770)                                                                                           |   | (107,494)                                                                                    |
|     Changes      in Operating Assets and                        |                                                                                         |   |                                                                                               |   |                                                                                         |
|     Liabilities:                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
|       Increase      in Interest Receivable            | (13,557)                                                                                     |   | 0                                                                                             |   | 0                                                                                       |
|       Decrease      (Increase) in Receivable –  |                                                                                         |   |                                                                                               |   |                                                                                         |
|        Other                                     | 912                                                                                     |   | (212)                                                                                              |   | (700)                                                                                        |
|       Increase      in Payable to General             |                                                                                         |   |                                                                                               |   |                                                                                         |
|        Partners                                  | 399,032                                                                                 |   | 423,821                                                                                       |   | 218,822                                                                                 |
|       (Decrease)      Increase in Other Payable       | (27,010)                                                                                     |   | 25,810                                                                                        |   | 1,200                                                                                   |
|                                                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
|         Net      Cash Used in Operating     |                                                                                         |   |                                                                                               |   |                                                                                         |
|         Activities                          | (480,331)                                                                                    |   | (369,137)                                                                                          |   | (456,552)                                                                                    |
|                                                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
| Cash      Flows from Investing Activities:                                          |                                                                                         |   |                                                                                               |   |                                                                                         |
|   Distributions      Received from Project                                |                                                                                         |   |                                                                                               |   |                                                                                         |
|   Partnerships                                                            | 125,910                                                                                 |   | 102,770                                                                                       |   | 118,964                                                                                 |
|   Net      Proceeds from Sale of Project                                  |                                                                                         |   |                                                                                               |   |                                                                                         |
|   Partnerships                                                            | 475,404                                                                                 |   | 224,074                                                                                       |   | 0                                                                                       |
|   Redemption      of Investment in Securities                             | 375,999                                                                                 |   | 359,999                                                                                       |   | 346,000                                                                                 |
|   Investment      in Securities                                           | (799,282)                                                                                    |   | 0                                                                                             |   | 0                                                                                       |
|                                                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
|         Net      Cash Provided by Investing |                                                                                         |   |                                                                                               |   |                                                                                         |
|         Activities                          | 178,031                                                                                 |   | 686,843                                                                                       |   | 464,964                                                                                 |
|                                                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
| Cash      Flows from Financing Activities:                                          |                                                                                         |   |                                                                                               |   |                                                                                         |
|   Distributions      Paid to Limited Partners                             | (99,572)                                                                                     |   | (224,028)                                                                                          |   | 0                                                                                       |
|                                                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
|         Net      Cash Used in Financing     |                                                                                         |   |                                                                                               |   |                                                                                         |
|         Activities                          | (99,572)                                                                                     |   | (224,028)                                                                                          |   | 0                                                                                       |
|                                                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
| (Decrease)      Increase in Cash and Cash                                           |                                                                                         |   |                                                                                               |   |                                                                                         |
| Equivalents                                                                         | (401,872)                                                                                    |   | 93,678                                                                                        |   | 8,412                                                                                   |
| Cash      and Cash Equivalents at Beginning                                         |                                                                                         |   |                                                                                               |   |                                                                                         |
| of      Year                                                                        | 1,534,787                                                                               |   | 1,441,109                                                                                     |   | 1,432,697                                                                               |
|                                                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
| Cash      and Cash Equivalents at End of Year                                       | $ 1,132,915                                                                        |   | $ 1,534,787                                                                              |   | $ 1,441,109                                                                        |
|                                                                                |                                                                                         |   |                                                                                               |   |                                                                                         |
| Supplemental      non-cash activities:                                              |                                                                                         |   |                                                                                               |   |                                                                                         |
| Increase      in Distribution Payable                                               | $         376,017                                                             |   | $                         0  |   | $              0  |
| Distribution      to Limited Partners                                               | (376,017)                                                                                    |   | 0                                                                                             |   | 0                                                                                       |
| Increase      in Receivable – Other                                           | (128,500)                                                                                    |   | 0                                                                                             |   | 0                                                                                       |
| Proceeds      from Sale of Project Partnership                                      | 128,500                                                                                 |   | 0                                                                                             |   | 0                                                                                       |
|                                                                                | $                   0  |   | $              0        |   | $             0        |

----

----

----

|          |  Estimated      MarketValue     ---------------- | Cost      Plus AccretedInterest      and   Discounts    ----------------- |  Gross      Unrealized Gains      and (Losses)------------------ |
|---------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|
| Series      2 | $   126,549                                                     | $   127,640                                                                                   | $   (1,091)                                                 |
| Series      3 | 126,549                                                                        | 127,640                                                                                                      | (1,091)                                                                    |
| Series      4 | 177,368                                                                        | 178,897                                                                                                      | (1,529)                                                                    |
| Series      5 | 100,641                                                                        | 101,509                                                                                                      | (868)                                                                      |
| Series      6 | 278,010                                                                        | 280,406                                                                                                      | (2,396)                                                                    |

|                                                   | Series      2--------         | Series      3--------         | Series      4--------         |
|--------------------------------------------------------|-------------------------------|-------------------------------|-------------------------------|
| Due      within 1 year                                 | $  127,640          | $  127,640          | $  178,897          |
| After      1 year through 5 years                      | 0---------                    | 0---------                    | 0---------                    |
|   Total      Amount Carried on Balance Sheet | $  127,640========= | $  127,640========= | $  178,897========= |

|                                                   | Series      5--------                | Series      6--------                | Total--------                  |
|--------------------------------------------------------|--------------------------------------|--------------------------------------|--------------------------------|
| Due      within 1 year                                 | $   101,509           | $   280,406           | $  816,092           |
| After      1 year through 5 years                      | 0----------                          | 0----------                          | 0----------                    |
|   Total      Amount Carried on Balance Sheet | $   101,509========== | $   280,406========== | $  816,092========== |

----

|          | 2007----                | 2006----                | 2005----                |
|---------------|-------------------------|-------------------------|-------------------------|
| Series      2 | $  67,315     | $  67,609     | $  67,609     |
| Series      3 | 58,055                  | 62,716                  | 62,717                  |
| Series      4 | 74,671                  | 77,205                  | 77,205                  |
| Series      5 | 92,287                  | 92,722                  | 92,722                  |
| Series      6 | 101,242---------        | 101,592---------        | 104,509---------        |
| Total         | $ 393,570========= | $ 401,844========= | $ 404,762========= |

|          | 2007----            | 2006----            | 2005----            |
|---------------|---------------------|---------------------|---------------------|
| Series      2 | $  61,537 | $  47,681 | $  32,074 |
| Series      3 | 63,702              | 49,848              | 33,531              |
| Series      4 | 81,118              | 62,853              | 42,279              |
| Series      5 | 97,901              | 77,443              | 52,484              |
| Series      6 | 103,495--------     | 81,777--------      | 55,400--------      |
| Total         | $407,753            | $319,602            | $215,768            |
|          | ========            | ========            | ========            |

