| California                               | 33-0433017          |
|------------------------------------------|---------------------|
| (State or other jurisdiction of          | (I.R.S. Employer    |
| incorporation or organization)           | Identification No.) |
|                                     |                |
| 17782 Sky Park Circle                    | 92614-6404          |
| Irvine, CA                               | (Zip Code)          |
| (Address of principal executive offices) |                |

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| a.   | Risks arising from the Internal Revenue Code rules governing Low Income Housing Tax Credits |
|----------------|---------------------------------------------------------------------------------------------|

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| b.   | Risks related to investment in Local Limited Partnerships and Housing Complexes |
|----------------|---------------------------------------------------------------------------------|

| ·   | Obtaining tenants for the Housing Complexes.  Government regulations limit the types of people who can rent subsidized housing. These regulations may make it more difficult to rent the residential units in the Housing Complexes. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Obtaining rent increases.  In many cases rents can only be increased with the prior approval of the subsidizing agency. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on cash distributions.  The amount of cash that may be distributed to owners of subsidized Housing Complexes is less than the amount that could be earned by the owners of non-subsidized Housing Complexes. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on sale or refinancing of the Housing Complexes.  A Local Limited Partnership may be unable to sell its Housing Complex or to refinance its mortgage loan without the prior approval of the lender. The lender may withhold such approval in the discretion of the lender. Approval may be subject to conditions, including the condition that the purchaser continues to operate the property as affordable housing for terms which could be as long as 30 years or more. In addition, any prepayment of a mortgage may result in the assessment of a prepayment penalty. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on transfers of interests in Local Limited Partnerships.  The Partnership may be unable to sell its interest in a Local Limited Partnership without the prior approval of the lender.  The lender may withhold such approval in the discretion of the lender.  Approval may be subject to conditions. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Limitations on removal and admission of Local General Partners.  The Partnership may be unable to remove a Local General Partner from a Local Limited Partnership except for cause, such as the violation of the rules of the lender or state allocating authority.  Regulations may prohibit the removal of a Local General Partner or permit removal only with the prior approval of the lender.  Regulations may also require approval of the admission of a successor Local General Partner even upon the death or other disability of a Local General Partner. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on subsidy payments. Subsidy payments may be fixed in amount and subject to annual legislative appropriations. The rental revenues of a Housing Complex, when combined with the maximum committed subsidy, may be insufficient to meet obligations. Congress or the state legislature, as the case may be, may fail to appropriate or increase the necessary subsidy.  In those events, the mortgage lender could foreclose on the Housing Complex unless a workout arrangement could be negotiated. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Possible changes in applicable regulations.  Legislation may be enacted which adversely revises provisions of outstanding mortgage loans.  Such legislation has been enacted in the past. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limited Partners may not receive distributions if Housing Complexes are sold.  There is no assurance that Limited Partners will receive any cash distributions from the sale or refinancing of a Housing Complex.  The price at which a Housing Complex is sold may not be high enough to pay the mortgage and other expenses at the Local Limited Partnership and Partnership levels which must be paid at such time.  If that happens, a Limited Partner’s return would be derived only from the Low Income Housing Tax Credits and tax losses. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | the general and local job market, |
|--------------------|-----------------------------------|

| ·   | the availability and cost of mortgage financing, |
|--------------------|--------------------------------------------------|

| ·   | monetary inflation, |
|--------------------|---------------------|

| ·   | tax, environmental, land use and zoning policies, |
|--------------------|---------------------------------------------------|

| ·   | the supply of and demand for similar properties, |
|--------------------|--------------------------------------------------|

| ·   | neighborhood conditions, |
|--------------------|--------------------------|

| ·   | the availability and cost of utilities and water. |
|--------------------|---------------------------------------------------|

| c.   | Tax risks other than those relating to tax credits |
|----------------|----------------------------------------------------|

| ·   | the determination of which depends on future factual circumstances, |
|--------------------|---------------------------------------------------------------------|

| ·   | which are peculiar to individual Limited Partners, or |
|--------------------|-------------------------------------------------------|

| ·   | which are not customarily the subject of an opinion. |
|--------------------|------------------------------------------------------|

| ·   | allocating purchase price among components of a property, particularly as between buildings and fixtures, the cost of which is depreciable, and the underlying land, the cost of which is not depreciable, |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | characterizing expenses and payments made to or by the Partnership or a Local Limited Partnership, |
|--------------------|----------------------------------------------------------------------------------------------------|

| ·   | identifying the portion of the costs of any Housing Complex which qualify for historic and other tax credits, and |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| ·   | applying to any specific Limited Partner the limitation on the use of tax credits and tax losses.  Limited Partners must determine for themselves the extent to which they can use tax credits and tax losses. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | the amount of cash the Limited Partner invests in the Partnership, and |
|--------------------|------------------------------------------------------------------------|

| ·   | the Limited Partner’s share of Partnership qualified nonrecourse financing. |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | the sales proceeds plus the amount of indebtedness secured by the Housing Complex, and |
|--------------------|----------------------------------------------------------------------------------------|

| ·   | the adjusted basis for the Housing Complex. The adjusted basis for a Housing Complex is its original cost, plus capital expenditures, minus depreciation. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the sales proceeds plus the Partnership’s share of the amount of indebtedness secured by the Housing Complex, and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | the adjusted basis for the interest.  The adjusted basis for an interest in a Local Limited Partnership is the amount paid for the interest, plus income allocations and cash distributions, less loss allocations. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | between the Limited Partners and the General Partner, |
|--------------------|-------------------------------------------------------|

| ·   | among the Limited Partners, or |
|--------------------|--------------------------------|

| ·   | between the Partnership and a Local General Partner. |
|--------------------|------------------------------------------------------|

| ·   | unused passive losses from the Partnership or other investments, or |
|--------------------|---------------------------------------------------------------------|

| ·   | current passive losses from other investments. |
|--------------------|------------------------------------------------|

| ·   | should be deductible over a longer period of time or in a later year, |
|--------------------|-----------------------------------------------------------------------|

| ·   | are excessive and may not be capitalized or deducted in full, |
|--------------------|---------------------------------------------------------------|

| ·   | should be capitalized and not deducted, or |
|--------------------|--------------------------------------------|

| ·   | may not be included as part of the basis for computing tax credits. |
|--------------------|---------------------------------------------------------------------|

| ·   | the eligible basis of a Housing Complex used to compute Low Income Housing Tax Credits, |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | the adjusted basis of a Housing Complex used to compute depreciation, |
|--------------------|-----------------------------------------------------------------------|

| ·   | the correct deduction of fees, |
|--------------------|--------------------------------|

| ·   | the amortization of organization and offering expenses and start-up expenditures. |
|--------------------|-----------------------------------------------------------------------------------|

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| d.   | Risks related to the Partnership and the Partnership Agreement |
|----------------|----------------------------------------------------------------|

| ·   | remove the General Partner and elect a replacement general partner, |
|--------------------|---------------------------------------------------------------------|

| ·   | amend the Partnership Agreement, |
|--------------------|----------------------------------|

| ·   | terminate the Partnership. |
|--------------------|----------------------------|

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|                                                        |   |                            |   |                                                          |   | As of March 31, 2011                                              |                  |   | As of December 31, 2010           |   |
|-------------------------------------------------------------|--------|---------------------------------|--------|---------------------------------------------------------------|--------|-------------------------------------------------------------------|-----------------------|--------|-----------------------------------|--------|
| Local Limited Partnership Name                              |   | Location                        |   | General Partner Name                                          |   | Partnership’s Total Investment in Local Limited Partnership |                  |   | Amount of Investment Paid to Date |   |   | Number of Units |   |   | Estimated Aggregate Low Income Housing Tax Credits |   |   | Mortgage Balances of Local Limited Partnership |   |
|                                                        |   |                            |   |                                                          |   |                                                              |                  |   |                              |   |   |   |   |   |   |   |   |   |   |
| Airport Road Associates,Limited (2)                         |   | Slidell, Louisiana              |   | Clifford E. Olsen, Olsen Securities Corporation               |   | $                                                                 |  334,000         |   |                              | $      |  334,000 |   |   |   |   40 |   |   | $ | 695,000 |   |   | $ | 1,381,000 |   |
|                                                        |   |                            |   |                                                          |   |                                                              |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Am-Kent Associates, Ltd. (2)                                |   | Amite & Kentwood, Louisiana |   | Olsen Securities Corporation                                  |   |                                                              | 232,000               |   |                              |   | 232,000 |   |   |   | 32 |   |   |   | 585,000 |   |   |   | 1,061,000 |   |
|                                                        |   |                            |   |                                                          |   |                                                              |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arizona I Limited Partnership                               |   | Showlow, Arizona                |   | Western States Housing Corporation and Joe W. Roberts Company |   |                                                              |     320,000 |   |                              |   |     320,000 |   |   |   |     42 |   |   |   |     617,000 |   |   |   |     1,422,000 |   |
|                                                        |   |                            |   |                                                          |   |                                                              |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brantley Housing, Ltd.(1)                                   |   | Brantley, Alabama               |   | Thomas H. Cooksey and Apartment Developers, Inc.              |   |                                                              |   108,000        |   |                              |   |   108,000 |   |   |   |   19 |   |   |   |   287,000 |   |   |   |   546,000 |   |
|                                                        |   |                            |   |                                                          |   |                                                              |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brian's Village Apartments, an Oklahoma Limited Partnership |   | Mannford, Oklahoma              |   | Robert W. Green and Emerald Development Co., Inc.             |   |                                                              |     *       |   |                              |   |     * |   |   |   |     28 |   |   |   |     374,000 |   |   |   |     721,000 |   |

----

|                                  |   |                  |   |                                                                    |   | As of March 31, 2011                                              |    |   | As of December 31, 2010           |   |
|---------------------------------------|--------|-----------------------|--------|-------------------------------------------------------------------------|--------|-------------------------------------------------------------------|---------|--------|-----------------------------------|--------|
| Local Limited Partnership Name        |   | Location              |   | General Partner Name                                                    |   | Partnership’s Total Investment in Local Limited Partnership |    |   | Amount of Investment Paid to Date |   |   | Number of Units |   |   | Estimated Aggregate Low Income Housing Tax Credits |   |   | Mortgage Balances of Local Limited Partnership |   |
|                                  |   |                  |   |                                                                    |   |                                                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |
| Casa Allegre Limited Partnership      |   | Las Vegas, New Mexico |   | Western States Housing Corporation, ABO Corporation and Alan D. Nofsker |   |                                                              | 318,000 |   |                              |   | 318,000 |   |   |   | 42 |   |   |   | 635,000 |   |   |   | 1,229,000 |   |
|                                  |   |                  |   |                                                                    |   |                                                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Castroville Village, Ltd.             |   | Castroville, Texas    |   | Doublekaye Corp and Gary L. Kersch                                      |   |                                                              | 165,000 |   |                              |   | 165,000 |   |   |   | 40 |   |   |   | 426,000 |   |   |   | 866,000 |   |
|                                  |   |                  |   |                                                                    |   |                                                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eclectic Housing, Ltd.(1)             |   | Eclectic, Alabama     |   | Thomas H. Cooksey and Apartment Developers, Inc.                        |   |                                                              | 74,000  |   |                              |   | 74,000 |   |   |   | 15 |   |   |   |  216,000 |   |   |   | 365,000 |   |
|                                  |   |                  |   |                                                                    |   |                                                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Elizabeth Square Associates, Ltd. (2) |   | Raceland, Louisiana   |   | Olsen Securities Corp.                                                  |   |                                                              | 356,000 |   |                              |   | 356,000 |   |   |   | 48 |   |   |   | 748,000 |   |   |   | 1,367,000 |   |
|                                  |   |                  |   |                                                                    |   |                                                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Capital, L.P.                   |   | Emory, Texas          |   | 1600 Capital Company, Inc.                                              |   |                                                              | 85,000  |   |                              |   | 85,000 |   |   |   | 16 |   |   |   | 175,000 |   |   |   | 353,000 |   |
|                                  |   |                  |   |                                                                    |   |                                                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Manor, L.P.                     |   | Emory, Texas          |   | 1600 Capital Company, Inc.                                              |   |                                                              | 128,000 |   |                              |   | 128,000 |   |   |   | 24 |   |   |   | 206,000 |   |   |   | 527,000 |   |
|                                  |   |                  |   |                                                                    |   |                                                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Idalou Manor, L.P.                    |   | Idalou, Texas         |   | 1600 Capital Company, Inc.                                              |   |                                                              | 122,000 |   |                              |   | 122,000 |   |   |   | 24 |   |   |   | 290,000 |   |   |   | 591,000 |   |
|                                  |   |                  |   |                                                                    |   |                                                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Capital, L.P.               |   | Jefferson, Texas      |   | 1600 Capital Company, Inc.                                              |   |                                                              | 167,000 |   |                              |   | 167,000 |   |   |   | 30 |   |   |   | 269,000 |   |   |   | 682,000 |   |