|          | March      31, 2007-------------- | March      31, 2006-------------- |   |
|---------------|-----------------------------------|-----------------------------------|--------|
| Series      2 | $  715,273         | $  647,557         |   |
| Series      3 | 606,565                      | 546,061                      |   |
| Series      4 | 782,789                      | 706,659                      |   |
| Series      5 | 682,447                      | 589,347                      |   |
| Series      6 | 1,013,609 -----------        | 912,027 -----------          |   |
| Total         | $3,800,683 ===========       | $3,401,651 ===========       |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | MARCH      31, 2007--------------                                                                                                                                                                                      | MARCH      31, 2006--------------                                                                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in Project      Partnerships Cumulative      equity in losses of Project Partnerships (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and expenses  Investments      in Project Partnerships |  $ 4,524,678  (4,742,761)  (87,605)-----------(305,688)   390,838  (85,150)----------- $        0 =========== |  $ 4,524,678  (4,742,761)  (87,605)-----------(305,688)   390,838  (85,150)----------- $        0 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | MARCH      31, 2007--------------                                                                                                                                                                                              | MARCH      31, 2006--------------                                                                                                                                                                                              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in Project      Partnerships Cumulative      equity in losses of Project Partnerships (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and expenses  Investments      in Project Partnerships |  $ 2,866,874  (3,060,820)  (116,035)-----------(309,981)   365,375  (55,394)----------- $         0 ============ |  $ 3,888,713  (4,133,478)  (164,417)-----------(409,182)   491,746  (82,564)----------- $         0 ============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | MARCH      31, 2007--------------                                                                                                                                                                                      | MARCH      31, 2006--------------                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in Project      Partnerships Cumulative      equity in losses of Project Partnerships (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees  and expenses  Investments      in Project Partnerships |  $ 4,273,215  (4,545,684)  (96,180)-----------(368,649)   466,220  (97,571)----------- $        0 =========== |  $ 4,952,519  (5,268,905)  (124,819)-----------(441,205)   562,967  (121,762)----------- $        0 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | MARCH      31, 2007--------------                                                                                                                                                                 | MARCH      31, 2006--------------                                                                                                                                                                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in Project      Partnerships Cumulative      equity in losses of Project Partnerships (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and expenses  Investments      in Project Partnerships |  $ 6,010,273  (6,132,734)  (204,351)-----------(326,812)   632,419  (180,204)----------- $   125,403 ============ |  $ 6,010,273  (6,127,206)  (199,089)-----------(316,022)   632,419  (164,767)----------- $   151,630 ============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | MARCH      31, 2007--------------                                                                                                                                                                                    | MARCH      31, 2006--------------                                                                                                                                                                                    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in Project      Partnerships Cumulative      equity in losses of Project Partnerships (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assetsacquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and  expenses Impairment      of Investment in Project Partnerships  Investments      in Project Partnerships |  $ 7,250,034  (6,853,010)  (226,728)-----------170,296    768,912  (284,185) (446,244)----------- $   208,779 ============ |  $ 7,250,034  (6,845,853)  (218,311)-----------185,870    768,912  (239,256) (343,241)----------- $   372,285 ============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | MARCH      31, 2007--------------                                                                                                                                                                               | MARCH      31, 2006--------------                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in Project      Partnerships Cumulative      equity in losses of Project Partnerships Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and      expenses Impairment      of Investment in Project Partnerships  Investments      in Project Partnerships |  $ 24,925,074  (25,335,009)  (730,899)-----------(1,140,834)   2,623,764  (702,504) (446,244)----------- $  334,182 =========== |  $ 26,626,217  (27,118,203)  (794,241)-----------(1,286,227)   2,846,882  (693,499) (343,241)----------- $  523,915 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners’      deficit  Limited      Partner  General      Partners     Total      Partners’ deficit     Total      liabilities and    partners’      deficit SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners’ share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 2,213,621 14,180,401 1,676 ------------$16,395,698 ============ $   559,702 22,550,086 ------------23,109,788 ------------ (6,543,604)(170,486)------------(6,714,090)------------ $16,395,698 ============ $ 4,556,821 ------------2,202,862 2,000,437 886,432 ------------5,089,731 ------------$ (532,910)============$   (5,329)============$ (527,581) 527,581 ------------$        0 ============ |   $ 2,097,770 14,995,365 770 ------------$17,093,905 ============ $   583,236 22,653,237 ------------23,236,473 ------------ (5,999,431)(143,137)------------(6,142,568)------------ $17,093,905 ============ $ 4,432,488 ------------2,194,634 2,006,234 875,459 ------------5,076,327 ------------$ (643,839)============$   (6,439)============$ (637,400) 605,308 ------------$  (32,092)============ |   $ 1,968,967 15,779,910 770 ------------$17,749,647 ============ $   483,214 22,746,522 ------------23,229,736 ------------ (5,354,226)(125,863)------------(5,480,089)------------ $17,749,647 ============ $ 4,270,346 ------------2,079,978 2,007,179 869,716 ------------4,956,873 ------------$ (686,527)============$   (6,865)============$ (679,662) 668,751 ------------$  (10,911)============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                    DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners’      equity (deficit)  Limited      Partner  General      Partners     Total      Partners’ equity (deficit)     Total      liabilities and    partners’      equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners’ share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Income of Project Partnerships |   $ 1,904,835 7,844,423 30,170 -----------$ 9,779,428 =========== $   296,133 15,224,112 -----------15,520,245 ----------- (6,019,771)278,954 -----------(5,740,817)----------- $ 9,779,428 ============ $ 3,345,693 -----------1,609,096 1,342,779 731,144 -----------3,683,019 -----------$  (337,326)============$    (3,378)============$  (333,948) 334,438 -----------$       490 ============ |   $ 2,653,096 12,036,053 158,818 -----------$14,847,967 =========== $   498,630 21,307,645 -----------21,806,275 ----------- (7,286,069)327,761 -----------(6,958,308)----------- $14,847,967 ============ $ 4,412,036 -----------2,094,632 1,957,438 965,926 -----------5,017,996 -----------$  (605,960)============$   (10,373)============$  (595,587) 595,587 -----------$         0 ============ |   $ 2,560,603 12,872,999 166,839 -----------$15,600,441 =========== $   508,518 21,412,108 -----------21,920,626 ----------- (6,676,166)355,981 -----------(6,320,185)----------- $15,600,441 ============ $ 4,301,073 -----------2,100,539 1,967,487 973,367 -----------5,041,393 -----------$  (740,320)============$   (12,676)============$  (727,644) 727,644 -----------$         0 ============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                    DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners’      equity (deficit)  Limited      Partner  General      Partners     Total      Partners’ equity (deficit)     Total      liabilities and    partners’      equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners’ share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 2,090,839 15,571,596 28,137 -----------$17,690,572 =========== $   965,479 22,405,799 -----------23,371,278 ----------- (6,383,645)702,939 -----------(5,680,706)----------- $17,690,572 ============ $ 4,469,730 -----------2,430,631 1,738,893 921,420 -----------5,090,944 -----------$  (621,214)===========$   (28,655)===========$  (592,559) 592,559 -----------$        0 =========== |   $ 2,373,954 19,168,917 34,344 -----------$21,577,215 =========== $   970,492 26,080,239 -----------27,050,731 ----------- (6,140,112)666,596 -----------(5,473,516)----------- $21,577,215 ============ $ 5,161,594 -----------2,637,778 2,189,427 1,044,298 -----------5,871,503 -----------$  (709,909)===========$   (25,473)===========$  (684,436) 684,436 -----------$        0 =========== |   $ 2,310,917 20,049,998 33,120 -----------$22,394,035 =========== $   910,446 26,191,312 -----------27,101,758 ----------- (5,435,023)727,300 -----------(4,707,723)----------- $22,394,035 ============ $ 4,938,004 -----------2,576,638 2,138,281 1,045,249 -----------5,760,168 -----------$  (822,164)===========$   (15,617)===========$  (806,547) 806,547 -----------$        0 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                    DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners’      deficit  Limited      Partner  General      Partners     Total      Partners’ deficit     Total      liabilities and    partners’      deficit SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners’ share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 3,526,899 20,498,625 4,705 -----------$24,030,229 ============ $   757,056 31,099,840 -----------31,856,896 ----------- (7,456,075)(370,592)-----------(7,826,667)----------- $24,030,229 ============ $ 6,297,579 -----------3,299,478 2,523,667 1,220,039 -----------7,043,184 -----------$  (745,605)============$    (7,456)============$  (738,149) 732,621 -----------$    (5,528)============ |   $ 3,285,139 21,704,303 4,245 -----------$24,993,687 ============ $   779,213 31,256,580 -----------32,035,793 ----------- (6,681,292)(360,814)-----------(7,042,106)----------- $24,993,687 ============ $ 6,113,199 -----------3,049,363 2,591,786 1,203,506 -----------6,844,655 -----------$  (731,456)============$    (7,315)============$  (724,141) 701,629 -----------$   (22,512)============ |   $ 3,075,902 22,749,373 51,964 -----------$25,877,239 ============ $   736,200 31,392,413 -----------32,128,613 ----------- (5,930,379)(320,995)-----------(6,251,374)----------- $25,877,239 ============ $ 5,792,482 -----------3,096,406 2,229,541 1,247,246 -----------6,573,193 -----------$  (780,711)============$    (7,807)============$  (772,904) 746,794 -----------$   (26,110)============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity(Deficit):  Current      liabilities  Long-term      debt     Total      liabilities Partners’      equity (deficit)  Limited      Partner  General      Partners     Total      Partners’ equity    (deficit)     Total      liabilities and    partners’      equity (deficit) SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      income (loss) Other      partners’ share of net income(loss) Gateway’s      share of net income (loss) Suspended      losses Equity      in Income (Loss) of Project Partnerships |   $  226,867 801,356 527 -----------$1,028,750 ============  $    8,626 955,915 -----------964,541 ----------- 76,764 (12,555)----------- 64,209 ----------- $1,028,750 ============ $  211,180 -----------101,937 83,866 23,442 -----------209,245 -----------$    1,935 ============ $       19 ============ $    1,916  0 -----------$    1,916 ============ |   $  215,343 824,798 77 -----------$1,040,218 ============  $   14,592 960,568 -----------975,160 ----------- 76,240 (11,182)----------- 65,058 ----------- $1,040,218 ============ $  200,259 -----------100,659 84,254 23,410 -----------208,323 -----------$   (8,064)============ $      (81)============ $   (7,983) 0 -----------$   (7,983)============ |   $  201,455 847,943 77 -----------$1,049,475 ============  $    8,737 964,832 -----------973,569 ----------- 85,615 (9,709)----------- 75,906 ----------- $1,049,475 ============ $  199,775 -----------95,544 84,610 23,425 -----------203,579 -----------$   (3,804)============ $      (38)============ $   (3,766) 0 -----------$   (3,766)============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity(Deficit):  Current      liabilities  Long-term      debt     Total      liabilities Partners’      equity (deficit)  Limited      Partner  General      Partners     Total      Partners’ equity    (deficit)     Total      liabilities and    partners’      equity (deficit) SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      income (loss) Other      partners’ share of net income(loss) Gateway’s      share of net income (loss) Suspended      losses Equity      in Income (Loss) of ProjectPartnerships |   $  289,117 1,806,162 0 -----------$2,095,279 ============  $   35,548 2,035,490 -----------2,071,038 ----------- 46,485 (22,244)----------- 24,241 ----------- $2,095,279 ============ $  406,077 -----------188,352 169,849 55,395 -----------413,596 -----------$   (7,519)============ $      (75)============ $   (7,444) 0 -----------$   (7,444)============ |   $  275,111 1,844,423 0 -----------$2,119,534 ============  $   57,054 2,044,999 -----------2,102,053 ----------- 56,409 (38,928)----------- 17,481 ----------- $2,119,534 ============ $  388,142 -----------173,440 169,109 53,896 -----------396,445 -----------$   (8,303)============ $      (83)============ $   (8,220) 0 -----------$   (8,220)============ |   $  223,973 1,872,708 48,019 -----------$2,144,700 ============  $   60,068 2,053,758 -----------2,113,826 ----------- 67,109 (36,235)----------- 30,874 ----------- $2,144,700 ============ $  257,977 -----------171,288 46,872 50,346 -----------268,506 -----------$  (10,529)============ $     (105)============ $  (10,424) 0 -----------$  (10,424)============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                   DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners’      deficit  Limited      Partner  General      Partners     Total      Partners’ deficit     Total      liabilities and    partners’      deficit SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners’ share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 4,250,761 24,869,739 116,772 ------------$29,237,272 =========== $   907,348 33,717,352 ------------34,624,700 ------------ (4,829,486)(557,942)------------(5,387,428)------------ $29,237,272 ============ $ 6,690,179 ------------3,337,342 2,625,897 1,303,827 ------------7,267,066 ------------$  (576,887)============$    (7,317)============$  (569,570) 562,414 ------------$    (7,156)============ |   $ 4,214,285 25,343,325 5,642 ------------$29,563,252 =========== $   759,168 33,537,501 ------------34,296,669 ------------ (4,222,518)(510,899)------------(4,733,417)------------ $29,563,252 ============ $ 6,612,944 ------------3,195,528 2,722,033 1,293,203 ------------7,210,764 ------------$  (597,820)============$    (6,863)============$  (590,957) 565,258 ------------$   (25,699)============ |   $ 4,075,629 27,082,558 3,934 ------------$31,162,121 =========== $   760,481 34,688,448 ------------35,448,929 ------------ (3,799,474)(487,334)------------(4,286,808)------------ $31,162,121 ============ $ 6,536,265 ------------3,184,179 2,666,928 1,367,028 ------------7,218,135 ------------$  (681,870)============$    (8,157)============$  (673,713) 608,477 ------------$   (65,236)============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity(Deficit):  Current      liabilities  Long-term      debt     Total      liabilities Partners’      equity (deficit)  Limited      Partner  General      Partners     Total      Partners’ equity    (deficit)     Total      liabilities and    partners’      equity (deficit) SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      income (loss) Other      partners’ share of net income(loss) Gateway’s      share of net income (loss) Suspended      losses Equity      in Income (Loss) of ProjectPartnerships |   $   76,435 381,803 0 -----------$  458,238 ============  $   16,502 112,696 -----------129,198 ----------- 327,160 1,880 ----------- 329,040 ----------- $  458,238 ============ $   66,370 -----------33,118 8,622 14,043 -----------55,783 -----------$   10,587 ============ $      106 ============ $   10,481 0 ----------- $   10,481 ============ |   $   73,900 395,846 0 -----------$  469,746 ============  $   16,035 135,258 -----------151,293 ----------- 316,679 1,774 ----------- 318,453 ----------- $  469,746 ============ $   62,451 -----------29,914 10,152 14,043 -----------54,109 -----------$    8,342 ============ $       83 ============ $    8,259 0 ----------- $    8,259 ============ |   $   71,606 409,889 0 -----------$  481,495 ============  $   15,085 156,299 -----------171,384 ----------- 308,420 1,691 ----------- 310,111 ----------- $  481,495 ============ $   60,687 -----------29,720 11,578 16,528 -----------57,826 -----------$    2,861 ============ $       29 ============ $    2,832 0 ----------- $    2,832 ============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                   DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| TOTAL      SERIES 2 – 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners’ Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners’      equity (deficit)  Limited      Partner  General      Partners     Total      Partners’ equity (deficit)     Total      liabilities and    partners’      equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners’ share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 13,986,955 82,964,784 181,460 -------------$ 97,133,199 ============= $  3,485,718 124,997,189 ------------128,482,907 ------------ (31,232,581)(117,127)------------(31,349,708)------------ $ 97,133,199 ============= $ 25,360,002 ------------12,879,409 10,231,673 5,062,862 ------------28,173,944 ------------$ (2,813,942)=============$    (52,135)=============$ (2,761,807) 2,749,613 ------------$    (12,194)============= |   $ 14,624,244 93,247,963 203,819 -------------$108,076,026 ============= $  3,590,739 134,835,202 ------------138,425,941 ------------ (30,329,422)(20,493)------------(30,349,915)------------ $108,076,026 ============= $ 26,732,261 ------------13,171,935 11,466,918 5,382,392 ------------30,021,245 ------------$ (3,288,984)=============$    (56,463)=============$ (3,232,521) 3,152,218 ------------$    (80,303)============= |   $ 13,992,018 98,534,838 256,627 -------------$112,783,483 ============= $  3,398,859 136,430,803 ------------139,829,662 ------------ (27,195,268)149,089 ------------(27,046,179)------------ $112,783,483 ============= $ 25,838,170 ------------13,037,740 11,009,416 5,502,606 ------------29,549,762 ------------$ (3,711,592)=============$    (51,122)=============$ (3,660,470) 3,558,213 ------------$   (102,257)============= |

----

|          | Equity      Per Project Partnership   ------------------ |  Equity      Per Gateway------------------ |
|---------------|-------------------------------------------------------------------------|-------------------------------------------------|
| Series      2 | $(6,543,604)                                                            | $  (305,689)                          |
| Series      3 | (6,019,771)                                                             | (309,983)                                       |
| Series      4 | (6,383,645)                                                             | (368,647)                                       |
| Series      5 | (7,456,075)                                                             | (326,813)                                       |
| Series      6 | (4,829,486)                                                             | 170,297                                    |