----

|                                             |   |                 |   |                                             |   | As of March 31, 2011                                              |           |   | As of December 31, 2010           |   |
|--------------------------------------------------|--------|----------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------------------|----------------|--------|-----------------------------------|--------|
|    Local Limited Partnership Name |   |   Location |   |  General Partner Name                       |   | Partnership’s Total Investment in Local Limited Partnership |           |   | Amount of Investment Paid to Date |   |   | Number of Units |   |   | Estimated Aggregate Low Income Housing Tax Credits |   |   | Mortgage Balances of Local Limited Partnership |   |
|                                             |   |                 |   |                                             |   |                                                              |           |   |                              |   |   |   |   |   |   |   |   |   |   |
| Jefferson Manor, L.P.                            |   | Jefferson, Texas     |   | 1600 Capital Company, Inc.                       |   |                                                              | 179,000        |   |                              |   | 179,000 |   |   |   | 32 |   |   |   | 362,000 |   |   |   | 729,000 |   |
|                                             |   |                 |   |                                             |   |                                                              |           |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.                          |   | Littlefield, Texas   |   | 1600 Capital Company, Inc.                       |   |                                                              | 118,000        |   |                              |   | 118,000 |   |   |   | 24 |   |   |   | 280,000 |   |   |   | 567,000 |   |
|                                             |   |                 |   |                                             |   |                                                              |           |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Perry County Housing, Ltd.(1)                    |   | Uniontown, Alabama   |   | Thomas H. Cooksey and Apartment Developers, Inc. |   |                                                              |   82,000  |   |                              |   |   82,000 |   |   |   |   15 |   |   |   |  215,000 |   |   |   |   417,000 |   |
|                                             |   |                 |   |                                             |   |                                                              |           |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pine Hill Housing, Ltd.(1)                       |   | Pine Hill, Alabama   |   | Thomas H. Cooksey and Apartment Developers, Inc. |   |                                                              |   105,000 |   |                              |   |   105,000 |   |   |   |   19 |   |   |   |  267,000 |   |   |   |   518,000 |   |
|                                             |   |                 |   |                                             |   |                                                              |           |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rociada Partners Ltd.                            |   | Hereford, Texas      |   | Richard Lee (Rick) Brown                         |   |                                                              | 154,000        |   |                              |   | 154,000 |   |   |   | 28 |   |   |   | 316,000 |   |   |   | 693,000 |   |
|                                             |   |                 |   |                                             |   |                                                              |           |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wadley Housing, Ltd.(1)                          |   | Wadley, Alabama      |   | Thomas H. Cooksey and Apartment Developers, Inc. |   |                                                              |   76,000  |   |                              |   |   76,000 |   |   |   |   15 |   |   |   |  213,000 |   |   |   |   418,000 |   |
|                                             |   |                 |   |                                             |   |                                                              |           |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   |                 |   |                                             |   | $                                                                 | 3,123,000      |   |                              | $      | 3,123,000 |   |   |   | 533 |   |   | $ | 7,176,000 |   |   | $ | 14,453,000 |   |

| (1) | The Partnership has identified the Local Limited Partnership for disposition and the Local Limited Partnership Interests were sold subsequent to March 31, 2011. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Local Limited Partnership was identified for disposition as of March 31, 2011. |
|-----|------------------------------------------------------------------------------------|

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|                                   |   | For the year ended December 31, 2010 |         |
|----------------------------------------|--------|--------------------------------------|--------------|
| Local Limited Partnership Name         |   | Rental Income                        |         |   | Net Income (Loss) |   |   | Low Income Housing Tax Credits Allocated to Partnership |   |
|                                   |   |                                 |         |   |   |   |   |   |   |
| Airport Road Associates, Limited (2)   |   | $                                    | 236,000      |   |   | $ | (51,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Am-Kent Associates, Ltd. (2)           |   |                                 | 242,000      |   |   |   | (23,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Arizona I Limited Partnership          |   |                                 | 223,000      |   |   |   | (2,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Brantley Housing, Ltd. (1)             |   |                                 | 98,000       |   |   |   | 10,000 |   |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Brian’s Village Apartments, L.P. |   |                                 | 147,000      |   |   |   | (7,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Casa Allegre Limited Partnership       |   |                                 | 223,000      |   |   |   | 17,000 |   |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Castroville Village, Ltd.              |   |                                 | 244,000      |   |   |   | (4,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Eclectic Housing, Ltd. (1)             |   |                                 | 74,000       |   |   |   | 8,000 |   |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Elizabeth Square Associates, Ltd. (2)  |   |                                 | 307,000      |   |   |   | (34,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Emory Capital, L.P.                    |   |                                 | 75,000       |   |   |   | (9,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Emory Manor, L.P.                      |   |                                 | 110,000      |   |   |   | (7,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Idalou Manor, L.P.                     |   |                                 | 104,000      |   |   |   | (19,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Jefferson Capital, L.P.                |   |                                 | 130,000      |   |   |   | (8,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Jefferson Manor, L.P.                  |   |                                 | 123,000      |   |   |   | (32,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.                |   |                                 | 97,000       |   |   |   | (15,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Perry County Housing, Ltd. (1)         |   |                                 | 78,000       |   |   |   | (7,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Pine Hill Housing, Ltd. (1)            |   |                                 | 99,000       |   |   |   | 7,000 |   |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Rociada Partners Ltd.                  |   |                                 | 107,000      |   |   |   | (43,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
| Wadley Housing, Ltd. (1)               |   |                                 |  78,000 |   |   |   | (1,000 | ) |   |   | N/A |   |
|                                   |   |                                 |         |   |   |   |   |   |   |   |   |   |
|                                   |   | $                                    | 2,795,000    |   |   | $ | (220,000 | ) |   |   |   |   |

| (1) | The Partnership has identified the Local Limited Partnership for disposition and the Local Limited Partnership Interests were sold subsequent to March 31, 2011. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Local Limited Partnership was identified for disposition as of March 31, 2011. |
|-----|------------------------------------------------------------------------------------|

----

|                                                        |   |                            |   |                                                          | Occupancy Rates    |
|-------------------------------------------------------------|--------|---------------------------------|--------|---------------------------------------------------------------|--------------------|
|                                                        |   |                            |   |                                                          | As of December 31, |
| Local Limited Partnership Name                              |   | Location                        |   | General Partner Name                                          | 2010               | 2009 | 2008 | 2007 | 2006 |
|                                                        |   |                            |   |                                                          |               |   |   |   |   |
| Airport Road Associates, Limited                            |   | Slidell, Louisiana              |   | Clifford E. Olsen, Olsen Securities Corporation               | 93%                | 93% | 95% | 93% | 98% |
|                                                        |   |                            |   |                                                          |               |   |   |   |   |
| Am-Kent Associates, Ltd.                                    |   | Amite & Kentwood, Louisiana |   | Olsen Securities Corporation                                  | 100%               | 100% | 100% | 97% | 94% |
|                                                        |   |                            |   |                                                          |               |   |   |   |   |
| Arizona I Limited Partnership                               |   | Showlow, Arizona                |   | Western States Housing Corporation and Joe W. Roberts Company | 81%                | 86% | 86% | 88% | 93% |
|                                                        |   |                            |   |                                                          |               |   |   |   |   |
| Ashland Investment Group, an Oregon Limited Partnership     |   | Ashland, Oregon                 |   | Ronald D. Bettencourt                                         | N/A                | N/A | N/A | 98% | 98% |
|                                                        |   |                            |   |                                                          |               |   |   |   |   |
| Brantley Housing, Ltd.                                      |   | Brantley, Alabama               |   | Thomas H. Cooksey and Apartment Developers, Inc.              | 95%                | 84% | 89% | 84% | 89% |
|                                                        |   |                            |   |                                                          |               |   |   |   |   |
| Brian's Village Apartments, an Oklahoma Limited Partnership |   | Mannford, Oklahoma              |   | Robert W. Green and Emerald Development Co., Inc.             | 100%               | 100% | 100% | 96% | 93% |
|                                                        |   |                            |   |                                                          |               |   |   |   |   |
| Candleridge Apartments of Perry, L.P.                       |   | Perry, Iowa                     |   | Eric A Sheldahl                                               | N/A                | 57% | 74% | 91% | 87% |
|                                                        |   |                            |   |                                                          |               |   |   |   |   |
| Candleridge Apartments of Runnells, L.P.                    |   | Runnells, Iowa                  |   | Eric A. Sheldahl                                              | N/A                | 100% | 93% | 93% | 100% |

----

|                                             |   |                       |   |                                                                    | Occupancy Rates    |
|--------------------------------------------------|--------|----------------------------|--------|-------------------------------------------------------------------------|--------------------|
|                                             |   |                       |   |                                                                    | As of December 31, |
| Local Limited Partnership Name                   |   | Location                   |   | General Partner Name                                                    | 2010               | 2009 | 2008 | 2007 | 2006 |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Casa Allegre Limited Partnership                 |   | Las Vegas, New Mexico      |   | Western States Housing Corporation, ABO Corporation and Alan D. Nofsker | 100%               | 100% | 98% | 100% | 95% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Castroville Village, Ltd.                        |   | Castroville, Texas         |   | Doublekaye Corp and Gary L. Kersch                                      | 98%                | 95% | 100% | 98% | 98% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Cherokee Square, L.P.                            |   | Rogersville, Tennessee     |   | Douglas B. Parker and Billy D. Cobb                                     | N/A                | N/A | 100% | 97% | 94% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Divall Midland Associates Limited Partnership II |   | Port Washington, Wisconsin |   | Gary J. DiVall                                                          | N/A                | N/A | 91% | 97% | 94% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Eclectic Housing, Ltd.                           |   | Eclectic, Alabama          |   | Thomas H. Cooksey and Apartment Developers, Inc.                        | 100%               | 100% | 93% | 93% | 100% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Elizabeth Square Associates, Ltd.                |   | Raceland, Louisiana        |   | Olsen Securities Corp.                                                  | 94%                | 98% | 83% | 98% | 98% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Emory Capital, L.P.                              |   | Emory, Texas               |   | 1600 Capital Company, Inc.                                              | 94%                | 100% | 88% | 100% | 100% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Emory Manor, L.P.                                |   | Emory, Texas               |   | 1600 Capital Company, Inc.                                              | 100%               | 100% | 96% | 96% | 96% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Idalou Manor, L.P.                               |   | Idalou, Texas              |   | 1600 Capital Company, Inc.                                              | 100%               | 92% | 88% | 96% | 96% |
|                                             |   |                       |   |                                                                    |               |   |   |   |   |
| Jefferson Capital, L.P.                          |   | Jefferson, Texas           |   | 1600 Capital Company, Inc.                                              | 97%                | 97% | 93% | 97% | 97% |

----

|                                                     |   |                  |   |                                                         | Occupancy Rates    |
|----------------------------------------------------------|--------|-----------------------|--------|--------------------------------------------------------------|--------------------|
|                                                     |   |                  |   |                                                         | As of December 31, |
| Local Limited Partnership Name                           |   | Location              |   | General Partner Name                                         | 2010               | 2009 | 2008 | 2007 | 2006 |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Jefferson Manor, L.P.                                    |   | Jefferson, Texas      |   | 1600 Capital Company, Inc.                                   | 94%                | 91% | 91% | 100% | 94% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Lake View Limited Partnership                            |   | Beaver Dam, Wisconsin |   | Tomas L Larson,William H. Larson, and Raymond L. Tetzlaff    | N/A                | N/A | N/A | N/A | 95% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Littlefield Manor, L.P.                                  |   | Littlefield, Texas    |   | 1600 Capital Company, Inc.                                   | 92%                | 92% | 96% | 96% | 100% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Perry County Housing, Ltd.                               |   | Uniontown, Alabama    |   | Thomas H. Cooksey and Apartment Developers, Inc.             | 87%                | 93% | 80% | 80% | 80% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Pine Hill Housing, Ltd.                                  |   | Pine Hill, Alabama    |   | Thomas H. Cooksey and Apartment Developers, Inc.             | 89%                | 89% | 89% | 100% | 89% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Rociada Partners Ltd.                                    |   | Hereford, Texas       |   | Richard Lee (Rick) Brown                                     | 89%                | 93% | 89% | 100% | 96% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Wadley Housing, Ltd.                                     |   | Wadley, Alabama       |   | Thomas H. Cooksey and Apartment Developers, Inc.             | 100%               | 93% | 93% | 87% | 73% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Whitewater Woods Limited Partnership                     |   | Whitewater, Wisconsin |   | Thomas G. Larson, William H. Larson, and Raymond L. Tetzlaff | N/A                | 88% | 98% | 98% | 95% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
| Willcox Investment Group, an Arizona Limited Partnership |   | Willcox, Arizona      |   | John P. Casper                                               | N/A                | N/A | N/A | 90% | 87% |
|                                                     |   |                  |   |                                                         |               |   |   |   |   |
|                                                     |   | Weighted Average      |   |                                                         | 95%                | 93% | 92% | 95% | 94% |

----

| (a)   | The Partnership Units are not traded on a public exchange but were sold through a public offering.  It is not anticipated that any public market will develop for the purchase and sale of any Partnership Units and none exists. Partnership Units can be assigned or otherwise transferred only if certain requirements in the Partnership Agreement are satisfied. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | At March 31, 2011, there were 560 Limited Partners and 0 assignees of Partnership Units who were not admitted as Limited Partners. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The Partnership was not designed to provide operating cash distributions to Limited Partners.  It is possible that the Partnership could make distributions from sale proceeds, if the Partnership is able to sell its Local Limited Partnership Interests or Housing Complexes for more than the related closing costs and any then accrued obligations of the Partnership.  There can be no assurance in this regard.  Any distributions would be made in accordance with the terms of the Partnership Agreement.  During the years ended March 31, 2011, 2010 and 2009, the Partnership made no cash distributions to the Limited Partners. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | No securities are authorized for issuance by the Partnership under equity compensation plans. |
|-----------------|-----------------------------------------------------------------------------------------------|

| (e)   | The Partnership does not issue common stock. |
|-----------------|----------------------------------------------|

| (f)   | No unregistered securities were sold by the Partnership during the year ended March 31, 2011. |
|-----------------|-----------------------------------------------------------------------------------------------|

----

|                                                            |   | March 31, |       |
|-----------------------------------------------------------------|--------|-----------|------------|
|                                                            |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   | 2011      |       |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
|                                                            |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |
| ASSETS                                                          |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                                                            |   | $         | 43,639     |   |   | $ | 27,658 |   |   | $ | 21,720 |   |   | $ | 36,267 |   |   | $ | 75,484 |   |
| Other assets                                                    |   |      | 51,500     |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Investments in Local Limited Partnerships, net                  |   |      | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                            |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets                                                    |   | $         | 95,139     |   |   | $ | 27,658 |   |   | $ | 21,720 |   |   | $ | 36,267 |   |   | $ | 75,484 |   |
|                                                            |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES                                                     |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued fees and expenses due to General Partner and affiliates |   | $         | 2,573,107  |   |   | $ | 2,494,862 |   |   | $ | 2,353,511 |   |   | $ | 2,258,941 |   |   | $ | 2,221,528 |   |
| Accounts payable                                                |   |      | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,575 |   |
|                                                            |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities                                               |   |      | 2,573,107  |   |   |   | 2,494,862 |   |   |   | 2,353,511 |   |   |   | 2,258,941 |   |   |   | 2,223,103 |   |
|                                                            |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS' DEFICIT                                               |   |      | (2,477,968 | ) |   |   | (2,467,204 | ) |   |   | (2,331,791 | ) |   |   | (2,222,674 | ) |   |   | (2,147,619 | ) |
|                                                            |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Partners’ Deficit              |   | $         | 95,139     |   |   | $ | 27,658 |   |   | $ | 21,720 |   |   | $ | 36,267 |   |   | $ | 75,484 |   |

----

|                                       |   | For the Years EndedMarch 31, |     |
|--------------------------------------------|--------|------------------------------|----------|
|                                       |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | 2011                         |     |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
| Loss  from operations            |   | $                            | (131,835 | ) |   | $ | (176,909 | ) |   | $ | (167,133 | ) |   | $ | (200,820 | ) |   | $ | (172,661 | ) |
| Gain on sale of Local Limited Partnerships |   |                         | 121,057  |   |   |   | 41,483 |   |   |   | 58,000 |   |   |   | 363,905 |   |   |   | - |   |
| Interest income                            |   |                         | 14       |   |   |   | 13 |   |   |   | 16 |   |   |   | 125 |   |   |   | 337 |   |
|                                       |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                          |   | $                            | (10,764  | ) |   | $ | (135,413 | ) |   | $ | (109,117 | ) |   | $ | 163,210 |   |   | $ | (172,324 | ) |
|                                       |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) allocated to:            |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Partner                            |   | $                            | (108     | ) |   | $ | (1,354 | ) |   | $ | (1,091 | ) |   | $ | 1,632 |   |   | $ | (1,724 | ) |
|                                       |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partners                           |   | $                            | (10,656  | ) |   | $ | (134,059 | ) |   | $ | (108,026 | ) |   | $ | 161,578 |   |   | $ | (170,600 | ) |
|                                       |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per Partnership Unit     |   | $                            | (1.52    | ) |   | $ | (19.15 | ) |   | $ | (15.43 | ) |   | $ | 23.08 |   |   | $ | (24.38 | ) |
|                                       |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding weighted Partnership Units     |   |                         | 7,000    |   |   |   | 7,000 |   |   |   | 7,000 |   |   |   | 7,000 |   |   |   | 7,000 |   |

|                            |   | For the Years EndedMarch 31, |     |
|---------------------------------|--------|------------------------------|----------|
|                            |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |
|                            |   | 2011                         |     |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
|                            |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in): |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |
|                            |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating activities            |   | $                            | (108,076 | ) |   | $ | (35,545 | ) |   | $ | (72,547 | ) |   | $ | (164,857 | ) |   | $ | (7,855 | ) |
| Investing activities            |   |                         | 124,057  |   |   |   | 41,483 |   |   |   | 58,000 |   |   |   | 363,905 |   |   |   | - |   |
| Financing activities            |   |                         | -        |   |   |   | - |   |   |   | - |   |   |   | (238,265 | ) |   |   | - |   |
|                            |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in cash              |   |                         | 15,981   |   |   |   | 5,938 |   |   |   | (14,547 | ) |   |   | (39,217 | ) |   |   | (7,855 | ) |
|                            |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash, beginning of period       |   |                         | 27,658   |   |   |   | 21,720 |   |   |   | 36,267 |   |   |   | 75,484 |   |   |   | 83,339 |   |
|                            |   |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash, end of period             |   | $                            | 43,639   |   |   | $ | 27,658 |   |   | $ | 21,720 |   |   | $ | 36,267 |   |   | $ | 75,484 |   |

|    |   | 2010   |   |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2006   |   |
|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal |   | $      | -      |   |   | $      | -      |   |   | $      | -      |   |   | $      | -      |   |   | $ | - |   |
|    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| State   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | - |   |
|    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total   |   | $      | -      |   |   | $      | -      |   |   | $      | -      |   |   | $      | -      |   |   | $ | - |   |

----

----

----

----

----

----

|                               |   | 2012   |      |   | 2013   |   |   | 2014   |   |   | 2015   |   |   | 2016   |   |   | Thereafter |   |   | Total  |   |
|------------------------------------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|
|                               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |
| Asset management fees (1)          |   | $      | 2,593,084 |   |   | $      | 75,929 |   |   | $      | 75,929 |   |   | $      | 75,929 |   |       | $      | 75,929 |   |   | $ | 2,201,941 |   |   | $ | 5,098,741 |   |
| Total contractual cash obligations |   | $      | 2,593,084 |   |   | $      | 75,929 |   |   | $      | 75,929 |   |   | $      | 75,929 |   |       | $      | 75,929 |   |   | $ | 2,201,941 |   |   | $ | 5,098,741 |   |

| (1)   | Asset Management Fees are payable annually until termination of the Partnership, which is to occur no later than 2045. The estimate of the fees payable included herein assumes the retention of the Partnership’s interest in all Housing Complexes until 2045. Amounts due to the General Partner as of March 31, 2011 have been included in the 2012 column.  As of May 1, 2011, the Partnership sold its limited partnership interests in Brantley Housing, Ltd., Eclectic Housing Ltd., Perry County, Ltd., Pine Hill Housing, Ltd. and Wadley Housing, Ltd. Accordingly, the related asset management fee obligations for those Local Limited Partnerships after May 1, 2011 have been excluded from the table above. The General Partner does not anticipate that these fees will be paid until such time as capital reserves are in excess of the aggregate of the existing contractual obligations and the anticipated future foreseeable obligations of the Partnership. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                                                   |   | March 31, |       |
|--------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                   |   |      |       |   |   |   |
|                                                                                                   |   | 2011      |       |   | 2010 |   |
|                                                                                                   |   |      |       |   |   |   |
| ASSETS                                                                                                 |   |      |       |   |   |   |
|                                                                                                   |   |      |       |   |   |   |
| Cash                                                                                                   |   | $         | 43,639     |   |   | $ | 27,658 |   |
| Other assets                                                                                           |   |      | 51,500     |   |   |   | - |   |
| Investments in Local Limited Partnerships, net (Notes 2 and 3)                                         |   |      | -          |   |   |   | - |   |
|                                                                                                   |   |      |       |   |   |   |   |   |
| Total Assets                                                                                           |   | $         | 95,139     |   |   | $ | 27,658 |   |
|                                                                                                   |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ DEFICIT                                                                |   |      |       |   |   |   |   |   |
|                                                                                                   |   |      |       |   |   |   |   |   |
| Liabilities:                                                                                           |   |      |       |   |   |   |   |   |
| Accrued fees and expenses due to General Partner and affiliates (Note 3)                               |   | $         | 2,573,107  |   |   | $ | 2,494,862 |   |
|                                                                                                   |   |      |       |   |   |   |   |   |
| Partners’ Deficit:                                                                               |   |      |       |   |   |   |   |   |
| General Partner                                                                                        |   |      | (81,940    | ) |   |   | (81,832 | ) |
|                                                                                                   |   |      |       |   |   |   |   |   |
| Limited Partners (12,000 Partnership Units authorized; 7,000 Partnership Units issued and outstanding) |   |      | (2,396,028 | ) |   |   | (2,385,372 | ) |
|                                                                                                   |   |      |       |   |   |   |   |   |
| Total Partners’ Deficit                                                                          |   |      | (2,477,968 | ) |   |   | (2,467,204 | ) |
|                                                                                                   |   |      |       |   |   |   |   |   |
| Total Liabilities and Partners’ Deficit                                                          |   | $         | 95,139     |   |   | $ | 27,658 |   |