----

----

| SERIES      2                                                                                                                                                                                              | 2007----                                                               | 2006----                                                               | 2005----                                                               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|------------------------------------------------------------------------|------------------------------------------------------------------------|
| Net      Loss per Financial Statements                                                                                                                                                                     | $ (119,127)                                                       | $ (156,399)                                                       | $  (97,520)                                                  |
|  Equity      in Losses of Project Partnerships for      tax purposes less than (in excess of) losses      for financial statement purposes                                                            |    (662,986)                                            |    (693,743)                                            |    (797,850)                                            |
|  Adjustments      to convert March 31, fiscal year      end to December 31, taxable year end                                                                                                          |   (14,677)                                                   |   19,019                                                |   1,376                                                 |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Other      Adjustments |    67,438 174 (7,948)-----------              |    67,448 699 (10,999)-----------             |    53,428 696 (14,217)-----------             |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                  |  $  (737,126)============                               |  $  (773,975)============                               |  $  (854,087)============                               |
|                                                                                                                                                                                                       |  December      31,2006   ------------              |  December      31,2005   ------------              |  December      31,2004   ------------              |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                              |  $       139 ============ |  $       892 ============ |  $       892 ============ |

|                              | Financial                                                                                      |   | Tax                 |   |                                         |
|-----------------------------------|----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|----------------------------------------------|
|                              | Reporting                                                                                                |   | Reporting                                                             |   |                                         |
|                              | Purposes                                                                                                 |   | Purposes                                                              |   | Differences                                  |
| Investments      in Local Limited |                                                                                                     |   |                                                                  |   |                                         |
| Partnerships                      | $                0  |   | $      (7,958,671)                                                    |   | $  7,958,671                  |
|                              |                                                                                                     |   |                                                                  |   |                                         |
| Other      Assets                 | $     257,364                                                              |   | $     997,761                           |   | $        (740,397)                 |
|                              |                                                                                                     |   |                                                                  |   |                                         |
| Liabilities                       | $     715,273                                                              |   | $              6,718     |   | $     708,555  |

----

| SERIES      3                                                                                                                                                                                              | 2007----                                                                         | 2006----                                                                         | 2005----                                                                         |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
| Net      Income (Loss) per Financial Statements                                                                                                                                                            | $   305,962                                                  | $  (108,278)                                                           | $   (77,647)                                                      |
|  Equity      in Losses of Project Partnershipsfor      tax purposes less than (in excess of) losses      for financial statement purposes                                                        |    (513,871)                                                      |    (664,379)                                                      |    (752,598)                                                      |
|  Adjustments      to convert March 31, fiscal year      end to December 31, taxable year end                                                                                                          |   (19,674)                                                             |   16,892                                                          |   2,140                                                           |
|  Additional      Loss on Sale of Project Partnerships      for tax purposes                                                                                                                           |   (32,068)                                                             |   0                                                               |   0                                                               |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Other      Adjustments |    62,523 0 (14,245)-----------                         |    62,486 0 (24,829)-----------                         |    67,931 129 (20,866)-----------                       |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                  |  $  (211,373)============                                         |  $  (718,108)============                                         |  $  (780,911)============                                         |
|                                                                                                                                                                                                       |  December      31,2006   ------------                        |  December      31,2005   ------------                        |  December      31,2004   ------------                        |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                              |  $         0 ============ |  $         0 ============ |  $         0 ============ |

|                                   | Financial                                                                                      |   | Tax                 |   |                                         |
|-----------------------------------|----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|----------------------------------------------|
|                              | Reporting                                                                                                |   | Reporting                                                             |   |                                         |
|                              | Purposes                                                                                                 |   | Purposes                                                              |   | Differences                                  |
| Investments      in Local Limited |                                                                                                     |   |                                                                  |   |                                         |
| Partnerships                      | $                0  |   | $      (7,034,773)                                                    |   | $  7,034,773                  |
|                              |                                                                                                     |   |                                                                  |   |                                         |
| Other      Assets                 | $     598,431                                                              |   | $     897,499                           |   | $        (299,068)                 |
|                              |                                                                                                     |   |                                                                  |   |                                         |
| Liabilities                       | $     963,688                                                              |   | $         7,529     |   | $     956,159  |

----

| SERIES      4                                                                                                                                                                                              | 2007----                                                                         | 2006----                                                     | 2005----                                                     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|--------------------------------------------------------------|--------------------------------------------------------------|
|  Net      Loss per Financial Statements                                                                                                                                                               |  $   (79,276)                                                |  $  (138,304)                                 |  $  (102,967)                                 |
|  Equity      in Losses of Project Partnerships for      tax purposes less than (in excess of) losses      for financial statement purposes                                                            |    (879,415)                                                      |    (947,123)                                  |    (907,174)                                  |
|  Adjustments      to convert March 31, fiscal year      end to December 31, taxable year end                                                                                                          |   (11,564)                                                             |   15,734                                      |   (971)                                            |
|  Additional      Loss on Sale of Project Partnerships      for tax purposes                                                                                                                           |   (62,740)                                                             |   0                                           |   0                                           |
|  Items      Expensed for Tax purposes not expensed      for Financial Statement purposes:  Interest      Income                                                                             |    566                                                       |    0                                     |    0                                     |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Other      Adjustments |    76,999 0 (18,236)-----------                         |    77,022 0 (17,244)-----------     |    79,874 (256)(14,332)-----------       |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                  |  $  (973,666)============                                         |  $      (1,009,915)============                         |  $  (945,826)============                     |
|                                                                                                                                                                                                       |  December      31,2006   ------------                        |  December      31,2005   ------------    |  December      31,2004   ------------    |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                              |  $         0 ============ |  $     8,516 ============ |  $     1,484 ============ |

|                                   | Financial                                                                                      |   | Tax                    |   |                                         |
|-----------------------------------|----------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|----------------------------------------------|
|                              | Reporting                                                                                                |   | Reporting                                                                |   |                                         |
|                              | Purposes                                                                                                 |   | Purposes                                                                 |   | Differences                                  |
| Investments      in Local Limited |                                                                                                     |   |                                                                     |   |                                         |
| Partnerships                      | $                0  |   | $      (9,075,286)                                                       |   | $  9,075,286                  |
|                              |                                                                                                     |   |                                                                     |   |                                         |
| Other      Assets                 | $     469,913                                                              |   | $   1,162,123                                        |   | $        (692,210)                 |
|                              |                                                                                                     |   |                                                                     |   |                                         |
| Liabilities                       | $     929,733                                                              |   | $          8,736  |   | $     920,997  |

----

| SERIES      5                                                                                                                                                                                              | 2007----                                                                         | 2006----                                                                         | 2005----                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-----------------------------------------------------------|
| Net      Loss per Financial Statements                                                                                                                                                                     | $  (194,685)                                                           | $  (208,790)                                                           | $    15,153                      |
|  Equity      in Losses of Project Partnerships for      tax purposes less than (in excess of) losses      for financial statement purposes                                                            |    (862,361)                                                      |    (854,948)                                                      |    (791,008)                               |
|  Adjustments      to convert March 31, fiscal year      end to December 31, taxable year end                                                                                                          |   (23,044)                                                             |   44,499                                                          |   (7,065)                                       |
|  Additional      Loss on Sale of Project Partnership      for tax purposes                                                                                                                            |   0                                                               |   0                                                               |   (157,126)                                     |
|  Items      Expensed for Tax purposes not expensed      for Financial Statement purposes:  Administrative      Expense                                                                      |    (57)                                                           |    0                                                         |    0                                  |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Other      Adjustments |    92,470 35,858 (25,866)-----------                    |    90,877 85 (26,566)-----------                        |    (58,836)4,380 (46,206)-----------  |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                  |  $  (977,685)============                                         |  $  (954,843)============                                         |  $      (1,040,708)============                      |
|                                                                                                                                                                                                       |  December      31,2006   ------------                        |  December      31,2005   ------------                        |  December      31,2004   ------------ |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                              |  $         0 ============ |  $         0 ============ |  $    20,278 ============   |

|                                   | Financial                          |   | Tax                 |   |                                         |
|-----------------------------------|----------------------------------------------|--------|-----------------------------------------------------------------------|--------|----------------------------------------------|
|                              | Reporting                                    |   | Reporting                                                             |   |                                         |
|                              | Purposes                                     |   | Purposes                                                              |   | Differences                                  |
| Investments      in Local Limited |                                         |   |                                                                  |   |                                         |
| Partnerships                      | $     125,403  |   | $      (9,023,411)                                                    |   | $  9,148,814                  |
|                              |                                         |   |                                                                  |   |                                         |
| Other      Assets                 | $     277,429  |   | $   1,327,715                                     |   | $ (1,050,286)                           |
|                              |                                         |   |                                                                  |   |                                         |
| Liabilities                       | $     682,447  |   | $        10,678          |   | $     671,769  |

----

| SERIES      6                                                                                                                                                                                                                                 | 2007----                                                                         | 2006----                                                                         | 2005----                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-----------------------------------------------------------------------|
| Net      Loss per Financial Statements                                                                                                                                                                                                        | $  (332,668)                                                           | $  (342,258)                                                           | $  (198,709)                                                |
|  Equity      in Losses of Project Partnerships for      tax purposes less than (in excess of) losses      for financial statement purposes                                                                                               |    (800,074)                                                      |    (815,335)                                                      |    (849,870)                                           |
|  Adjustments      to convert March 31, fiscal year      end to December 31, taxable year end                                                                                                                                             |   (255,313)                                                            |   385,232                                                         |   3,894                                                |
|  Additional      Gain on Sale of Project Partnerships      for tax purposes                                                                                                                                                              |   0                                                               |   188,930                                                         |   0                                                    |
|  Items      Expensed for Tax purposes not expensed      for Financial Statement purposes:  Administrative      Expense  Interest      Income                                                                         |    (46)0                                                     |    0 0                                                  |    0 0                                       |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Impairment      Expense  Other      Adjustments |    99,788 63,389 343,241 (32,725)------------      |    103,448 3,954 0 (23,282)------------            |    111,482 8,034 0 (36,754)------------ |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                                                     |  $  (914,408)============                                         |  $  (499,311)============                                         |  $  (961,923)============                              |
|                                                                                                                                                                                                                                          |  December      31,2006   -----------                         |  December      31,2005   -----------                         |  December      31,2004   -----------              |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                                                                 |  $         0 ============ |  $         0 ============ |  $    38,926 ============               |

|                                   | Financial                          |   | Tax                 |   |                         |
|-----------------------------------|----------------------------------------------|--------|-----------------------------------------------------------------------|--------|------------------------------|
|                              | Reporting                                    |   | Reporting                                                             |   |                         |
|                              | Purposes                                     |   | Purposes                                                              |   | Differences                  |
| Investments      in Local Limited |                                         |   |                                                                  |   |                         |
| Partnerships                      | $     208,779  |   | $      (7,387,861)                                                    |   | $  7,596,640  |
|                              |                                         |   |                                                                  |   |                         |
| Other      Assets                 | $     474,370  |   | $   1,670,608                                     |   | $ (1,196,238)           |
|                              |                                         |   |                                                                  |   |                         |
| Liabilities                       | $       1,013,655                  |   | $        11,519          |   | $  1,002,136  |

----

| TOTAL      SERIES 2 - 6                                                                                                                                                                                                                       | 2007----                                                                    | 2006----                                                              | 2005----                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-----------------------------------------------------------------------|------------------------------------------------------------------------|
| Net      Loss per Financial Statements                                                                                                                                                                                                        | $  (419,794)                                                      | $  (954,029)                                                | $  (461,690)                                                 |
|  Equity      in Losses of Project Partnershipsfor      tax purposes less than (in excess of) losses      for financial statement purposes                                                                                                |    (3,718,707)                                               |    (3,975,528)                                         |    (4,098,500)                                          |
|  Adjustments      to convert March 31, fiscalyear      end to December 31, taxable year end                                                                                                                                              |   (324,272)                                                       |   481,376                                              |   (626)                                                      |
|  Additional      Gain (Loss) on Sale of Project Partnerships      for tax purposes                                                                                                                                                       |   (94,808)                                                        |   188,930                                              |   (157,126)                                                  |
|  Items      Expensed for Tax purposes not expensed      for Financial Statement purposes:  Administrative      Expense  Interest      Income                                                                         |    (103)566                                             |    0 0                                       |    0 0                                        |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Impairment      Expense  Other      Adjustments |    399,218 99,421 343,241 (99,020)----------- |    401,281 4,738 0 (102,920)----------- |    253,879 12,983 0 (132,375)----------- |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                                                     |  $       (3,814,259)============                                  |  $      (3,956,152)============                                  |  $      (4,583,455)============                                   |

|                                   | Financial                          |   | Tax                 |   |                               |
|-----------------------------------|----------------------------------------------|--------|-----------------------------------------------------------------------|--------|------------------------------------|
|                              | Reporting                                    |   | Reporting                                                             |   |                               |
|                              | Purposes                                     |   | Purposes                                                              |   | Differences                        |
| Investments      in Local Limited |                                         |   |                                                                  |   |                               |
| Partnerships                      | $     334,182  |   | $      (40,480,001)                                                   |   | $  40,814,183       |
|                              |                                         |   |                                                                  |   |                               |
| Other      Assets                 | $  2,077,507                  |   | $    6,055,706                               |   | $       (3,978,199)           |
|                              |                                         |   |                                                                  |   |                               |
| Liabilities                       | $       4,304,796                  |   | $              45,180    |   | $        4,259,616  |