----

|                                       |   | For the Years Ended March 31, |     |
|--------------------------------------------|--------|-------------------------------|----------|
|                                       |   |                          |     |   |   |   |   |   |   |
|                                       |   | 2011                          |     |   | 2010 |   |   | 2009 |   |
|                                       |   |                          |     |   |   |   |   |   |   |
| Distribution income                        |   | $                             | 5,575    |   |   | $ | 1,200 |   |   | $ | - |   |
| Reporting fees                             |   |                          | 7,392    |   |   |   | 2,225 |   |   |   | 5,845 |   |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Total income                               |   |                          | 12,967   |   |   |   | 3,425 |   |   |   | 5,845 |   |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Operating expenses:                        |   |                          |     |   |   |   |   |   |   |   |   |   |
| Asset management fees (Note 3)             |   |                          | 103,771  |   |   |   | 113,109 |   |   |   | 133,525 |   |
| Legal and accounting                       |   |                          | 35,516   |   |   |   | 63,488 |   |   |   | 22,980 |   |
| Taxes                                      |   |                          | 800      |   |   |   | 800 |   |   |   | 800 |   |
| Appraisal expenses                         |   |                          | -        |   |   |   | - |   |   |   | 12,290 |   |
| Other                                      |   |                          | 4,715    |   |   |   | 2,937 |   |   |   | 3,383 |   |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Total operating expenses                   |   |                          | 144,802  |   |   |   | 180,334 |   |   |   | 172,978 |   |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Loss from operations                       |   |                          | (131,835 | ) |   |   | (176,909 | ) |   |   | (167,133 | ) |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Gain on sale of Local Limited Partnerships |   |                          | 121,057  |   |   |   | 41,483 |   |   |   | 58,000 |   |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Interest income                            |   |                          | 14       |   |   |   | 13 |   |   |   | 16 |   |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net loss                                   |   | $                             | (10,764  | ) |   | $ | (135,413 | ) |   | $ | (109,117 | ) |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net loss allocated to:                     |   |                          |     |   |   |   |   |   |   |   |   |   |
| General Partner                            |   | $                             | (108     | ) |   | $ | (1,354 | ) |   | $ | (1,091 | ) |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Limited Partners                           |   | $                             | (10,656  | ) |   | $ | (134,059 | ) |   | $ | (108,026 | ) |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net loss per Partnership Unit              |   | $                             | (1.52    | ) |   | $ | (19.15 | ) |   | $ | (15.43 | ) |
|                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Outstanding weighted Partnership Units     |   |                          | 7,000    |   |   |   | 7,000 |   |   |   | 7,000 |   |

----

|                                      |   | General Partner |    |   | Limited Partners |   |       | Total  |   |
|-------------------------------------------|--------|-----------------|---------|--------|------------------|--------|------------|--------|--------|
|                                      |   |            |    |   |             |   |       |   |   |
| Partners’ deficit at March 31, 2008 |   | $               | (79,387 | )      |             | $      | (2,143,287 | )      |   | $ | (2,222,674 | ) |
|                                      |   |            |    |   |             |   |       |   |   |   |   |   |
| Net loss                                  |   |            | (1,091  | )      |             |   | (108,026   | )      |   |   | (109,117 | ) |
|                                      |   |            |    |   |             |   |       |   |   |   |   |   |
| Partners’ deficit at March 31, 2009 |   |            | (80,478 | )      |             |   | (2,251,313 | )      |   |   | (2,331,791 | ) |
|                                      |   |            |    |   |             |   |       |   |   |   |   |   |
| Net loss                                  |   |            | (1,354  | )      |             |   | (134,059   | )      |   |   | (135,413 | ) |
|                                      |   |            |    |   |             |   |       |   |   |   |   |   |
| Partners’ deficit at March 31, 2010 |   |            | (81,832 | )      |             |   | (2,385,372 | )      |   |   | (2,467,204 | ) |
|                                      |   |            |    |   |             |   |       |   |   |   |   |   |
| Net loss                                  |   |            | (108    | )      |             |   | (10,656    | )      |   |   | (10,764 | ) |
|                                      |   |            |    |   |             |   |       |   |   |   |   |   |
| Partners’ deficit at March 31, 2011 |   | $               | (81,940 | )      |             | $      | (2,396,028 | )      |   | $ | (2,477,968 | ) |

----

|                                                                        |   | For the Years Ended March 31, |     |
|-----------------------------------------------------------------------------|--------|-------------------------------|----------|
|                                                                        |   |                          |     |   |   |   |   |   |   |
|                                                                        |   | 2011                          |     |   | 2010 |   |   | 2009 |   |
|                                                                        |   |                          |     |   |   |   |   |   |   |
| Cash flows from operating activities:                                       |   |                          |     |   |   |   |   |   |   |
| Net loss                                                                    |   | $                             | (10,764  | ) |   | $ | (135,413 | ) |   | $ | (109,117 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                          |     |   |   |   |   |   |   |   |   |   |
| Increase in accrued fees and expenses due to General Partner and affiliates |   |                          | 78,245   |   |   |   | 141,351 |   |   |   | 94,570 |   |
| Gain on sale of Local Limited Partnerships                                  |   |                          | (121,057 | ) |   |   | (41,483 | ) |   |   | (58,000 | ) |
| Increase in other assets                                                    |   |                          | (54,500  | ) |   |   | - |   |   |   | - |   |
|                                                                        |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net cash used in operating activities                                       |   |                          | (108,076 | ) |   |   | (35,545 | ) |   |   | (72,547 | ) |
|                                                                        |   |                          |     |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                       |   |                          |     |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of Local Limited Partnerships                            |   |                          | 124,057  |   |   |   | 41,483 |   |   |   | 58,000 |   |
|                                                                        |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net cash provided by investing activities                                   |   |                          | 124,057  |   |   |   | 41,483 |   |   |   | 58,000 |   |
|                                                                        |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash                                             |   |                          | 15,981   |   |   |   | 5,938 |   |   |   | (14,547 | ) |
|                                                                        |   |                          |     |   |   |   |   |   |   |   |   |   |
| Cash, beginning of period                                                   |   |                          | 27,658   |   |   |   | 21,720 |   |   |   | 36,267 |   |
|                                                                        |   |                          |     |   |   |   |   |   |   |   |   |   |
| Cash, end of period                                                         |   | $                             | 43,639   |   |   | $ | 27,658 |   |   | $ | 21,720 |   |
|                                                                        |   |                          |     |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                           |   |                          |     |   |   |   |   |   |   |   |   |   |
| Taxes paid                                                                  |   | $                             | 800      |   |   | $ | 800 |   |   | $ | 800 |   |

----

----

----

----

----

----

----

----

----

----

|                                                                                                                                       |   | 2010   |       |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                                                                                       |   |   |       |   |   |   |
| ASSETS                                                                                                                                     |   |   |       |   |   |   |
|                                                                                                                                       |   |   |       |   |   |   |
| Buildings and improvements (net of accumulated depreciation as of December 31, 2010 and 2009 of $11,124,000 and $12,459,000, respectively) |   | $      | 8,697,000  |   |   | $      | 10,336,000 |   |
| Land                                                                                                                                       |   |   | 813,000    |   |   |   | 981,000 |   |
| Other assets                                                                                                                               |   |   | 1,728,000  |   |   |   | 1,985,000 |   |
|                                                                                                                                       |   |   |       |   |   |   |   |   |
| Total assets                                                                                                                               |   | $      | 11,238,000 |   |   | $      | 13,302,000 |   |
|                                                                                                                                       |   |   |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                |   |   |       |   |   |   |   |   |
|                                                                                                                                       |   |   |       |   |   |   |   |   |
| Mortgage loans payable                                                                                                                     |   | $      | 14,453,000 |   |   | $      | 16,734,000 |   |
| Due to related parties                                                                                                                     |   |   | 103,000    |   |   |   | 131,000 |   |
| Other liabilities                                                                                                                          |   |   | 292,000    |   |   |   | 338,000 |   |
|                                                                                                                                       |   |   |       |   |   |   |   |   |
| Total liabilities                                                                                                                          |   |   | 14,848,000 |   |   |   | 17,203,000 |   |
|                                                                                                                                       |   |   |       |   |   |   |   |   |
| PARTNERS’ EQUITY (DEFICIT)                                                                                                           |   |   |       |   |   |   |   |   |
|                                                                                                                                       |   |   |       |   |   |   |   |   |
| WNC Housing Tax Credit Fund II, L.P.                                                                                                       |   |   | (4,129,000 | )      |   |   | (4,417,000 | ) |
| Other partners                                                                                                                             |   |   | 519,000    |   |   |   | 516,000 |   |
|                                                                                                                                       |   |   |       |   |   |   |   |   |
| Total partners’ equity (deficit)                                                                                                     |   |   | (3,610,000 | )      |   |   | (3,901,000 | ) |
|                                                                                                                                       |   |   |       |   |   |   |   |   |
| Total liabilities and partners’ equity (deficit)                                                                                     |   | $      | 11,238,000 |   |   | $      | 13,302,000 |   |

----

|                                        |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|---------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
|                                        |   |   |      |   |   |   |      |   |   |
| Revenues                                    |   | $      | 2,835,000 |   |   | $      | 3,136,000 |   |   | $ | 3,515,000 |   |
|                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Expenses:                                   |   |   |      |   |   |   |      |   |   |   |   |   |
| Operating expenses                          |   |   | 2,209,000 |   |   |   | 2,479,000 |   |   |   | 2,623,000 |   |
| Interest expense                            |   |   | 297,000   |   |   |   | 411,000   |   |   |   | 456,000 |   |
| Depreciation and amortization               |   |   | 549,000   |   |   |   | 637,000   |   |   |   | 725,000 |   |
|                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Total expenses                              |   |   | 3,055,000 |   |   |   | 3,527,000 |   |   |   | 3,804,000 |   |
|                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Net operating  loss               |   | $      | (220,000  | )      |   | $      | (391,000  | )      |   | $ | $$(289,000 | ) |
|                                        |   |   |      |   |   |   |      |   |   |   |   |   |
|  Net loss allocable to the Partnership |   | $      | (217,000  | )      |   | $      | (385,000  | )      |   | $ | (286,000 | ) |
|                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Net loss recorded by the Partnership        |   | $      | -         |   |   | $      | -         |   |   | $ | - |   |

|   | Acquisition fees equal to 9% of the gross proceeds from the sale of Partnership Units as compensation for services rendered in connection with the acquisition of Local Limited Partnerships.  At the end of all periods presented, the Partnership incurred acquisition fees of $630,000.  Accumulated amortization of these capitalized costs was $630,000 for all periods presented. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Reimbursement of costs incurred by the General Partner or an affiliate in connection with the acquisition of the Local Limited Partnerships.  These reimbursements have not exceeded 1.7% of the gross proceeds. As of the end of all periods presented, the Partnership had incurred acquisition costs of $10,581 which have been included in investments in Local Limited Partnerships.  Accumulated amortization of the acquisition costs was $10,581 for all periods presented. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | An annual asset management fee equal to 0.5% of the Invested Assets of the Partnership, as defined. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnership interests and the Partnership’s allocable share of mortgage loans on and other debts related to the Housing Complexes owned by such Local Limited Partnerships. Asset management fees of $103,771, $113,109 and $133,525 were incurred during the years ended March 31, 2011, 2010 and 2009, respectively, of which $24,000, $21,763 and $5,000 was paid during the years ended March 31, 2011, 2010 and 2009, respectively. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | The Partnership reimbursed the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership.  Operating expense reimbursements were $97,056, $23,237 and $73,408 during the years ended March 31, 2011, 2010 and 2009 respectively. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                              |   | March 31, |      |
|-----------------------------------------------------------------------------------|--------|-----------|-----------|
|                                                                              |   |      |      |   |   |   |
|                                                                              |   | 2011      |      |   | 2010 |   |
|                                                                              |   |      |      |   |   |   |
| Expenses paid by the General Partner or an affiliate on behalf of the Partnership |   | $         | 58,406    |   |   | $ | 59,932 |   |
|                                                                              |   |      |      |   |   |   |   |   |
| Accrued asset management fees                                                     |   |      | 2,514,701 |   |   |   | 2,434,930 |   |
|                                                                              |   |      |      |   |   |   |   |   |
| Total                                                                             |   | $         | 2,573,107 |   |   | $ | 2,494,862 |   |

----

|                                            |   | June 30 |    |   | September 30 |   |    | December 31 |   |   | March 31 |   |
|-------------------------------------------------|--------|---------|---------|--------|--------------|--------|---------|-------------|--------|--------|----------|--------|
| 2011                                            |   |    |    |   |         |   |    |        |   |   |     |   |
|                                            |   |    |    |   |         |   |    |        |   |   |     |   |
| Income                                          |   | $       | 10,000  |   |         | $      | 1,000   |        |   | $      | -        |   |   | $ | 2,000 |   |
|                                            |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Operating expenses                              |   |    | (28,000 | )      |         |   | (60,000 | )           |   |   | (28,000  | )      |   |   | (29,000 | ) |
|                                            |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Loss from operations                            |   |    | (18,000 | )      |         |   | (59,000 | )           |   |   | (28,000  | )      |   |   | (27,000 | ) |
|                                            |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Gain on sale of Local Limited Partnerships      |   |    | -       |   |         |   | 50,000  |        |   |   | 41,000   |   |   |   | 30,000 |   |
|                                            |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net  income (loss)                    |   |    | (18,000 | )      |         |   | (9,000  | )           |   |   | 13,000   |   |   |   | 3,000 |   |
|                                            |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net income (loss) available to Limited Partners |   |    | (18,000 | )      |         |   | (9,000  | )           |   |   | 13,000   |   |   |   | 3,000 |   |
|                                            |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net loss per Partnership Unit                   |   |    | (3      | )      |         |   | (1      | )           |   |   | 2        |   |   |   | - |   |

|                                              |   | June 30 |    |   | September 30 |   |    | December 31 |   |   | March 31 |   |
|---------------------------------------------------|--------|---------|---------|--------|--------------|--------|---------|-------------|--------|--------|----------|--------|
| 2010                                              |   |    |    |   |         |   |    |        |   |   |     |   |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |
| Income                                            |   | $       | 2,000   |   |         | $      | -       |        |   | $      | 1,000    |   |   | $ | - |   |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Operating expenses                                |   |    | (35,000 | )      |         |   | (92,000 | )           |   |   | (30,000  | )      |   |   | (23,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Loss from operations                              |   |    | (33,000 | )      |         |   | (92,000 | )           |   |   | (29,000  | )      |   |   | (23,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Gain on sale of Local Limited Partnerships        |   |    | 20,000  |   |         |   | 28,000  |        |   |   | -        |   |   |   | (6,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net  loss                               |   |    | (13,000 | )      |         |   | (64,000 | )           |   |   | (29,000  | )      |   |   | (29,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net  loss available to Limited Partners |   |    | (13,000 | )      |         |   | (64,000 | )           |   |   | (29,000  | )      |   |   | (28,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net loss per Partnership Unit                     |   |    | (2      | )      |         |   | (9      | )           |   |   | (4       | )      |   |   | (4 | ) |

----

|                                              |   | June 30 |    |   | September 30 |   |    | December 31 |   |   | March 31 |   |
|---------------------------------------------------|--------|---------|---------|--------|--------------|--------|---------|-------------|--------|--------|----------|--------|
| 2009                                              |   |    |    |   |         |   |    |        |   |   |     |   |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |
| Income                                            |   | $       | 2,000   |   |         | $      | 3,000   |        |   | $      | -        |   |   | $ | 1,000 |   |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Operating expenses                                |   |    | (36,000 | )      |         |   | (35,000 | )           |   |   | (68,000  | )      |   |   | (34,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Loss from operations                              |   |    | (34,000 | )      |         |   | (32,000 | )           |   |   | (68,000  | )      |   |   | (33,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Gain on sale of Local Limited Partnerships        |   |    | -       |   |         |   | -       |        |   |   | 58,000   |   |   |   | - |   |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net  loss                               |   |    | (34,000 | )      |         |   | (32,000 | )           |   |   | (10,000  | )      |   |   | (33,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net  loss available to Limited Partners |   |    | (34,000 | )      |         |   | (32,000 | )           |   |   | (10,000  | )      |   |   | (32,000 | ) |
|                                              |   |    |    |   |         |   |    |        |   |   |     |   |   |   |   |   |
| Net loss per Partnership Unit                     |   |    | (5      | )      |         |   | (5      | )           |   |   | (1       | )      |   |   | (4 | ) |

----

----

| (1)    | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Partnership; |
|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)    | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles in the United States, and that the Partnership’s receipts and expenditures are being made only in accordance with authorization of the management of Associates; and |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)    | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements. |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | Identification of Directors, (b) Identification of Executive Officers, (c) Identification of Certain Significant Employees, (d) Family Relationships, and (e) Business Experience |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Wilfred N. Cooper, Sr. | Chairman                                                                |
|------------------------|-------------------------------------------------------------------------|
| Wilfred N. Cooper, Jr. | President and Chief Executive Officer                                   |
| Michael J. Gaber       | Chief Operating Officer and Executive Vice President                    |
| David N. Shafer, Esq.  | Executive Vice President                                                |
| Darrick Metz           | Senior Vice President - Originations                                    |
| Christine A. Cormier   | Senior Vice President – Fund Management                           |
| Melanie R. Wenk        | Vice President – Accounting and Finance - Chief Financial Officer |
| Paula Hall             | Vice President – Asset Management                                 |
| Gregory S. Hand        | Vice President – Acquisitions                                     |
| Kelly Henderson        | Vice President – Acquisitions                                     |
| Thomas F. Maxwell      | Vice President – Originations                                     |
| Kay L. Cooper          | Director of WNC & Associates, Inc.                                  |
| Jennifer E. Cooper     | Director of WNC & Associates, Inc.                                  |

----

----

| (f) | Involvement in Certain Legal Proceedings |
|-----|------------------------------------------|

|   | None. |
|--------|-------|

| (g) | Promoters and Control Persons |
|-----|-------------------------------|

| (h) | Audit Committee Financial Expert, and (i) Identification of the Audit Committee |
|-----|---------------------------------------------------------------------------------|

| (j) | Changes to Nominating Procedures |
|-----|----------------------------------|

| (k) | Compliance With Section 16(a) of the Exchange Act |
|-----|---------------------------------------------------|

|   | None. |
|--------|-------|

| (l) | Code of Ethics |
|-----|----------------|

----

----

| (a) | Securities Authorized for Issuance Under Equity Compensation Plans |
|-----|--------------------------------------------------------------------|

|   | The Partnership has no compensation plans under which interests in the Partnership are authorized for issuance. |
|--------|-----------------------------------------------------------------------------------------------------------------|

| (b) | Security Ownership of Certain Beneficial Owners |
|-----|-------------------------------------------------|

|   | No person is known to own beneficially in excess of 5% of the outstanding Partnership Units. |
|--------|----------------------------------------------------------------------------------------------|

| (c) | Security Ownership of Management |
|-----|----------------------------------|

| (d) | Changes in Control |
|-----|--------------------|

----

| (a)    | The General Partner manages all of the Partnership’s affairs.  The transactions with the General Partner is primarily in the form of fees paid by the Partnership for services rendered to the Partnership, reimbursement of expenses, and the General Partner’s interests in the Partnership, as discussed in Item 11 and in the notes to the Partnership’s financial statements. |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)    | The Partnership has no directors. |
|------------------|-----------------------------------|

|               |   | 2011   |   |   | 2010   |   |
|--------------------|--------|--------|--------|--------|--------|--------|
|               |   |   |   |   |   |   |
| Audit Fees         |   | $      | 27,710 |   |   | $      | 59,405 |   |
| Audit-related Fees |   |   | -      |   |   |   | - |   |
| Tax Fees           |   |   | 3,035  |   |   |   | 3,035 |   |
| All Other Fees     |   |   | -      |   |   |   | - |   |
| TOTAL              |   | $      | 30,745 |   |   | $      | 62,440 |   |

----

| (a)(1) | List of financial statements included in Part II hereof:                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                           |
|   | Balance Sheets, March 31, 2011 and 2010                                                                                                                                                                                                                                        |
|   | Statements of Operations for the years ended March 31, 2011, 2010 and 2009                                                                                                                                                                                                     |
|   | Statements of Partners’ Deficit for the years ended March 31, 2011, 2010 and 2009                                                                                                                                                                                        |
|   | Statements of Cash Flows for the years ended March 31, 2011, 2010 and 2009                                                                                                                                                                                                     |
|   | Notes to Financial Statements                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                           |
| (a)(2) | List of financial statement schedules included in Part IV hereof:                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                           |
|   | Schedule III - Real Estate Owned by Local Limited Partnerships                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                           |
| (a)(3) | List of Exhibits.                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                           |
| 3.1    | Articles of incorporation and by-laws:  The registrant is not incorporated.  The Partnership Agreement dated as of January 19, 1990, filed as Exhibit 28.1 to Form 10 K for the year ended December 31, 1994 is hereby incorporated herein as exhibit 3.1. |
|   |                                                                                                                                                                                                                                                                           |
| 31.1   | Certification of the Chief Executive Officer pursuant to Rule 13a-14 or 15d-14.  (filed herewith)                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                           |
| 31.2   | Certification of the Chief Financial Officer pursuant to Rule 13a-14 or 15d-14.  (filed herewith)                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                           |
| 32.1   | Section 1350 Certification of the Chief Executive Officer.  (filed herewith)                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                           |
| 32.2   | Section 1350 Certification of the Chief Financial Officer.  (filed herewith)                                                                                                                                                                                         |