----

| Series      2                 |   | Quarter      1                       |   | Quarter      2                              |   | Quarter      3                             |   | Quarter      4                             |
|-------------------------------|--------|--------------------------------------|--------|---------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|
| Year      2007                |   | 6/30/2006                            |   | 9/30/2006                                   |   | 12/31/2006                                 |   | 3/31/2007                                  |
|                          |   |                                 |   |                                        |   |                                       |   |                                       |
| Total      Revenues           |   | $         2,556  |   | $     1,237   |   | $          1,600  |   | $          9,816  |
|                          |   |                                 |   |                                        |   |                                       |   |                                       |
| Net      Income (Loss)        |   | $ (21,277)                      |   | $  (43,720)                       |   | $ (31,286)                            |   | $ (22,844)                            |
|                          |   |                                 |   |                                        |   |                                       |   |                                       |
| Earnings      (Loss) Per      |   |                                 |   |                                        |   |                                       |   |                                       |
| Weighted      Average         |   |                                 |   |                                        |   |                                       |   |                                       |
| Beneficial      Assignee      |   |                                 |   |                                        |   |                                       |   |                                       |
| Certificates      Outstanding |   | $          (3.43)     |   | $           (7.05) |   | $         (5.05)            |   | $         (3.69)            |

| Series      3                 |   | Quarter      1                  |   | Quarter      2                                             |   | Quarter      3                                                             |   | Quarter      4                             |
|-------------------------------|--------|---------------------------------|--------|------------------------------------------------------------|--------|----------------------------------------------------------------------------|--------|--------------------------------------------|
| Year      2007                |   | 6/30/2006                       |   | 9/30/2006                                                  |   | 12/31/2006                                                                 |   | 3/31/2007                                  |
|                          |   |                            |   |                                                       |   |                                                                       |   |                                       |
| Total      Revenues           |   | $        10,940  |   | $             874  |   | $                0  |   | $          8,625  |
|                          |   |                            |   |                                                       |   |                                                                       |   |                                       |
| Net      Income (Loss)        |   | $ (17,860)                 |   | $  (39,285)                                      |   | $  66,370                                                   |   | $ 296,737                        |
|                          |   |                            |   |                                                       |   |                                                                       |   |                                       |
| Earnings      (Loss) Per      |   |                            |   |                                                       |   |                                                                       |   |                                       |
| Weighted      Average         |   |                            |   |                                                       |   |                                                                       |   |                                       |
| Beneficial      Assignee      |   |                            |   |                                                       |   |                                                                       |   |                                       |
| Certificates      Outstanding |   | $    (3.24) |   | $          (7.13)                      |   | $         12.04                                        |   | $    45.17        |

| Series      4                 |   | Quarter      1                       |   | Quarter      2                             |   | Quarter      3                                                             |   | Quarter      4                       |
|-------------------------------|--------|--------------------------------------|--------|--------------------------------------------|--------|----------------------------------------------------------------------------|--------|--------------------------------------|
| Year      2007                |   | 6/30/2006                            |   | 9/30/2006                                  |   | 12/31/2006                                                                 |   | 3/31/2007                            |
|                          |   |                                 |   |                                       |   |                                                                       |   |                                 |
| Total      Revenues           |   | $         5,977  |   | $          7,370  |   | $                0  |   | $    6,744  |
|                          |   |                                 |   |                                       |   |                                                                       |   |                                 |
| Net      Income (Loss)        |   | $ (29,728)                      |   | $ (41,536)                            |   | $ (40,484)                                                            |   | $  32,472             |
|                          |   |                                 |   |                                       |   |                                                                       |   |                                 |
| Earnings      (Loss) Per      |   |                                 |   |                                       |   |                                                                       |   |                                 |
| Weighted      Average         |   |                                 |   |                                       |   |                                                                       |   |                                 |
| Beneficial      Assignee      |   |                                 |   |                                       |   |                                                                       |   |                                 |
| Certificates      Outstanding |   | $         (4.26)      |   | $         (5.95)            |   | $    (5.80)                                            |   | $        (4.69)            |

| Series      5                 |   | Quarter      1                  |   | Quarter      2                             |   | Quarter      3                             |   | Quarter      4                             |
|-------------------------------|--------|---------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|
| Year      2007                |   | 6/30/2006                       |   | 9/30/2006                                  |   | 12/31/2006                                 |   | 3/31/2007                                  |
|                          |   |                            |   |                                       |   |                                       |   |                                       |
| Total      Revenues           |   | $        12,500  |   | $          6,528  |   | $          1,654  |   | $          6,130  |
|                          |   |                       |   |                                       |   |                                       |   |                                       |
| Net      Income (Loss)        |   | $ (37,249)                 |   | $ (55,517)                            |   | $ (45,256)                            |   | $ (56,663)                            |
|                          |   |                            |   |                                       |   |                                       |   |                                       |
| Earnings      (Loss) Per      |   |                            |   |                                       |   |                                       |   |                                       |
| Weighted      Average         |   |                            |   |                                       |   |                                       |   |                                       |
| Beneficial      Assignee      |   |                            |   |                                       |   |                                       |   |                                       |
| Certificates      Outstanding |   | $    (4.28) |   | $    (6.38)            |   | $         (5.20)            |   | $         (6.51)            |

| Series      6                 |   | Quarter      1                  |   | Quarter      2                       |   | Quarter      3                             |   | Quarter      4                                    |
|-------------------------------|--------|---------------------------------|--------|--------------------------------------|--------|--------------------------------------------|--------|---------------------------------------------------|
| Year      2007                |   | 6/30/2006                       |   | 9/30/2006                            |   | 12/31/2006                                 |   | 3/31/2007                                         |
|                          |   |                            |   |                                 |   |                                       |   |                                              |
| Total      Revenues           |   | $  13,373        |   | $         7,628  |   | $          3,740  |   | $            4,937  |
|                          |   |                            |   |                                 |   |                                       |   |                                              |
| Net      Income (Loss)        |   | $ (40,971)                 |   | $ (49,935)                      |   | $ (56,389)                            |   | $      (185,373)                                  |
|                          |   |                            |   |                                 |   |                                       |   |                                              |
| Earnings      (Loss) Per      |   |                            |   |                                 |   |                                       |   |                                              |
| Weighted      Average         |   |                            |   |                                 |   |                                       |   |                                              |
| Beneficial      Assignee      |   |                            |   |                                 |   |                                       |   |                                              |
| Certificates      Outstanding |   | $         (4.01) |   | $         (4.89)      |   | $         (5.52)            |   | $         (18.17)                       |

| Series      2 - 6      |   | Quarter      1                   |   | Quarter      2                        |   | Quarter      3                                   |   | Quarter      4            |
|------------------------|--------|----------------------------------|--------|---------------------------------------|--------|--------------------------------------------------|--------|---------------------------|
| Year      2007         |   | 6/30/2006                        |   | 9/30/2006                             |   | 12/31/2006                                       |   | 3/31/2007                 |
|                   |   |                             |   |                                  |   |                                             |   |                      |
| Total      Revenues    |   | $         45,346  |   | $         23,637  |   | $           6,994  |   | $  36,252  |
|                   |   |                             |   |                                  |   |                                             |   |                      |
| Net      Income (Loss) |   | $      (147,085)                 |   | $      (229,993)                      |   | $      (107,045)                                 |   | $  64,329  |

----

| Series      2                 |   | Quarter      1                       |   | Quarter      2                             |   | Quarter      3                             |   | Quarter      4                             |
|-------------------------------|--------|--------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|
| Year      2006                |   | 6/30/2005                            |   | 9/30/2005                                  |   | 12/31/2005                                 |   | 3/31/2006                                  |
|                          |   |                                 |   |                                       |   |                                       |   |                                       |
| Total      Revenues           |   | $         2,250  |   | $          1,237  |   | $          1,221  |   | $          2,555  |
|                          |   |                                 |   |                                       |   |                                       |   |                                       |
| Net      Income (Loss)        |   | $ (33,601)                      |   | $  (39,394)                      |   | $ (30,846)                            |   | $ (52,558)                            |
|                          |   |                                 |   |                                       |   |                                       |   |                                       |
| Earnings      (Loss) Per      |   |                                 |   |                                       |   |                                       |   |                                       |
| Weighted      Average         |   |                                 |   |                                       |   |                                       |   |                                       |
| Beneficial      Assignee      |   |                                 |   |                                       |   |                                       |   |                                       |
| Certificates      Outstanding |   | $         (5.42)      |   | $          (6.36)      |   | $         (4.98)            |   | $         (8.47)            |

| Series      3                 |   | Quarter      1                  |   | Quarter      2                                   |   | Quarter      3                             |   | Quarter      4                             |
|-------------------------------|--------|---------------------------------|--------|--------------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|
| Year      2006                |   | 6/30/2005                       |   | 9/30/2005                                        |   | 12/31/2005                                 |   | 3/31/2006                                  |
|                          |   |                            |   |                                             |   |                                       |   |                                       |
| Total      Revenues           |   | $  12,398        |   | $           4,618  |   | $          3,414  |   | $          2,431  |
|                          |   |                            |   |                                             |   |                                       |   |                                       |
| Net      Income (Loss)        |   | $ (14,283)                 |   | $  (33,117)                            |   | $ (24,237)                            |   | $ (36,641)                            |
|                          |   |                            |   |                                             |   |                                       |   |                                       |
| Earnings      (Loss) Per      |   |                            |   |                                             |   |                                       |   |                                       |
| Weighted      Average         |   |                            |   |                                             |   |                                       |   |                                       |
| Beneficial      Assignee      |   |                            |   |                                             |   |                                       |   |                                       |
| Certificates      Outstanding |   | $         (2.59) |   | $          (6.01)            |   | $         (4.40)            |   | $          (6.65)      |

| Series      4                 |   | Quarter      1                        |   | Quarter      2                        |   | Quarter      3                                       |   | Quarter      4                       |
|-------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|------------------------------------------------------|--------|--------------------------------------|
| Year      2006                |   | 6/30/2005                             |   | 9/30/2005                             |   | 12/31/2005                                           |   | 3/31/2006                            |
|                          |   |                                  |   |                                  |   |                                                 |   |                                 |
| Total      Revenues           |   | $         5,113   |   | $    7,587   |   | $            884  |   | $    4,889  |
|                          |   |                                  |   |                                  |   |                                                 |   |                                 |
| Net      Income (Loss)        |   | $ (26,707)                       |   | $ (36,676)                       |   | $ (33,089)                                      |   | $ (41,832)                      |
|                          |   |                                  |   |                                  |   |                                                 |   |                                 |
| Earnings      (Loss) Per      |   |                                  |   |                                  |   |                                                 |   |                                 |
| Weighted      Average         |   |                                  |   |                                  |   |                                                 |   |                                 |
| Beneficial      Assignee      |   |                                  |   |                                  |   |                                                 |   |                                 |
| Certificates      Outstanding |   | $          (3.82) |   | $          (5.25) |   | $         (4.74)                      |   | $         (5.99)      |

| Series      5                 |   | Quarter      1                        |   | Quarter      2                        |   | Quarter      3                       |   | Quarter      4                             |
|-------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|--------------------------------------|--------|--------------------------------------------|
| Year      2006                |   | 6/30/2005                             |   | 9/30/2005                             |   | 12/31/2005                           |   | 3/31/2006                                  |
|                          |   |                                  |   |                                  |   |                                 |   |                                       |
| Total      Revenues           |   | $  11,176              |   | $          4,805  |   | $    1,654  |   | $          5,184  |
|                          |   |                                  |   |                                  |   |                                 |   |                                       |
| Net      Income (Loss)        |   | $ (31,297)                       |   | $ (44,906)                       |   | $ (43,496)                      |   | $ (89,091)                            |
|                          |   |                                  |   |                                  |   |                                 |   |                                       |
| Earnings      (Loss) Per      |   |                                  |   |                                  |   |                                 |   |                                       |
| Weighted      Average         |   |                                  |   |                                  |   |                                 |   |                                       |
| Beneficial      Assignee      |   |                                  |   |                                  |   |                                 |   |                                       |
| Certificates      Outstanding |   | $          (3.60) |   | $         (5.16)       |   | $         (5.00)      |   | $        (10.23)                 |

| Series      6                 |   | Quarter      1                  |   | Quarter      2                             |   | Quarter      3                             |   | Quarter      4                                         |
|-------------------------------|--------|---------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------------------|
| Year      2006                |   | 6/30/2005                       |   | 9/30/2005                                  |   | 12/31/2005                                 |   | 3/31/2006                                              |
|                          |   |                            |   |                                       |   |                                       |   |                                                   |
| Total      Revenues           |   | $        10,190  |   | $          4,677  |   | $          3,503  |   | $            7,984  |
|                          |   |                            |   |                                       |   |                                       |   |                                                   |
| Net      Income (Loss)        |   | $ (36,442)                 |   | $ (43,655)                            |   | $ 172,237                        |   | $      (434,398)                                       |
|                          |   |                            |   |                                       |   |                                       |   |                                                   |
| Earnings      (Loss) Per      |   |                            |   |                                       |   |                                       |   |                                                   |
| Weighted      Average         |   |                            |   |                                       |   |                                       |   |                                                   |
| Beneficial      Assignee      |   |                            |   |                                       |   |                                       |   |                                                   |
| Certificates      Outstanding |   | $         (3.57) |   | $         (4.28)            |   | $          8.75   |   | $         (42.99)                       |

| Series      2 - 6      |   | Quarter      1                        |   | Quarter      2                        |   | Quarter      3            |   | Quarter      4                        |
|------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------|--------|---------------------------------------|
| Year      2006         |   | 6/30/2005                             |   | 9/30/2005                             |   | 12/31/2005                |   | 3/31/2006                             |
|                   |   |                                  |   |                                  |   |                      |   |                                  |
| Total      Revenues    |   | $         41,127  |   | $         22,924  |   | $  10,676  |   | $         23,043  |
|                   |   |                                  |   |                                  |   |                      |   |                                  |
| Net      Income (Loss) |   | $      (142,330)                      |   | $      (197,748)                      |   | $  40,569  |   | $      (654,520)                      |

----

----

----

----

----

|          | 2007----                | 2006----                | 2005----                |
|---------------|-------------------------|-------------------------|-------------------------|
| Series      2 | $  67,315     | $  67,609     | $  67,609     |
| Series      3 | 58,055                  | 62,716                  | 62,717                  |
| Series      4 | 74,671                  | 77,205                  | 77,205                  |
| Series      5 | 92,287                  | 92,722                  | 92,722                  |
| Series      6 | 101,242---------        | 101,592---------        | 104,509---------        |
| Total         | $ 393,570========= | $ 401,844========= | $ 404,762========= |

|          | 2007----            | 2006----            | 2005----            |
|---------------|---------------------|---------------------|---------------------|
| Series      2 | $  61,537 | $  47,681 | $  32,074 |
| Series      3 | 63,702              | 49,848              | 33,531              |
| Series      4 | 81,118              | 62,853              | 42,279              |
| Series      5 | 97,901              | 77,443              | 52,484              |
| Series      6 | 103,495---------    | 81,777---------     | 55,400---------     |
| Total         | $ 407,753      | $ 319,602      | $ 215,768      |
|          | =========           | =========           | =========           |

|          | March      31, 2007-------------- | March      31, 2006-------------- |
|---------------|-----------------------------------|-----------------------------------|
| Series      2 | $  715,273         | $  647,557         |
| Series      3 | 606,565                      | 546,061                      |
| Series      4 | 782,789                      | 706,659                      |
| Series      5 | 682,447                      | 589,347                      |
| Series      6 | 1,013,609 -----------        | 912,027 -----------          |
| Total         | $3,800,683 ===========       | $3,401,651 ===========       |

----

----

| Apartment      Properties Partnership-----------                                                                                                                                                                                                                                                                                                                                                               |   Location--------                                                                                                                                                                                                                                                                                                                                                                  |   #      of Units----------        |  MortgageLoan      Balance-------------                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Claxton      ElderlyDeerfield      IIHartwell      FamilyCherrytree      Apts.Springwood      Apts.Lakeshore      Apts.LewistonCharlestonSallisaw      IIPocolaInverness      ClubPearson      ElderlyRichland      ElderlyLake      ParkWoodland      TerraceMt.      Vernon ElderlyLakeland      ElderlyPrairie      ApartmentsSylacauga      HeritageManchester      HousingDurango      C.W.W.Columbus      Sr. | Claxton,      GADouglas,      GAHartwell,      GAAlbion,      PAWestfield,      NYTuskegee,      ALLewiston,      NYCharleston,      ARSallisaw,      OKPocola,      OKInverness,      FLPearson,      GARichland,      GALake      Park, GAWaynesboro,      GAMt.      Vernon, GALakeland,      GAEagle      Butte, SDSylacauga,      ALManchester,      GADurango,      COColumbus,      KS | 24242433323425324736722534483021292144492416 | 642,668685,046688,4301,171,6451,222,3131,028,943977,060822,7211,168,971964,1012,920,262604,276846,9571,451,303866,842560,309760,210953,7281,353,4361,421,5481,013,039426,278 |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                          |                                         | ------------                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                          |                                         | $ 22,550,086                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                          |                                         | ============                                                                                                                                                                 |

| Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                           | Cost      At Acquisition--------------------                                                                                                              |                                                                                                                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                                                                                                                                                                                                                                                                                                                            |    Land----                                                                                                                                |  Buildings,Improvementsand      Equipment-------------                                                                                                                                                 | Net      ImprovementsCapitalizedSubsequent      toAcquisition---------------- |
| Claxton      ElderlyDeerfield      IIHartwell      FamilyCherrytree      Apts.Springwood      Apts.Lakeshore      Apts.LewistonCharlestonSallisaw      IIPocolaInverness      ClubPearson      ElderlyRichland      ElderlyLake      ParkWoodland      TerraceMt.      Vernon ElderlyLakeland      ElderlyPrairie      ApartmentsSylacauga      HeritageManchester      HousingDurango      C.W.W.Columbus      Sr. | $   33,40033,60022,70062,00021,50028,60038,40016,00037,50022,500205,50015,00031,50088,00036,40021,75028,00066,50066,08036,000140,25064,373 | $   766,138820,962836,9981,376,2971,451,2831,238,7491,178,1851,060,0981,480,0891,223,3703,111,565767,5901,027,5121,710,7251,047,107680,437930,5741,150,2141,648,0811,746,0761,123,454444,257 | 9,0940027,81095,73037,10817,350000179,759(1,130)(1,141)(4,183)(1,315)(1,252)(2,760)184,70268,356(462)113,81433,424 |
|                                                                                                                                                                                                                                                                                                                                                                                                                | -----------                                                                                                                                               | ------------                                                                                                                                                                                                | ----------- |
|                                                                                                                                                                                                                                                                                                                                                                                                                | $1,115,553                                                                                                                                                | $26,819,761                                                                                                                                                                                                 | $  754,904 |
|                                                                                                                                                                                                                                                                                                                                                                                                                | ===========                                                                                                                                               | ============                                                                                                                                                                                                | =========== |

----

| Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                           | Gross      Amount At Which Carried At December 31, 2006--------------------                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                  |   Land----                                                                                                                    | Buildings,Improvementsand      Equipment------------- |   Total----- |
| Claxton      ElderlyDeerfield      IIHartwell      FamilyCherrytree      Apts.Springwood      Apts.Lakeshore      Apts.LewistonCharlestonSallisaw      IIPocolaInverness      ClubPearson      ElderlyRichland      ElderlyLake      ParkWoodland      TerraceMt.      Vernon ElderlyLakeland      ElderlyPrairie      ApartmentsSylacauga      HeritageManchester      HousingDurango      C.W.W.Columbus      Sr. | 33,40033,60022,70070,04128,52033,41438,40016,00037,50022,500205,50015,00031,50088,00036,40021,75028,000109,04469,47536,000140,25071,440 | 775,232820,962836,9981,396,0661,539,9931,271,0431,195,5351,060,0981,480,0891,223,3703,291,324766,4601,026,3711,706,5421,045,792679,185927,8141,292,3721,713,0421,745,6141,237,268470,614 | 808,632854,562859,6981,466,1071,568,5131,304,4571,233,9351,076,0981,517,5891,245,8703,496,824781,4601,057,8711,794,5421,082,192700,935955,8141,401,4161,782,5171,781,6141,377,518542,054 |
|                                                                                                                                                                                                                                                                                                                                                                                                                | -----------                                                                                                                             | ------------ | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                | $1,188,434                                                                                                                              | $27,501,784 | $28,690,218 |
|                                                                                                                                                                                                                                                                                                                                                                                                                | ===========                                                                                                                             | ============ | ============ |

| Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                                                                                                                                                     |  Accumulated      Depreciation------------------------                                                                                                  |  Depreciable      Life----------------                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|
| Claxton      ElderlyDeerfield      IIHartwell      FamilyCherrytree      Apts.Springwood      Apts.Lakeshore      Apts.LewistonCharlestonSallisaw      IIPocolaInverness      ClubPearson      ElderlyRichland      ElderlyLake      ParkWoodland      TerraceMt.      Vernon ElderlyLakeland      ElderlyPrairie      ApartmentsSylacauga      HeritageManchester      HousingDurango      C.W.W.Columbus      Sr. | 458,423490,069502,073579,280664,438548,401486,589703,532960,847728,1881,874,969420,042556,884960,642571,649372,885504,626603,947743,932937,815520,173320,413 | 5-27.55-27.55-27.55-27.55-405-405-405-255-255-27.55-27.55-305-305-305-305-305-305-405-405-305-405-27.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                | -----------                                                                                                                                                  |                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                | $14,509,817                                                                                                                                                  |                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                | ===========                                                                                                                                                  |                                                                                                   |

----

| Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                     |  Location--------                                                                                                                                                                                                                                                                               |  #      of Units----------    | MortgageLoan      Balance-------------                                                                                                  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
| Poteau      IISallisawNowata      PropertiesWaldron      PropertiesRoland      IIStilwellHornellsvilleSunchase      IICE      McKinley IIWeston      ApartmentsCountrywood      Apts.Wildwood      Apts.HancockHopkinsElkhart      Apts.Heritage      VillasLogansport      Seniors | Poteau,      OKSallisaw,      OKOolagah,      OKWaldron,      ARRoland,      OKStilwell,      OKArkport,      NYWatertown,      SDRising      Sun, MDWeston,      ALCentreville,      ALPineville,      LAHawesville,      KYMadisonville,      KYElkhart,      TXHelena,      GALogansport,      LA | 5252322452482441161040281224542532 | 1,262,9051,282,190837,803623,6041,279,9651,161,938871,5681,176,774551,354266,9431,166,581829,462342,931710,6491,078,853662,0321,118,560 |
|                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                 |                               | ------------                                                                                                                            |
|                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                 |                               | $15,224,112                                                                                                                             |
|                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                 |                               | ============                                                                                                                            |

| Apartment      Properties                                                                                                                                                                                                                                                           | Cost      At Acquisition--------------------                                                       |                                                                                                                                          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                                                                                                                                                                                            |    Land----                                                                         |  Buildings,Improvementsand      Equipment-------------                                                                                   | Net      ImprovementsCapitalizedSubsequent      toAcquisition---------------- |
| Poteau      IISallisawNowata      PropertiesWaldron      PropertiesRoland      IIStilwellHornellsvilleSunchase      IICE      McKinley IIWeston      ApartmentsCountrywood      Apts.Wildwood      Apts.HancockHopkinsElkhart      Apts.Heritage      VillasLogansport      Seniors | 76,82770,00045,50026,00070,00037,50041,225113,11511,762055,75048,00020,70043,58135,98521,84027,621 | 1,712,3211,674,1031,102,984834,2731,734,0101,560,2011,018,5231,198,373745,635339,1441,447,4391,018,897419,725885,0871,361,096801,1281,058,773 | 000000110,568168,63191,2658,433118,35639,7910(1,412)293,4281,791298,357 |
|                                                                                                                                                                                                                                                                                | -----------                                                                                        | ------------                                                                                                                                  | ------------ |
|                                                                                                                                                                                                                                                                                | $  745,406                                                                               | $18,911,712                                                                                                                                   | $1,129,208 |
|                                                                                                                                                                                                                                                                                | ===========                                                                                        | ============                                                                                                                                  | ============ |