----

|                                                         |   |                            |   | As of March 31, 2011                           |     |   | As of December 31, 2010           |
|--------------------------------------------------------------|--------|---------------------------------|--------|------------------------------------------------|----------|--------|-----------------------------------|
|   Local Limited Partnership Name                   |   |    Location      |   | Total Investment in Local Limited Partnerships |     |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   |   Land |   |   |  Buildings & Equipment |   |   |  Accumulated Depreciation |   |   |  Net Book Value |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Airport Road Associates, Limited (2)                         |   | Slidell, Louisiana              |   | $                                              | 334,000  |   |                              | $ | 334,000 |   |   | $ | 1,381,000 |   |   | $ | 87,000 |   |   | $ | 1,771,000 |   |   | $ | 1,352,000 |   |   | $ | 506,000 |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Am-Kent Associates, Ltd. (2)                                 |   | Amite & Kentwood, Louisiana |   |                                           | 232,000  |   |                              |   | 232,000 |   |   |   | 1,061,000 |   |   |   | 55,000 |   |   |   | 1,533,000 |   |   |   | 1,091,000 |   |   |   | 497,000 |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arizona I Limited Partnership                                |   | Showlow, Arizona                |   |                                           | 320,000  |   |                              |   | 320,000 |   |   |   | 1,422,000 |   |   |   | 127,000 |   |   |   | 1,938,000 |   |   |   | 993,000 |   |   |   | 1,072,000 |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brantley Housing, Ltd. (1)                                   |   | Brantley, Alabama               |   |                                           | 108,000  |   |                              |   | 108,000 |   |   |   | 546,000 |   |   |   | 26,000 |   |   |   | 741,000 |   |   |   | 365,000 |   |   |   | 402,000 |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brian's Village Apartments, an Oklahoma Limited Partnership. |   | Mannford, Oklahoma              |   |                                           |   * |   |                              |   |   * |   |   |   |   721,000 |   |   |   |   20,000 |   |   |   |   1,055,000 |   |   |   |   665,000 |   |   |   |   410,000 |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Casa Allegre Limited Partnership                             |   | Las Vegas, New Mexico           |   |                                           | 318,000  |   |                              |   | 318,000 |   |   |   | 1,229,000 |   |   |   | 94,000 |   |   |   | 1,921,000 |   |   |   | 913,000 |   |   |   | 1,102,000 |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Castroville Village, Ltd.                                    |   | Castroville, Texas              |   |                                           | 165,000  |   |                              |   | 165,000 |   |   |   | 866,000 |   |   |   | 15,000 |   |   |   | 1,138,000 |   |   |   | 439,000 |   |   |   | 714,000 |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eclectic Housing, Ltd. (1)                                   |   | Eclectic, Alabama               |   |                                           | 74,000   |   |                              |   | 74,000 |   |   |   | 365,000 |   |   |   | 53,000 |   |   |   | 449,000 |   |   |   | 235,000 |   |   |   | 267,000 |
|                                                         |   |                            |   |                                           |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Elizabeth Square Associates, Ltd. (2)                        |   | Raceland, Louisiana             |   |                                           | 356,000  |   |                              |   | 356,000 |   |   |   | 1,367,000 |   |   |   | 35,000 |   |   |   | 2,028,000 |   |   |   | 1,371,000 |   |   |   | 692,000 |

----

|                           |   |               |   | As of March 31, 2011                           |         |   | As of December 31, 2010           |
|--------------------------------|--------|--------------------|--------|------------------------------------------------|--------------|--------|-----------------------------------|
| Local Limited Partnership Name |   | Location           |   | Total Investment in Local Limited Partnerships |         |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   | Land |   |   | Buildings & Equipment |   |   | Accumulated Depreciation |   |   | Net Book Value |
|                           |   |               |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Capital, L.P.            |   | Emory, Texas       |   |                                           |  85,000 |   |                              |   | 85,000 |   |   |   | 353,000 |   |   |   | 16,000 |   |   |   | 471,000 |   |   |   | 280,000 |   |   |   | 207,000 |
|                           |   |               |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Manor, L.P.              |   | Emory, Texas       |   |                                           | 128,000      |   |                              |   | 128,000 |   |   |   | 527,000 |   |   |   | 26,000 |   |   |   | 719,000 |   |   |   | 374,000 |   |   |   | 371,000 |
|                           |   |               |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Idalou Manor, L.P.             |   | Idalou, Texas      |   |                                           | 122,000      |   |                              |   | 122,000 |   |   |   | 591,000 |   |   |   | 20,000 |   |   |   | 770,000 |   |   |   | 370,000 |   |   |   | 420,000 |
|                           |   |               |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Capital, L.P.        |   | Jefferson, Texas   |   |                                           | 167,000      |   |                              |   | 167,000 |   |   |   | 682,000 |   |   |   | 42,000 |   |   |   | 946,000 |   |   |   | 472,000 |   |   |   | 516,000 |
|                           |   |               |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Manor, L.P.          |   | Jefferson, Texas   |   |                                           | 179,000      |   |                              |   | 179,000 |   |   |   | 729,000 |   |   |   | 43,000 |   |   |   | 969,000 |   |   |   | 496,000 |   |   |   | 516,000 |
|                           |   |               |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.        |   | Littlefield, Texas |   |                                           | 118,000      |   |                              |   | 118,000 |   |   |   | 567,000 |   |   |   | 20,000 |   |   |   | 739,000 |   |   |   | 357,000 |   |   |   | 402,000 |
|                           |   |               |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Perry County Housing, Ltd. (1) |   | Uniontown, Alabama |   |                                           | 82,000       |   |                              |   | 82,000 |   |   |   | 417,000 |   |   |   | 22,000 |   |   |   | 531,000 |   |   |   | 276,000 |   |   |   | 277,000 |
|                           |   |               |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pine Hill Housing, Ltd. (1)    |   | Pine Hill, Alabama |   |                                           | 105,000      |   |                              |   | 105,000 |   |   |   | 518,000 |   |   |   | 32,000 |   |   |   | 674,000 |   |   |   | 342,000 |   |   |   | 364,000 |

----

|                           |   |            |   | As of March 31, 2011                           |      |   | As of December 31, 2010           |
|--------------------------------|--------|-----------------|--------|------------------------------------------------|-----------|--------|-----------------------------------|
| Local Limited Partnership Name |   | Location        |   | Total Investment in Local Limited Partnerships |      |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   | Land |   |   | Buildings & Equipment |   |   | Accumulated Depreciation |   |   | Net Book Value |
|                           |   |            |   |                                           |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rociada Partners Ltd.          |   | Hereford, Texas |   |                                           | 154,000   |   |                              |   | 154,000 |   |   |   | 693,000 |   |   |   | 27,000 |   |   |   | 908,000 |   |   |   | 464,000 |   |   |   | 471,000 |
|                           |   |            |   |                                           |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wadley Housing, Ltd. (1)       |   | Wadley, Alabama |   |                                           | 76,000    |   |                              |   | 76,000 |   |   |   | 418,000 |   |   |   | 53,000 |   |   |   | 520,000 |   |   |   | 269,000 |   |   |   | 304,000 |
|                           |   |            |   |                                           |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                           |   |            |   | $                                              | 3,123,000 |   |                              | $ | 3,123,00 |   |   | $ | 14,453,000 |   |   |  $ | 813,000  |   |   | $ | 19,821,000 |   |   | $ | 11,124,000 |   |   | $ | 9,510,000 |

| (1)   | The Partnership has identified the Local Limited Partnership for disposition and the Local Limited Partnership Interests were sold subsequent to March 31, 2011. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The Local Limited Partnership was identified for disposition as of March 31, 2011. |
|-----------------|------------------------------------------------------------------------------------|

----

|                                                        |   | For the year ended December 31, 2010 |
|-------------------------------------------------------------|--------|--------------------------------------|
| Local Limited Partnership Name                              |   | Rental Income                        |   |   | Net Income (Loss) |   |   | Year Investment Acquired |   | Status |   | Estimated Useful Life (Years) |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Airport Road Associates, Limited (2)                        |   | $                                    | 236,000 |   |   | $ | (51,000 | ) |   |   | 1990 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Am-Kent Associates, Ltd. (2)                                |   |                                 | 242,000 |   |   |   | (23,000 | ) |   |   | 1991 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arizona I Limited Partnership                               |   |                                 | 223,000 |   |   |   | (2,000 | ) |   |   | 1990 |   | Completed |   |   | 35 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brantley Housing, Ltd. (1)                                  |   |                                 | 98,000 |   |   |   | 10,000 |   |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brian's Village Apartments, an Oklahoma Limited Partnership |   |                                 | 147,000 |   |   |   | (7,000 | ) |   |   | 1990 |   | Completed |   |   | 30 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Casa Allegre Limited Partnership                            |   |                                 | 223,000 |   |   |   | 17,000 |   |   |   | 1990 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Castroville Village, Ltd.                                   |   |                                 | 244,000 |   |   |   | (4,000 | ) |   |   | 1991 |   | Completed |   |   | 50 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eclectic Housing, Ltd. (1)                                  |   |                                 | 74,000 |   |   |   | 8,000 |   |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Elizabeth Square Associates, Ltd. (2)                       |   |                                 | 307,000 |   |   |   | (34,000 | ) |   |   | 1994 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Capital, L.P.                                         |   |                                 | 75,000 |   |   |   | (9,000 | ) |   |   | 1990 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Manor, L.P.                                           |   |                                 | 110,000 |   |   |   | (7,000 | ) |   |   | 1990 |   | Completed |   |   | 30 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Idalou Manor, L.P.                                          |   |                                 | 104,000 |   |   |   | (19,000 | ) |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Capital, L.P.                                     |   |                                 | 130,000 |   |   |   | (8,000 | ) |   |   | 1990 |   | Completed |   |   | 50 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Manor, L.P.                                       |   |                                 | 123,000 |   |   |   | (32,000 | ) |   |   | 1990 |   | Completed |   |   | 50 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.                                     |   |                                 | 97,000 |   |   |   | (15,000 | ) |   |   | 1991 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Perry County Housing, Ltd. (1)                              |   |                                 | 78,000 |   |   |   | (7,000 | ) |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pine Hill Housing, Ltd. (1)                                 |   |                                 | 99,000 |   |   |   | 7,000 |   |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rociada Partners Ltd.                                       |   |                                 | 107,000 |   |   |   | (43,000 | ) |   |   | 1990 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wadley Housing, Ltd. (1)                                    |   |                                 | 78,000 |   |   |   | 1,000 |   |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   | $                                    | 2,795,000 |   |   | $ | (220,000 | ) |   |   |   |   |   |   |   |   |

----

|                                                         |   |                            |   | As of March 31, 2010                           |                  |   | As of December 31, 2009           |
|--------------------------------------------------------------|--------|---------------------------------|--------|------------------------------------------------|-----------------------|--------|-----------------------------------|
|   Local Limited Partnership Name                   |   |    Location      |   | Total Investment in Local Limited Partnerships |                  |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   |   Land |   |   |  Buildings & Equipment |   |   |  Accumulated Depreciation |   |   |  Net Book Value |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Airport Road Associates, Limited                             |   | Slidell, Louisiana              |   | $                                              | 334,000               |   |                              | $ | 334,000 |   |   | $ | 1,398,000 |   |   | $ | 87,000 |   |   | $ | 1,771,000 |   |   | $ | 1,288,000 |   |   | $ | 570,000 |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Am-Kent Associates, Ltd.                                     |   | Amite & Kentwood, Louisiana |   |                                           | 232,000               |   |                              |   | 232,000 |   |   |   | 1,075,000 |   |   |   | 55,000 |   |   |   | 1,533,000 |   |   |   | 1,036,000 |   |   |   | 552,000 |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arizona I Limited Partnership                                |   | Showlow, Arizona                |   |                                           | 320,000               |   |                              |   | 320,000 |   |   |   | 1,431,000 |   |   |   | 127,000 |   |   |   | 2,011,000 |   |   |   | 1,018,000 |   |   |   | 1,120,000 |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brantley Housing, Ltd.                                       |   | Brantley, Alabama               |   |                                           | 108,000               |   |                              |   | 108,000 |   |   |   | 549,000 |   |   |   | 26,000 |   |   |   | 694,000 |   |   |   | 347,000 |   |   |   | 373,000 |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brian's Village Apartments, an Oklahoma Limited Partnership. |   | Mannford, Oklahoma              |   |                                           |     176,000 |   |                              |   |     176,000 |   |   |   |     726,000 |   |   |   |     20,000 |   |   |   |     1,014,000 |   |   |   |     632,000 |   |   |   |     402,000 |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Perry, L.P.                        |   | Perry, Iowa                     |   |                                           |   93,000         |   |                              |   |   93,000 |   |   |   |   555,000 |   |   |   |   49,000 |   |   |   |   869,000 |   |   |   |   542,000 |   |   |   |   376,000 |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Runnells, L.P.                     |   | Runnells, Iowa                  |   |                                           | 58,000                |   |                              |   | 58,000 |   |   |   | 333,000 |   |   |   | 30,000 |   |   |   | 511,000 |   |   |   | 331,000 |   |   |   | 210,000 |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Casa Allegre Limited Partnership                             |   | Las Vegas, New Mexico           |   |                                           | 318,000               |   |                              |   | 318,000 |   |   |   | 1,251,000 |   |   |   | 94,000 |   |   |   | 1,970,000 |   |   |   | 973,000 |   |   |   | 1,091,000 |
|                                                         |   |                            |   |                                           |                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Castroville Village, Ltd.                                    |   | Castroville, Texas              |   |                                           | 165,000               |   |                              |   | 165,000 |   |   |   | 878,000 |   |   |   | 15,000 |   |   |   | 1,138,000 |   |   |   | 415,000 |   |   |   | 738,000 |