----

| Apartment      Properties                                                                                                                                                                                                                                                           | Gross      Amount At Which Carried At December 31, 2006--------------------                        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                                                                                                                                                  |   Land----                                                                               | Buildings,Improvementsand      Equipment------------- |   Total----- |
| Poteau      IISallisawNowata      PropertiesWaldron      PropertiesRoland      IIStilwellHornellsvilleSunchase      IICE      McKinley IIWeston      ApartmentsCountrywood      Apts.Wildwood      Apts.HancockHopkinsElkhart      Apts.Heritage      VillasLogansport      Seniors | 76,82770,00045,50026,00070,00037,50041,225120,85811,749059,94048,00020,70043,58123,37821,84027,621 | 1,712,3211,674,1031,102,984834,2731,734,0101,560,2011,129,0911,359,261836,913347,5771,561,6051,058,688419,725883,6751,667,131802,9191,357,130 | 1,789,1481,744,1031,148,484860,2731,804,0101,597,7011,170,3161,480,119848,662347,5771,621,5451,106,688440,425927,2561,690,509824,7591,384,751 |
|                                                                                                                                                                                                                                                                                | -----------                                                                                        | ------------ | ------------ |
|                                                                                                                                                                                                                                                                                | $  744,719                                                                               | $20,041,607 | $20,786,326 |
|                                                                                                                                                                                                                                                                                | ===========                                                                                        | ============ | ============ |

| Partnership-----------                                                                                                                                                                                                                                                              | Accumulated      Depreciation------------------------                                                                               | Depreciable      Life----------------                                            |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
| Poteau      IISallisawNowata      PropertiesWaldron      PropertiesRoland      IIStilwellHornellsvilleSunchase      IICE      McKinley IIWeston      ApartmentsCountrywood      Apts.Wildwood      Apts.HancockHopkinsElkhart      Apts.Heritage      VillasLogansport      Seniors | 1,269,1111,209,986789,301597,4871,278,3421,142,120745,698688,186552,509235,9321,009,690642,312249,424525,1391,039,014444,483523,169 | 5-255-255-255-255-255-255-27.55-405-27.55-27.55-27.55-305-27.55-27.55-255-305-40 |
|                                                                                                                                                                                                                                                                                | -----------                                                                                                                         |                                                                             |
|                                                                                                                                                                                                                                                                                | $12,941,903                                                                                                                         |                                                                             |
|                                                                                                                                                                                                                                                                                | ===========                                                                                                                         |                                                                             |

----

| Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                      |  Location--------                                                                                                                                                                                                                                                                                                                                                                                                                                 |  #      of Units----------                    | MortgageLoan      Balance-------------                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Seneca      ApartmentsEudora      SeniorWestvilleWellsville      SeniorStilwell      IISpring      Hill SeniorTarpon      HeightsOaks      ApartmentsWynnwood      CommonChestnut      ApartmentsSt.      GeorgeWillistonBrackettville      Sr.Sonora      SeniorsOzona      SeniorsFredericksburg      Sr.St.      JosephCourtyardRural      DevelopmentJasper      VillasJonesville      ManorNorton      GreenTimpson      SeniorsPiedmontS.F.      Arkansas City | Seneca,      MOEudora,      KSWestville,      OKWellsville,      KSStilwell,      OKSpring      Hill, KSGalliano,      LAOakdale,      LAFairchance,      PAHoward,      SDSt.      George, SCWilliston,      SCBrackettville,      TXSonora,      TXOzona,      TXFredericksburg,TXSt.      Joseph, ILHuron,      SDAshland,      MEJasper,      ARJonesville,      VANorton,      VATimpson,      TXBarnesville,      GA Arkansas      City, KS | 24363624522448323424242432322448242125254040283612 | 595,304937,429839,986633,4411,259,978681,0381,372,818796,1061,340,852836,165735,713781,078804,278824,492617,6901,177,484809,871696,3211,180,721839,9451,320,6751,311,765658,3991,018,623335,627 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                               | ------------                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                               | $22,405,799                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                               | ============                                                                                                                                                                                    |

| Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                                                                            | Cost      At Acquisition--------------------                                                                                                             |                                                                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                             |    Land----                                                                                                                               |  Buildings,Improvementsand      Equipment-------------                                                                                                                                           | Net      ImprovementsCapitalizedSubsequent      toAcquisition---------------- |
| Seneca      ApartmentsEudora      SeniorWestvilleWellsville      SeniorStilwell      IISpring      Hill SeniorTarpon      HeightsOaks      ApartmentsWynnwood      CommonChestnut      ApartmentsSt.      GeorgeWillistonBrackettville      Sr.Sonora      SeniorsOzona      SeniorsFredericksburg      Sr.St.      JosephCourtyardRural      DevelopmentJasper      VillasJonesville      ManorNorton      GreenTimpson      SeniorsPiedmontS.F.      Arkansas City | 76,21250,00027,56038,00030,00049,80085,00042,00068,00057,20022,60025,00028,60051,00040,00045,00028,00024,50038,20027,000100,000120,00013,50029,50016,800 | 640,7021,207,4821,074,126772,9711,627,974986,5691,408,434989,5221,578,814977,493915,400959,345963,366962,315719,8431,357,563940,580810,1101,361,8921,067,8901,578,1351,535,373802,4161,259,547395,228 | 104,21532,6610(1)00769,580500,63778,64844,9891,0185,68150,29733,71742,24641,6898,30351,69928,91128,096106,294173,477000 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -----------                                                                                                                                              | ------------                                                                                                                                                                                          | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $1,133,472                                                                                                                                               | $26,893,090                                                                                                                                                                                           | $2,102,157 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ===========                                                                                                                                              | ============                                                                                                                                                                                          | ============ |

----

| Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                                                                            | Gross      Amount At Which Carried At December 31, 2006--------------------                                                                               |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                   |   Land----                                                                                                                                      | Buildings,Improvementsand      Equipment------------- |   Total----- |
| Seneca      ApartmentsEudora      SeniorWestvilleWellsville      SeniorStilwell      IISpring      Hill SeniorTarpon      HeightsOaks      ApartmentsWynnwood      CommonChestnut      ApartmentsSt.      GeorgeWillistonBrackettville      Sr.Sonora      SeniorsOzona      SeniorsFredericksburg      Sr.St.      JosephCourtyardRural      DevelopmentJasper      VillasJonesville      ManorNorton      GreenTimpson      SeniorsPiedmontS.F.      Arkansas City | 79,38664,27827,56038,00030,00049,80085,00042,000118,00463,80022,60025,00028,60051,00040,00045,00028,00029,47138,20027,000100,000120,00013,50029,50016,800 | 741,7431,225,8651,074,126772,9701,627,974986,5692,178,0141,490,1591,607,4581,015,882916,418965,0261,013,663996,032762,0891,399,252948,883856,8381,390,8031,095,9861,684,4291,708,850802,4161,259,547395,228 | 821,1291,290,1431,101,686810,9701,657,9741,036,3692,263,0141,532,1591,725,4621,079,682939,018990,0261,042,2631,047,032802,0891,444,252976,883886,3091,429,0031,122,9861,784,4291,828,850815,9161,289,047412,028 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -----------                                                                                                                                               | ------------ | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $1,212,499                                                                                                                                                | $28,916,220 | $30,128,719 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ===========                                                                                                                                               | ============ | ============ |

| Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                      |  Accumulated      Depreciation------------------------                                                                                                                       |  Depreciable      Life----------------                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| Seneca      ApartmentsEudora      SeniorWestvilleWellsville      SeniorStilwell      IISpring      Hill SeniorTarpon      HeightsOaks      ApartmentsWynnwood      CommonChestnut      ApartmentsSt.      GeorgeWillistonBrackettville      Sr.Sonora      SeniorsOzona      SeniorsFredericksburg      Sr.St.      JosephCourtyardRural      DevelopmentJasper      VillasJonesville      ManorNorton      GreenTimpson      SeniorsPiedmontS.F.      Arkansas City | 482,149717,244637,120460,362966,190647,577697,720522,580690,067492,323570,360577,841374,633389,006283,335534,879565,659497,981851,412457,025985,4991,026,842333,713560,942234,664 | 5-27.55-27.55-27.55-255-27.55-255-405-405-405-405-27.55-27.55-405-405-405-405-27.55-27.55-27.55-405-27.55-27.55-405-27.55-27.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -----------                                                                                                                                                                       |                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $14,557,123                                                                                                                                                                       |                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ===========                                                                                                                                                                       |                                                                                                                           |

----

| Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  Location--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  #      of Units----------                                        | MortgageLoan      Balance-------------                                                                                                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SeymourEffinghamS.F.      WinfieldS.F.Medicine      LodgeS.F.      OttawaS.F.      ConcordiaCarrollton      ClubScarlett      OaksBrooks      HillGreensboroGreensboro      IIPine      TerraceShellmanBlackshearCrisp      PropertiesCrawfordYorkshireWoodcrestFox      RidgeRedmont      IIClaytonAlmaPemberton      VillageMagic      CircleSpring      HillMenard      RetirementWallis      HousingZapata      HousingMill      CreekPortland      IIGeorgetownCloverdaleS.      Timber RidgePinevilleRavenwood | Seymour,      INEffingham,      ILWinfield,      KSMedicine      Lodge,KSOttawa,      KSConcordia,      KSCarrollton,      GALexington,      SCEllijay,      GAGreensboro,      GAGreensboro,      GAWrightsville,      GAShellman,      GACordele,      GACordele,      GACrawford,      GAWagoner,      OKSouth      Boston, VARussellville,      ALRed      Bay, ALClayton,      OKAlma,      ARHiawatha,      KSEureka,      KSSpring      Hill, KSMenard,      TXWallis,      TXZapata,      TXGrove,      OKPortland,      INGeorgetown,      OHChandler,      TXCloverdale,      INPineville,      MOAmericus,      GA | 3724121624207840442432242746312560402424242424243624244060202424441224 | 1,208,960786,073327,812446,851562,545548,6642,615,0561,357,0651,428,626714,573878,253710,115721,7481,290,416910,271727,6802,035,4901,239,859720,474680,279653,073717,627624,409640,0331,101,039614,238383,337955,9151,400,753569,662724,248741,5531,041,693312,642708,808 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                   | ------------                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                   | $31,099,840                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                   | ============                                                                                                                                                                                                                                                              |

----

| Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Cost      At Acquisition-------------------                                                                                                                                                                                   |                                                                                                                                                                                                                                                                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    Land----                                                                                                                                                                                                    |  Buildings,Improvementsand      Equipment-------------                                                                                                                                                                                                          | Net      ImprovementsCapitalizedSubsequent      toAcquisition---------------- |
| SeymourEffinghamS.F.      WinfieldS.F.Medicine      LodgeS.F.      OttawaS.F.      ConcordiaCarrollton      ClubScarlett      OaksBrooks      HillGreensboroGreensboro      IIPine      TerraceShellmanBlackshearCrisp      PropertiesCrawfordYorkshireWoodcrestFox      RidgeRedmont      IIClaytonAlmaPemberton      VillageMagic      CircleSpring      HillMenard      RetirementWallis      HousingZapata      HousingMill      CreekPortland      IIGeorgetownCloverdaleS.      Timber RidgePinevilleRavenwood | $   59,50038,50018,00021,60025,20028,000248,06744,475015,93021,33014,70013,50060,00048,00016,600100,00070,00039,78125,00035,60045,00012,02022,66070,86821,00013,90044,00028,00043,102040,00043,70559,66114,300 | $ 1,452,557940,327382,920542,959687,929658,961722,560992,158214,33561,49592,063196,071512,531413,143578,709187,8122,212,045842,335848,996814,432835,930912,710767,228749,5041,318,926721,251553,2301,120,538414,429410,683149,483583,1151,233,570328,468873,596 | 5,6451,7901,4828,36519,2138,9472,247,274654,8811,545,898788,834975,271675,563375,6171,129,290502,075703,300345,882720,0791,1641,16400(2,523)51,47959,58416,88511,20378,5801,299,240363,593847,122395,59770,31145,85113,100 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -----------                                                                                                                                                                                                                   | ------------                                                                                                                                                                                                                                                         | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $1,401,999                                                                                                                                                                                                                    | $24,326,999                                                                                                                                                                                                                                                          | $13,961,756 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ===========                                                                                                                                                                                                                   | ============                                                                                                                                                                                                                                                         | ============ |