----

|                              |   |                |   | As of March 31, 2010                           |         |   | As of December 31, 2009           |
|-----------------------------------|--------|---------------------|--------|------------------------------------------------|--------------|--------|-----------------------------------|
| Local Limited Partnership Name    |   | Location            |   | Total Investment in Local Limited Partnerships |         |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   | Land |   |   | Buildings & Equipment |   |   | Accumulated Depreciation |   |   | Net Book Value |
|                              |   |                |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eclectic Housing, Ltd.            |   | Eclectic, Alabama   |   |                                           | 74,000       |   |                              |   | 74,000 |   |   |   | 371,000 |   |   |   | 53,000 |   |   |   | 449,000 |   |   |   | 225,000 |   |   |   | 277,000 |
|                              |   |                |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Elizabeth Square Associates, Ltd. |   | Raceland, Louisiana |   |                                           | 356,000      |   |                              |   | 356,000 |   |   |   | 1,390,000 |   |   |   | 35,000 |   |   |   | 2,028,000 |   |   |   | 1,297,000 |   |   |   | 766,000 |
|                              |   |                |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Capital, L.P.               |   | Emory, Texas        |   |                                           |  85,000 |   |                              |   | 85,000 |   |   |   | 355,000 |   |   |   | 16,000 |   |   |   | 471,000 |   |   |   | 270,000 |   |   |   | 217,000 |
|                              |   |                |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Manor, L.P.                 |   | Emory, Texas        |   |                                           | 128,000      |   |                              |   | 128,000 |   |   |   | 530,000 |   |   |   | 26,000 |   |   |   | 719,000 |   |   |   | 362,000 |   |   |   | 383,000 |
|                              |   |                |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Idalou Manor, L.P.                |   | Idalou, Texas       |   |                                           | 122,000      |   |                              |   | 122,000 |   |   |   | 594,000 |   |   |   | 20,000 |   |   |   | 770,000 |   |   |   | 350,000 |   |   |   | 440,000 |
|                              |   |                |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Capital, L.P.           |   | Jefferson, Texas    |   |                                           | 167,000      |   |                              |   | 167,000 |   |   |   | 686,000 |   |   |   | 42,000 |   |   |   | 946,000 |   |   |   | 456,000 |   |   |   | 532,000 |
|                              |   |                |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.           |   | Littlefield, Texas  |   |                                           | 118,000      |   |                              |   | 118,000 |   |   |   | 571,000 |   |   |   | 20,000 |   |   |   | 739,000 |   |   |   | 338,000 |   |   |   | 421,000 |

----

|                                     |   |                  |   | As of March 31, 2010                           |          |   | As of December 31, 2009           |
|------------------------------------------|--------|-----------------------|--------|------------------------------------------------|---------------|--------|-----------------------------------|
| Local Limited Partnership Name           |   | Location              |   | Total Investment in Local Limited Partnerships |          |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   | Land |   |   | Buildings & Equipment |   |   | Accumulated Depreciation |   |   | Net Book Value |
|                                     |   |                  |   |                                           |          |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.                  |   | Littlefield, Texas    |   |                                           | 118,000       |   |                              |   | 118,000 |   |   |   | 571,000 |   |   |   | 20,000 |   |   |   | 739,000 |   |   |   | 338,000 |   |   |   | 421,000 |
|                                     |   |                  |   |                                           |          |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Perry County Housing, Ltd.               |   | Uniontown, Alabama    |   |                                           | 82,000        |   |                              |   | 82,000 |   |   |   | 420,000 |   |   |   | 22,000 |   |   |   | 531,000 |   |   |   | 263,000 |   |   |   | 290,000 |
|                                     |   |                  |   |                                           |          |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pine Hill Housing, Ltd.                  |   | Pine Hill, Alabama    |   |                                           | 105,000       |   |                              |   | 105,000 |   |   |   | 523,000 |   |   |   | 32,000 |   |   |   | 662,000 |   |   |   | 327,000 |   |   |   | 367,000 |
|                                     |   |                  |   |                                           |          |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rociada Partners Ltd.                    |   | Hereford, Texas       |   |                                           | 154,000       |   |                              |   | 154,000 |   |   |   | 698,000 |   |   |   | 27,000 |   |   |   | 908,000 |   |   |   | 441,000 |   |   |   | 494,000 |
|                                     |   |                  |   |                                           |          |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wadley Housing, Ltd.                     |   | Wadley, Alabama       |   |                                           | 76,000        |   |                              |   | 76,000 |   |   |   | 421,000 |   |   |   | 53,000 |   |   |   | 486,000 |   |   |   | 258,000 |   |   |   | 281,000 |
|                                     |   |                  |   |                                           |          |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Whitewater Woods Limited Partnership (1) |   | Whitewater, Wisconsin |   |                                           |  301,000 |   |                              |   | 301,000 |   |   |   | 1,245,000 |   |   |   | 89,000 |   |   |   | 1,606,000 |   |   |   | 810,000 |   |   |   | 885,000 |
|                                     |   |                  |   | $                                              | 3,751,000     |   |                              | $ | 3,751,000 |   |   | $ | 16,734,000 |   |   | $ | 981,000 |   |   | $ | 22,795,000 |   |   | $ | 12,459,000 |   |   | $ | 11,317,000 |

----

|                                                        |   | For the year ended December 31, 2009 |
|-------------------------------------------------------------|--------|--------------------------------------|
|  Local Limited Partnership Name                        |   | Rental Income                        |   |   | Net Income (Loss) |   |   | Year Investment Acquired |   |  Status |   | Estimated Useful Life (Years) |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Airport Road Associates, Limited                            |   | $                                    | 242,000 |   |   | $ | (36,000 | ) |   |   | 1990 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Am-Kent Associates, Ltd.                                    |   |                                 | 233,000 |   |   |   | (63,000 | ) |   |   | 1991 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arizona I Limited Partnership                               |   |                                 | 224,000 |   |   |   | (14,000 | ) |   |   | 1990 |   | Completed |   |   | 35 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brantley Housing, Ltd.                                      |   |                                 | 87,000 |   |   |   | (3,000 | ) |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brian's Village Apartments, an Oklahoma Limited Partnership |   |                                 | 138,000 |   |   |   | - |   |   |   | 1990 |   | Completed |   |   | 30 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Perry, L.P.                       |   |                                 | 101,000 |   |   |   | (40,000 | ) |   |   | 1992 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Runnells, L.P.                    |   |                                 | 94,000 |   |   |   | 4,000 |   |   |   | 1992 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Casa Allegre Limited Partnership                            |   |                                 | 224,000 |   |   |   | 16,000 |   |   |   | 1990 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Castroville Village, Ltd.                                   |   |                                 | 224,000 |   |   |   | (32,000 | ) |   |   | 1991 |   | Completed |   |   | 50 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eclectic Housing, Ltd.                                      |   |                                 | 73,000 |   |   |   | 8,000 |   |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Elizabeth Square Associates, Ltd.                           |   |                                 | 281,000 |   |   |   | (83,000 | ) |   |   | 1994 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Capital, L.P.                                         |   |                                 | 72,000 |   |   |   | (9,000 | ) |   |   | 1990 |   | Completed |   |   | 27.5 |

|                                     |   |   |      |   |   |   |     |   |   |   |   |   |
|------------------------------------------|--------|--------|-----------|--------|--------|--------|----------|--------|--------|--------|--------|--------|
| Emory Manor, L.P.                        |   |   | 106,000   |   |   |   | (9,000   | )      |   |   | 1990   |   | Completed |   |   | 30 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Idalou Manor, L.P.                       |   |   | 95,000    |   |   |   | (24,000  | )      |   |   | 1992   |   | Completed |   |   | 40 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Jefferson Capital, L.P.                  |   |   | 122,000   |   |   |   | (24,000  | )      |   |   | 1990   |   | Completed |   |   | 50 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Jefferson Manor, L.P.                    |   |   | 116,000   |   |   |   | (27,000  | )      |   |   | 1990   |   | Completed |   |   | 50 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.                  |   |   | 98,000    |   |   |   | (12,000  | )      |   |   | 1991   |   | Completed |   |   | 40 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Perry County Housing, Ltd.               |   |   | 73,000    |   |   |   | (22,000  | )      |   |   | 1992   |   | Completed |   |   | 40 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Pine Hill Housing, Ltd.                  |   |   | 97,000    |   |   |   | 8,000    |   |   |   | 1992   |   | Completed |   |   | 40 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Rociada Partners Ltd.                    |   |   | 111,000   |   |   |   | (7,000   | )      |   |   | 1990   |   | Completed |   |   | 40 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Wadley Housing, Ltd.                     |   |   | 78,000    |   |   |   | 13,000   |   |   |   | 1992   |   | Completed |   |   | 40 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Whitewater Woods Limited Partnership (1) |   |   | 176,000   |   |   |   | (35,000  | )      |   |   | 1991   |   | Completed |   |   | 35 |
|                                     |   |   |      |   |   |   |     |   |   |   |   |   |   |   |   |   |
|                                     |   | $      | 3,065,000 |   |   | $      | (391,000 | )      |   |   |   |   |   |   |   |   |

----

|                                                         |   |                            |   | As of March 31, 2009                           |    |   | As of December 31, 2008           |
|--------------------------------------------------------------|--------|---------------------------------|--------|------------------------------------------------|---------|--------|-----------------------------------|
|   Local Limited Partnership Name                   |   |    Location      |   | Total Investment in Local Limited Partnerships |    |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   |   Land |   |   |  Buildings & Equipment |   |   |  Accumulated Depreciation |   |   |  Net Book Value |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Airport Road Associates, Limited                             |   | Slidell, Louisiana              |   | $                                              | 334,000 |   |                              | $ | 334,000 |   |   | $ | 1,405,000 |   |   | $ | 87,000 |   |   | $ | 1,771,000 |   |   | $ | 1,224,000 |   |   | $ | 634,000 |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Am-Kent Associates, Ltd.                                     |   | Amite & Kentwood, Louisiana |   |                                           | 232,000 |   |                              |   | 232,000 |   |   |   | 1,081,0000 |   |   |   | 55,000 |   |   |   | 1,533,000 |   |   |   | 980,000 |   |   |   | 608,000 |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arizona I Limited Partnership                                |   | Showlow, Arizona                |   |                                           | 320,000 |   |                              |   | 320,000 |   |   |   | 1,439,000000 |   |   |   | 127,000 |   |   |   | 2,009,000 |   |   |   | 959,000 |   |   |   | 1,177,000 |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brantley Housing, Ltd.                                       |   | Brantley, Alabama               |   |                                           | 108,000 |   |                              |   | 108,000 |   |   |   | 553,000 |   |   |   | 26,000 |   |   |   | 694,000 |   |   |   | 331,000 |   |   |   | 389,000 |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brian's Village Apartments, an Oklahoma Limited Partnership. |   | Mannford, Oklahoma              |   |                                           | 176,000 |   |                              |   | 176,000 |   |   |   | 730,000 |   |   |   | 20,000 |   |   |   | 976,000 |   |   |   | 600,000 |   |   |   | 396,000 |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Perry, L.P.                        |   | Perry, Iowa                     |   |                                           | 93,000  |   |                              |   | 93,000 |   |   |   | 560,000 |   |   |   | 49,000 |   |   |   | 869,000 |   |   |   | 507,000 |   |   |   | 411,000 |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Runnells, L.P.                     |   | Runnells, Iowa                  |   |                                           | 58,000  |   |                              |   | 58,000 |   |   |   | 339,000 |   |   |   | 30,000 |   |   |   | 511,000 |   |   |   | 313,000 |   |   |   | 228,000 |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Casa Allegre Limited Partnership                             |   | Las Vegas, New Mexico           |   |                                           | 318,000 |   |                              |   | 318,000 |   |   |   | 1,270,000 |   |   |   | 94,000 |   |   |   | 1,961,000 |   |   |   | 912,000 |   |   |   | 1,143,000 |
|                                                         |   |                            |   |                                           |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Castroville Village, Ltd.                                    |   | Castroville, Texas              |   |                                           | 165,000 |   |                              |   | 165,000 |   |   |   | 878,000 |   |   |   | 15,000 |   |   |   | 1,136,000 |   |   |   | 392,000 |   |   |   | 759,000 |

----

|                                             |   |                       |   | As of March 31, 2009                           |         |   | As of December 31, 2008           |
|--------------------------------------------------|--------|----------------------------|--------|------------------------------------------------|--------------|--------|-----------------------------------|
| Partnership Name                                 |   | Location                   |   | Total Investment in Local Limited Partnerships |         |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   | Land |   |   | Buildings & Equipment |   |   | Accumulated Depreciation |   |   | Net Book Value |
|                                             |   |                       |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cherokee Square, L.P. (1)                        |   | Rogersville, Tennessee     |   |                                           | 202,000      |   |                              |   | 202,000 |   |   |   | 941,000 |   |   |   | 56,000 |   |   |   | 1,178,000 |   |   |   | 704,000 |   |   |   | 530,000 |
|                                             |   |                       |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Divall Midland Associates Limited Partnership II |   | Port Washington, Wisconsin |   |                                           | 234,000      |   |                              |   |  234,000 |   |   |   | 1,114,000 |   |   |   |   102,000 |   |   |   | 1,516,000 |   |   |   | 1,053,000 |   |   |   | 565,000 |
|                                             |   |                       |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eclectic Housing, Ltd.                           |   | Eclectic, Alabama          |   |                                           | 74,000       |   |                              |   | 74,000 |   |   |   | 376,000 |   |   |   | 53,000 |   |   |   | 449,000 |   |   |   | 215,000 |   |   |   | 287,000 |
|                                             |   |                       |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Elizabeth Square Associates, Ltd.                |   | Raceland, Louisiana        |   |                                           | 356,000      |   |                              |   | 356,000 |   |   |   | 1,401,000 |   |   |   | 35,000 |   |   |   | 2,028,000 |   |   |   | 1,224,000 |   |   |   | 839,000 |
|                                             |   |                       |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Capital, L.P.                              |   | Emory, Texas               |   |                                           |  85,000 |   |                              |   | 85,000 |   |   |   | 357,000 |   |   |   | 16,000 |   |   |   | 471,000 |   |   |   | 261,000 |   |   |   | 226,000 |
|                                             |   |                       |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Manor, L.P.                                |   | Emory, Texas               |   |                                           | 128,000      |   |                              |   | 128,000 |   |   |   | 533,000 |   |   |   | 26,000 |   |   |   | 719,000 |   |   |   | 351,000 |   |   |   | 394,000 |
|                                             |   |                       |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Idalou Manor, L.P.                               |   | Idalou, Texas              |   |                                           | 122,000      |   |                              |   | 122,000 |   |   |   | 598,000 |   |   |   | 20,000 |   |   |   | 770,000 |   |   |   | 330,000 |   |   |   | 460,000 |
|                                             |   |                       |   |                                           |         |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Capital, L.P.                          |   | Jefferson, Texas           |   |                                           | 167,000      |   |                              |   | 167,000 |   |   |   | 690,000 |   |   |   | 42,000 |   |   |   | 944,000 |   |   |   | 440,000 |   |   |   | 546,000 |

----

|                                 |   |                       |   | As of March 31, 2009                           |                |   | As of December 31, 2008           |
|--------------------------------------|--------|----------------------------|--------|------------------------------------------------|---------------------|--------|-----------------------------------|
|    Partnership Name   |   |    Location |   | Total Investment in Local Limited Partnerships |                |   | Amount of Investment Paid to Date |   |   | Mortgage Balances of Local Limited Partnerships |   |   |   Land |   |   |  Buildings & Equipment |   |   |  Accumulated Depreciation |   |   |  Net Book Value |
|                                 |   |                       |   |                                           |                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Manor, L.P.                |   | Jefferson, Texas           |   |                                           | 179,000             |   |                              |   | 179,000 |   |   |   | 738,000 |   |   |   | 43,000 |   |   |   | 969,000 |   |   |   | 464,000 |   |   |   | 548,000 |
|                                 |   |                       |   |                                           |                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.              |   | Littlefield, Texas         |   |                                           | 118,000             |   |                              |   | 118,000 |   |   |   | 574,000 |   |   |   | 20,000 |   |   |   | 739,000 |   |   |   | 320,000 |   |   |   | 439,000 |
|                                 |   |                       |   |                                           |                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Perry County Housing, Ltd.           |   | Uniontown, Alabama         |   |                                           | 82,000              |   |                              |   | 82,000 |   |   |   | 423,000 |   |   |   | 22,000 |   |   |   | 531,000 |   |   |   | 250,000 |   |   |   | 303,000 |
|                                 |   |                       |   |                                           |                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pine Hill Housing, Ltd.              |   | Pine Hill, Alabama         |   |                                           | 105,000             |   |                              |   | 105,000 |   |   |   | 529,000 |   |   |   | 32,000 |   |   |   | 662,000 |   |   |   | 311,000 |   |   |   | 383,000 |
|                                 |   |                       |   |                                           |                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rociada Partners Ltd.                |   | Hereford, Texas            |   |                                           | 154,000             |   |                              |   | 154,000 |   |   |   | 702,000 |   |   |   | 27,000 |   |   |   | 894,000 |   |   |   | 418,000 |   |   |   | 503,000 |
|                                 |   |                       |   |                                           |                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wadley Housing, Ltd.                 |   | Wadley, Alabama            |   |                                           | 76,000              |   |                              |   | 76,000 |   |   |   | 423,000 |   |   |   | 53,000 |   |   |   | 486,000 |   |   |   | 248,000 |   |   |   | 291,000 |
|                                 |   |                       |   |                                           |                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Whitewater Woods Limited Partnership |   | Whitewater, Wisconsin      |   |                                           |   301,000 |   |                              |   |  301,000 |   |   |   |  1,252,000 |   |   |   |  89,000 |   |   |   | 1,606,000 |   |   |   |  772,000 |   |   |   |  923,000 |
|                                 |   |                       |   | $                                              | 4,187,000           |   |                              | $ | 4,187,000 |   |   | $ | 18,906,000 |   |   | $ | 1,139,000 |   |   | $ | 25,422,000 |   |   | $ | 13,579,000 |   |   | $ | 12,982,000 |

----

|                                                        |   | For the year ended December 31, 2008 |
|-------------------------------------------------------------|--------|--------------------------------------|
| Partnership Name                                            |   | Rental Income                        |   |   | Net Income (Loss) |   |   | Year Investment Acquired |   | Status |   | Estimated Useful Life (Years) |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Airport Road Associates, Limited                            |   | $                                    | 233,000 |   |   | $ | (30,000 | ) |   |   | 1990 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Am-Kent Associates, Ltd.                                    |   |                                 | 223,000 |   |   |   | (31,000 | ) |   |   | 1991 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arizona I Limited Partnership                               |   |                                 | 222,000 |   |   |   | (35,000 | ) |   |   | 1990 |   | Completed |   |   | 35 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brantley Housing, Ltd.                                      |   |                                 | 86,000 |   |   |   | (1,000 | ) |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brian's Village Apartments, an Oklahoma Limited Partnership |   |                                 | 137,000 |   |   |   | (7,000 | ) |   |   | 1990 |   | Completed |   |   | 30 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Perry, L.P.                       |   |                                 | 128,000 |   |   |   | (22,000 | ) |   |   | 1992 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Runnells, L.P.                    |   |                                 | 102,000 |   |   |   | 1,000 |   |   |   | 1992 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Casa Allegre Limited Partnership                            |   |                                 | 224,000 |   |   |   | 9,000 |   |   |   | 1990 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Castroville Village, Ltd.                                   |   |                                 | 214,000 |   |   |   | (15,000 | ) |   |   | 1991 |   | Completed |   |   | 50 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cherokee Square, L.P.                                       |   |                                 | 130,000 |   |   |   | (5,000 | ) |   |   | 1990 |   | Completed |   |   | 50 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Divall Midland Associates Limited Partnership II            |   |                                 | 151,000 |   |   |   | (31,000 | ) |   |   | 1990 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eclectic Housing, Ltd.                                      |   |                                 | 71,000 |   |   |   | 4,000 |   |   |   | 1992 |   | Completed |   |   | 40 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Elizabeth Square Associates, Ltd.                           |   |                                 | 246,000 |   |   |   | (23,000 | ) |   |   | 1994 |   | Completed |   |   | 27.5 |
|                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emory Capital, L.P.                                         |   |                                 | 66,000 |   |   |   | (20,000 | ) |   |   | 1990 |   | Completed |   |   | 27.5 |

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|                                 |   | For the year ended December 31, 2008 |
|--------------------------------------|--------|--------------------------------------|
| Partnership Name                     |   | Rental Income                        |   |   | Net Income (Loss) |   |   | Year Investment Acquired |   | Status |   | Estimated Useful Life (Years) |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Emory Manor, L.P.                    |   |                                 | 97,000 |   |   |   | (7,000 | ) |   |   | 1990 |   | Completed |   |   | 30 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Idalou Manor, L.P.                   |   |                                 | 98,000 |   |   |   | (2,000 | ) |   |   | 1992 |   | Completed |   |   | 40 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Capital, L.P.              |   |                                 | 117,000 |   |   |   | (9,000 | ) |   |   | 1990 |   | Completed |   |   | 50 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jefferson Manor, L.P.                |   |                                 | 116,000 |   |   |   | (11,000 | ) |   |   | 1990 |   | Completed |   |   | 50 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Littlefield Manor, L.P.              |   |                                 | 90,000 |   |   |   | (20,000 | ) |   |   | 1991 |   | Completed |   |   | 40 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Perry County Housing, Ltd.           |   |                                 | 70,000 |   |   |   | (2,000 | ) |   |   | 1992 |   | Completed |   |   | 40 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pine Hill Housing, Ltd.              |   |                                 | 89,000 |   |   |   | (5,000 | ) |   |   | 1992 |   | Completed |   |   | 40 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rociada Partners Ltd.                |   |                                 | 116,000 |   |   |   | (20,000 | ) |   |   | 1990 |   | Completed |   |   | 40 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wadley Housing, Ltd.                 |   |                                 | 79,000 |   |   |   | 16,000 |   |   |   | 1992 |   | Completed |   |   | 40 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Whitewater Woods Limited Partnership |   |                                 | 183,000 |   |   |   | (23,000 | ) |   |   | 1991 |   | Completed |   |   | 35 |
|                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                 |   | $                                    | 3,288,000 |   |   | $ | (289,000 | ) |   |   |   |   |   |   |   |   |

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