----

| Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Gross      Amount At Which Carried At December 31, 2006--------------------                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   Land----                                                                                                                                                                                                 | Buildings,Improvementsand      Equipment------------- |   Total----- |
| SeymourEffinghamS.F.      WinfieldS.F.Medicine      LodgeS.F.      OttawaS.F.      ConcordiaCarrollton      ClubScarlett      OaksBrooks      HillGreensboroGreensboro      IIPine      TerraceShellmanBlackshearCrisp      PropertiesCrawfordYorkshireWoodcrestFox      RidgeRedmont      IIClaytonAlmaPemberton      VillageMagic      CircleSpring      HillMenard      RetirementWallis      HousingZapata      HousingMill      CreekPortland      IIGeorgetownCloverdaleS.      Timber RidgePinevilleRavenwood | 59,50038,50018,00021,60025,20028,000248,06855,57584,58215,93016,84514,70013,50060,00048,00016,600119,88870,00039,78125,00035,60045,00012,02022,66070,86821,00097,31346,32328,00015,00050,39340,00033,30061,05614,300 | 1,458,202942,117384,402551,324707,142667,9082,969,8331,635,9391,675,651850,3291,071,819871,634888,1481,542,4331,080,784891,1122,538,0391,562,414850,160815,596835,930912,710764,705800,9831,378,510738,136481,0201,196,7951,713,669802,378946,212978,7121,314,286372,924886,696 | 1,517,702980,617402,402572,924732,342695,9083,217,9011,691,5141,760,233866,2591,088,664886,334901,6481,602,4331,128,784907,7122,657,9271,632,414889,941840,596871,530957,710776,725823,6431,449,378759,136578,3331,243,1181,741,669817,378996,6051,018,7121,347,586433,980900,996 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -----------                                                                                                                                                                                                          | ------------ | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $1,612,102                                                                                                                                                                                                           | $38,078,652 | $39,690,754 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ===========                                                                                                                                                                                                          | ============ | ============ |

----

| Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Accumulated      Depreciation------------------------                                                                                                                                                                                                     | Depreciable      Life----------------                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SeymourEffinghamS.F.      WinfieldS.F.Medicine      LodgeS.F.      OttawaS.F.      ConcordiaCarrollton      ClubScarlett      OaksBrooks      HillGreensboroGreensboro      IIPine      TerraceShellmanBlackshearCrisp      PropertiesCrawfordYorkshireWoodcrestFox      RidgeRedmont      IIClaytonAlmaPemberton      VillageMagic      CircleSpring      HillMenard      RetirementWallis      HousingZapata      HousingMill      CreekPortland      IIGeorgetownCloverdaleS.      Timber RidgePinevilleRavenwood | 849,073543,560229,861297,309418,757399,1011,565,986839,647872,160420,069529,269452,758458,931770,896553,172451,808851,765577,534294,508285,315476,064571,700438,270450,052839,876230,712299,902441,7621,043,730372,047418,687573,076789,778245,206339,788 | 5-27.55-27.55-27.55-27.55-27.55-27.55-27.55-27.55-27.55-305-305-305-305-305-305-305-505-405-505-505-27.55-255-27.55-27.55-255-305-305-27.55-255-27.55-505-27.55-255-27.55-27.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -----------                                                                                                                                                                                                                                               |                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $19,192,129                                                                                                                                                                                                                                               |                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ===========                                                                                                                                                                                                                                               |                                                                                                                                                                           |

----

| Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                       |  Location--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  #      of Units----------                                            | MortgageLoan      Balance-------------                                                                                                                                                                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SpruceShannon      ApartmentsCarthageCoal      CityBlacksburg      TerraceFrazierEhrhardtSintonFrankstonFlagler      BeachOak      RidgeMonettArmaSouthwest      CityMeadowcrestParsonsNewport      VillageGoodwater      FallsNorthfield      StationPleasant      Hill SquareWinter      ParkCornellHeritage      Drive S.BrodheadMt.      VillageHazelhurstSunriseStony      CreekLogan      PlaceHainesMaple      WoodSummerhillDorchesterLancasterAutumn      VillageHardyDawson | Pierre,      SDO’Neill,      NECarthage,      MOCoal      City, ILBlacksburg,      SCSmyrna,      DEEhrhardt,      SCSinton,      TXFrankston,      TXFlagler      Beach, FLWilliamsburg,      KYMonett,      MOArma,      KSSouthwest      City, MOLuverne,      ALParsons,      KSNewport,      TNJenkins,      KYCorbin,      KYSomerset,      KYMitchell,      SDWatertown,      SDJacksonville,      TXBrodhead,      KYMt.      Vernon, KYHazlehurst,      MSYankton,      SDHooversville,      PALogan,      OHHaines,      AKBarbourville,      KYGassville,      ARSt.      George, SCMountain      View, ARHarrison,      ARHardy,      ARDawson,      GA | 24162424323016322443243228123248403624242424402424323332403224281233162540 | 895,639524,129557,262956,1951,061,2281,440,715548,717831,957549,0521,375,503794,786770,981703,434311,685984,8941,230,8181,271,2761,067,565781,074762,826980,840851,801961,118769,501767,537939,9491,137,5081,313,3141,227,3192,335,876778,9411,167,891453,5691,066,724112,696272,6031,160,429 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                       | ------------                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                       | $33,717,352                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                       | ============                                                                                                                                                                                                                                                                                  |

----

| Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Cost      At Acquisition--------------------                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                              |    Land----                                                                                                                                                                                                          |  Buildings,Improvementsand      Equipment-------------                                                                                                                                                                                                                                                             | Net      ImprovementsCapitalizedSubsequent      toAcquisition---------------- |
| SpruceShannon      ApartmentsCarthageCoal      CityBlacksburg      TerraceFrazierEhrhardtSintonFrankstonFlagler      BeachOak      RidgeMonettArmaSouthwest      CityMeadowcrestParsonsNewport      VillageGoodwater      FallsNorthfield      StationPleasant      Hill SquareWinter      ParkCornellHeritage      Drive S.BrodheadMt.      VillageHazelhurstSunriseStony      CreekLogan      PlaceHainesMaple      WoodSummerhillDorchesterLancasterAutumn      VillageHardyDawson | $  60,0405,000115,81460,05539,93051,6659,02042,10330,000118,57540,000170,22985,51267,30372,50049,78061,35032,00044,25035,00095,00032,00044,24721,60055,00060,00090,000039,300189,32379,00023,00013,00037,50020,000040,000 | $   108,77294,494578,5971,121,4771,278,8601,619,209671,750985,010639,0681,534,541995,782782,795771,316319,2721,130,6511,483,1881,470,5051,142,517977,220893,3231,121,1191,017,5721,151,157932,468884,5961,118,7341,269,2521,428,6561,477,5272,851,953924,144788,157239,4551,361,272595,604473,695346,569 | 1,012,714605,30080,684147,09159,7265,96829,11125,9467,86365,5609,86481,56251,66650,30735,3240146,355240,4611,09133,603115,612118,22739,69428,62019,91311,422140,341227,47910,08566,48736,646508,629308,553(11,737)478458,2941,088,404 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | -----------                                                                                                                                                                                                                         | ------------                                                                                                                                                                                                                                                                                                            | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $2,029,096                                                                                                                                                                                                                          | $36,580,277                                                                                                                                                                                                                                                                                                             | $5,857,343 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ===========                                                                                                                                                                                                                         | ============                                                                                                                                                                                                                                                                                                            | ============ |

----

| Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Gross      Amount At Which Carried At December 31, 2006                                                                                                                                                                              |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   Land----                                                                                                                                                                                                                 | Buildings,Improvementsand      Equipment------------- |   Total----- |
| SpruceShannon      ApartmentsCarthageCoal      CityBlacksburg      TerraceFrazierEhrhardtSintonFrankstonFlagler      BeachOak      RidgeMonettArmaSouthwest      CityMeadowcrestParsonsNewport      VillageGoodwater      FallsNorthfield      StationPleasant      Hill SquareWinter      ParkCornellHeritage      Drive S.BrodheadMt.      VillageHazelhurstSunriseStony      CreekLogan      PlaceHainesMaple      WoodSummerhillDorchesterLancasterAutumn      VillageHardyDawson | 86,30821,526119,40460,05539,93051,6659,02042,10330,000118,57540,000173,66389,51288,43687,70049,78061,35032,00044,25029,550102,49444,47937,44021,60055,00060,000112,363108,20039,300189,32379,00023,00013,00037,50020,00021,25040,000 | 1,095,218683,268655,6911,268,5681,338,586,625,177700,8611,010,956646,9311,600,1011,005,646860,923818,982348,4461,150,7751,483,1881,616,8601,382,978978,311932,3761,229,2371,123,3201,197,658961,088904,5091,130,1561,387,2301,547,9351,487,6122,918,440960,7901,296,786548,0081,349,535596,082910,7391,434,973 | 1,181,526704,794775,0951,328,6231,378,5161,676,842709,8811,053,059676,9311,718,6761,045,6461,034,586908,494436,8821,238,4751,532,9681,678,2101,414,9781,022,561961,9261,331,7311,167,7991,235,098982,688959,5091,190,1561,499,5931,656,1351,526,9123,107,7631,039,7901,319,786561,0081,387,035616,082931,9891,474,973 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | -----------                                                                                                                                                                                                                          | ------------ | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $2,278,776                                                                                                                                                                                                                           | $42,187,940 | $44,466,716 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ===========                                                                                                                                                                                                                          | ============ | ============ |

----

| Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Accumulated      Depreciation------------------------                                                                                                                                                                                                                 | Depreciable      Life----------------                                                                                                                                                          |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| SpruceShannon      ApartmentsCarthageCoal      CityBlacksburg      TerraceFrazierEhrhardtSintonFrankstonFlagler      BeachOak      RidgeMonettArmaSouthwest      CityMeadowcrestParsonsNewport      VillageGoodwater      FallsNorthfield      StationPleasant      Hill SquareWinter      ParkCornellHeritage      Drive S.BrodheadMt.      VillageHazelhurstSunriseStony      CreekLogan      PlaceHainesMaple      WoodSummerhillDorchesterLancasterAutumn      VillageHardyDawson | 505,609270,139464,781522,742781,085946,877368,322319,231201,594603,132543,048585,312541,583247,211461,351872,507891,255536,390375,895359,476566,719437,100688,100356,393341,545383,205728,796594,626686,1791,554,156525,016450,681282,340545,113234,279345,761479,428 | 5-305-405-27.55-27.55-27.55-27.55-27.55-505-305-405-27.55-27.55-27.55-27.55-405-27.55-27.55-27.55-27.55-27.55-405-405-255-405-505-405-27.55-27.55-27.55-27.55-27.55-27.55-27.55-405-405-405-40 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | -----------                                                                                                                                                                                                                                                           |                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $19,596,977                                                                                                                                                                                                                                                           |                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ===========                                                                                                                                                                                                                                                           |                                                                                                                                                                                           |   |

----

| Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  Other |   0 48,934 22,533 0 ---------  0 0 --------- | $28,618,751       71,467     0 --------- |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                  |                                                                                           | $28,690,218 ============                                                                             |
| Reconciliation      of Accumulated Depreciation current year changes: Balance      at beginning of period - December 31, 2005  Current      year expense  Less      Accumulated Depreciation of real estate sold  Prior      Year Adjustment                                                         |    886,431 0 0 ---------                                         |   $13,623,386    886,431 ----------                                    |
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                       |                                                                                           | $ 14,509,817 ===========                                                                        |

| Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  Other |   0 130,599 (70,733)0 ---------  (7,645,116)(2)--------- | $28,371,578       59,866     (7,645,118)--------- |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                  |                                                                                        | $20,786,326 ===========                                                                                  |
| Reconciliation      of Accumulated Depreciation current year changes: Balance      at beginning of period - December 31, 2005  Current      year expense  Less      Accumulated Depreciation of real estate sold  Prior      Year Adjustment                                                              |    730,021 (4,123,641)(2)--------                                       |   $16,335,525     (3,393,622)----------                                    |
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                            |                                                                                        | $12,941,903 ============                                                                                 |

----

| Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  Other |   0 216,078 (32,540)0 ---------  (4,533,671)(131,410)--------- | $34,610,262       183,538     (4,665,081)----------- |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                            |                                                                                              | $30,128,719 =============                                                                                   |

|  Balance      at beginning of period - December 31, 2005  Current      year expense  Less      Accumulated Depreciation of real estate sold  Prior      Year Adjustment |   1,043,927 (1,796,739)(131,410)--------- |  $ 15,441,345     (884,222)---------- |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|--------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                          |                                                     | $14,557,123 ===========                                             |

| Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  Other |   0 61,854 1,050 0 ---------  0 0 --------- | $39,627,850       62,904     0 --------- |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                            |                                                                                          | $39,690,754 ============                                                                             |

|  Balance      at beginning of period - December 31, 2005  Current      year expense  Less      Accumulated Depreciation of real estate sold  Prior      Year Adjustment |   1,220,039 0 48,543 -------- |  $17,923,547    1,268,582 ---------- |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|--------------------------------------------------------------------|
| Balance      at end of period  December 31, 2006                                                                                                                                                 |                                                   | $19,192,129 ============                                      |

----

| SCHEDULE      III - REAL ESTATE AND ACCUMULATED DEPRECIATIONOF      PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED INAS      OF DECEMBER 31, 2006GATEWAY      TAX CREDIT FUND II LTD.NOTES      TO SCHEDULE III Reconciliation      of Land, Building & Improvements current year changes: SERIES 6Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other  Deductions      during period:  Cost      of real estate sold (Mt.Crest)  Other   |          0 749,565 13,194 0 --------- 0 0 --------- |         $43,703,957       762,759    0 ---------- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                | $44,466,716 ============                                                                                                                         |

|  Balance      at beginning of period - December 31, 2005  Current      year expense  Less      Accumulated Depreciation of real estate sold  Prior      Year Adjustment |   1,303,793 0 (67,448)---------- |  $18,360,632     1,236,345 ---------- |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|--------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                          |                                                 | $19,596,977 ============                                            |

----

|   PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                  |  #      OFUNITS------                   |   BALANCE-------                                                                                                                                                   |  INTERESTRATE --------                                                                               | MONTHLYDEBT SERVICE--------                                                                                   |  TERM(YEARS)------                      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|----------------------------------------------|
| Claxton      ElderlyDeerfield      IIHartwell      FamilyCherrytree      Apts.Springwood      Apts.Lakeshore      Apts.LewistonCharlestonSallisaw      IIPocolaInverness      ClubPearson      ElderlyRichland      ElderlyLake      ParkWoodland      TerraceMt.      Vernon ElderlyLakeland      ElderlyPrairie      ApartmentsSylacauga      HeritageManchester      HousingDurango      C.W.W.Columbus      Sr. | 24242433323425324736722534483021292144492416 | 642,668685,046688,4301,171,6451,222,3131,028,943977,060822,7211,168,971964,1012,920,262604,276846,9571,451,303866,842560,309760,210953,7281,353,4361,421,5481,013,039426,278 | 8.75%8.75%8.75%8.75%8.75%8.75%9.00%8.75%8.75%8.75%8.75%9.00%8.75%9.00%8.75%8.75%8.75%9.00%8.75%8.75%9.00%8.25% | 5,8836,2845,3079,0119,2187,9057,7206,3338,9807,40727,9054,9266,51711,4666,6664,3095,8827,51510,53610,9587,7393,102 | 50505050505050505050505050505050505050505050 |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                                         | $22,550,086===========                                                                                                                                                       |                                                                                                           |                                                                                                               |                                         |

|   PARTNERSHIP-----------                                                                                                                                                                                                                                                  |  #      OFUNITS------         |   BALANCE--------                                                                                                             |  INTERESTRATE -------                                                       | MONTHLYDEBT SERVICE-------                                                          |  TERM (YEARS)------      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|------------------------------------|
| Poteau      IISallisawNowata      PropertiesWaldron      PropertiesRoland      IIStilwellHornellsvilleSunchase      IICE      McKinley IIWeston      ApartmentsCountrywood      Apts.Wildwood      Apts.HancockHopkinsElkhart      Apts.Heritage      VillasLogansport      Seniors | 5252322452482441161040281224542532 | 1,262,9051,282,190837,803623,6041,279,9651,161,938871,5681,176,774551,354266,9431,166,581829,462342,931710,6491,078,853662,0321,118,560 | 9.50%9.50%9.50%9.00%9.50%9.50%9.00%9.00%8.75%9.00%9.00%9.50%9.50%8.75%9.00%8.75%8.75% | 10,68210,6546,9054,95010,6579,7276,9279,2795,1462,1319,3106,9063,1195,8159,1985,1106,745 | 5050505050505050505050505050405050 |
|                                                                                                                                                                                                                                                                                |                               | $15,224,112===========                                                                                                                  |                                                                                  |                                                                                     |                               |

----

|   PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                                   |  #      OFUNITS-----                          |   BALANCE-------                                                                                                                                                                      |  INTERESTRATE  -------                                                                                          | MONTHLYDEBT SERVICE-------                                                                                                  |  TERM (YEARS)------                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|
| Seneca      ApartmentsEudora      SeniorWestvilleWellsville      SeniorStilwell      IISpring      Hill SeniorTarpon      HeightsOaks      ApartmentsWynnwood      CommonChestnut      ApartmentsSt.      GeorgeWillistonBrackettville      Sr.Sonora      SeniorsOzona      SeniorsFredericksburg      Sr.St.      JosephCourtyardRural      DevelopmentJasper      VillasJonesville      ManorNorton      GreenTimpson      SeniorsPiedmontS.F.      Arkansas City | 24363624522448323424242432322448242125254040283612 | 595,304937,429839,986633,4411,259,978681,0381,372,818796,1061,340,852836,165735,713781,078804,278824,492617,6901,177,484809,871696,3211,180,721839,9451,320,6751,311,765658,3991,018,623335,627 | 9.00%8.75%8.75%8.75%8.75%8.75%8.75%9.00%8.75%8.75%8.75%9.00%8.75%8.75%8.75%8.75%9.00%9.25%9.25%8.75%8.75%8.75%8.75%8.75%10.62% | 4,6927,2696,4484,8599,6725,2369,3476,66310,3006,4195,6776,1476,1726,3374,7449,0506,3795,6229,5396,45010,15910,0855,0587,8563,056 | 50505050505050505050505050505050505050505050505050 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                               | $22,405,799===========                                                                                                                                                                          |                                                                                                                           |                                                                                                                             |                                               |   |

|   PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  #      OFUNITS-----                                              |   BALANCE-------                                                                                                                                                                                                                                                |  INTERESTRATE  -------                                                                                                                                               | MONTHLYDEBT SERVICE-------                                                                                                                                                     |  TERM (YEARS)------                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|
| SeymourEffinghamS.F.      WinfieldS.F.Medicine      LodgeS.F.      OttawaS.F.      ConcordiaCarrollton      ClubScarlett      OaksBrooks      HillGreensboroGreensboro      IIPine      TerraceShellmanBlackshearCrisp      PropertiesCrawfordYorkshireWoodcrestFox      RidgeRedmont      IIClaytonAlmaPemberton      VillageMagic      CircleSpring      HillMenard      RetirementWallis      HousingZapata      HousingMill      CreekPortland      IIGeorgetownCloverdaleS.      Timber RidgePinevilleRavenwood | 3724121624207840442432242746312560402424242424243624244060202424441224 | 1,208,960786,073327,812446,851562,545548,6642,615,0561,357,0651,428,626714,573878,253710,115721,7481,290,416910,271727,6802,035,4901,239,859720,474680,279653,073717,627624,409640,0331,101,039614,238383,337955,9151,400,753569,662724,248741,5531,041,693312,642708,808 | 8.75%8.75%11.37%10.62%10.62%11.87%7.75%8.25%8.25%7.75%7.75%8.25%8.25%8.25%8.25%8.25%8.25%8.25%9.00%8.75%8.25%8.75%8.75%8.75%8.25%8.75%8.75%8.75%8.25%8.75%8.25%8.75%8.75%8.25%7.25% | 9,3466,0323,0164,0495,1265,49818,0649,87010,3984,9376,1295,1725,2649,3896,6325,30214,8429,4025,6735,3554,7608,0184,7824,9138,0184,7153,6887,37710,1924,3885,2655,6937,9862,3184,595 | 5050505050505050505050505050505050505050505050505050505050505050505050 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                   | $31,099,840===========                                                                                                                                                                                                                                                    |                                                                                                                                                                                |                                                                                                                                                                                |                                                                   |

----

|   PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  #      OFUNITS-----                                                  |   BALANCE-------                                                                                                                                                                                                                                                                    |  INTERESTRATE  -------                                                                                                                                                     | MONTHLYDEBT SERVICE-------                                                                                                                                                             |  TERM (YEARS)------                                              |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|
| SpruceShannon      ApartmentsCarthageCoal      CityBlacksburg      TerraceFrazierEhrhardtSintonFrankstonFlagler      BeachOak      RidgeMonettArmaSouthwest      CityMeadowcrestParsonsNewport      VillageGoodwater      FallsNorthfield      StationPleasant      Hill SquareWinter      ParkCornellHeritage      Drive S.BrodheadMt.      VillageHazelhurstSunriseStony      CreekLogan      PlaceHainesMaple      WoodSummerhillDorchesterLancasterAutumn      VillageHardyDawson | 24162424323016322443243228123248403624242424402424323332403224281233162540 | 895,639524,129557,262956,1951,061,2281,440,715548,717831,957549,0521,375,503794,786770,981703,434311,685984,8941,230,8181,271,2761,067,565781,074762,826980,840851,801961,118769,501767,537939,9491,137,5081,313,3141,227,3192,335,876778,9411,167,891453,5691,066,724112,696272,6031,160,429 | 8.75%8.75%8.75%7.75%8.25%8.25%7.75%8.25%8.75%8.25%8.25%8.25%8.75%8.25%8.25%7.75%7.75%7.75%7.75%7.75%8.25%8.25%8.25%7.75%8.25%8.25%8.75%8.75%8.25%8.25%7.75%8.25%7.75%7.75%7.00%6.00%7.25% | 6,8574,0144,3716,5787,73810,4703,7916,0634,2079,8645,8005,5985,3882,2717,1608,4858,7987,9805,3795,3157,1316,1936,9905,3035,5747,1058,7119,0658,90916,9505,3815,9113,1187,7752,6083,6397,524 | 50505050505050505050505050505050505050505050505050505050505050505050501850 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                       | $33,717,352===========                                                                                                                                                                                                                                                                        |                                                                                                                                                                                      |                                                                                                                                                                                        |                                                                       |

----

| GATEWAY      TAX CREDIT FUND II, LTD.        |
|----------------------------------------------|
| (A      Florida Limited Partnership)         |
| By:      Raymond James Tax Credit Funds,Inc. |

| Date: January 20,      2009 |   | By:/s/ Ronald M.      Diner |
|----------------------------------|--------|-----------------------------|
|                             |   | Ronald      M. Diner        |
|                             |   | President                   |

| Date: January 20,      2009 |   | By:/s/ J. Davenport Mosby      III |
|----------------------------------|--------|------------------------------------|
|                             |   | J.      Davenport Mosby III        |
|                             |   | Director                           |

| Date: January 20,      2009 |   | By:/s/ Jonathan      Oorlog                    |
|----------------------------------|--------|------------------------------------------------|
|                             |   | Jonathan      Oorlog                           |
|                             |   | Vice      President and Chief FinancialOfficer |

| Date: January 20,      2009 |   | By:/s/ Sandra C.      Humphreys |
|----------------------------------|--------|---------------------------------|
|                             |   | Sandra      C. Humphreys        |
|                             |   | Secretary      and Treasurer    |