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

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

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

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

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----

----

| Properties owned by Local Limited Partnerships |   | Location             |   | Date InterestAcquired |
|-----------------------------------------------------|--------|----------------------|--------|-----------------------|
|                                                |   |                 |   |                  |
| Green Wood Apartments (1)                           |   | Gallatin, TN         |   | 03/02/94              |
| Webster Court Apartments                            |   | Kent, WA             |   | 05/13/94              |
| Springwood Apartments                               |   | Tallahassee, FL      |   | 12/15/94              |
| Meadow Wood of Pella (1)                            |   | Pella, IA            |   | 06/03/94              |
| Hemlock Ridge                                       |   | Livingston Manor, NY |   | 04/29/94              |
| Pike Place (1)                                      |   | Fort Smith, AR       |   | 01/31/94              |
| West End Place (1)                                  |   | Springdale, AR       |   | 01/12/94              |
| Oak Knoll Renaissance                               |   | Gary, IN             |   | 11/01/94              |
| Beaverdam Creek (1)                                 |   | Mechanicsville, VA   |   | 11/16/94              |
| Live Oaks Plantation                                |   | West Palm Beach, FL  |   | 06/28/94              |

----

----

|                                        |   |       |              Capital Contributions |   |                                   |   |       |
|---------------------------------------------|--------|------------|------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|------------|
| Local Limited Partnership                   |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |
| Property Name                               |   |       |                                                                                           |   | Total                                  |   |       | Paid |   |   |     Mtge. Loans |   |   |   |         Occupancy at |   |
| Property Location                           |   | Number of  |                                                                                           |   | Committed at                           |   |       | Through |   |   | Payable at |   |       Type of |   |             March 31, |   |
| Local General Partner                  |   | Apts Units |                                                                                           |   |     March 31, 2011 |   |       |     March 31, 2011 |   |   | December 31, 2010 |   |           Subsidy *                 |   |     2011 |   |
|                                        |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |
| Webster Court Apartments                    |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership     |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |
| Webster Court Apartments                    |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |
| Kent, WA                                    |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |
| Senior Housing Assistance Group             |   |       | 92                                                                                             |   |                                   |   | 2,318,078  |   |   |   | 2,318,078 |   |   |   | 2,336,821 |   |              None |   |   | 99 | % |
|                                        |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Springwood Apartments                       |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership (1) |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Springwood Apartments                       |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tallahassee, FL                             |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Flournoy Development Co.                    |   |       | 113                                                                                            |   |                                   |   | 2,499,202  |   |   |   | 2,499,202 |   |   |   | 3,107,247 |   |              None |   |   | 89 | % |
|                                        |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RMH Associates                              |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership (1) |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hemlock Ridge                               |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Livingston Manor, NY                        |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| WB Residential Communities, Inc.            |   |       | 100                                                                                            |   |                                   |   | 1,697,298  |   |   |   | 1,697,298 |   |   |   | 803,685 |   |        Section 8 |   |   | 96 | % |
|                                        |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oak Knoll Renaissance                       |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership     |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oak Knoll Renaissance                       |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gary, IN                                    |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ronald M. Gatton                            |   |       | 256                                                                                            |   |                                   |   | 4,922,412  |   |   |   | 4,922,412 |   |   |   | 3,140,064 |   |        Section 8 |   |   | 96 | % |
|                                        |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Schickedanz Brothers Palm                   |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beach Limited                               |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Live Oaks Plantation                        |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| West Palm Beach, FL                         |   |       |                                                                                           |   |                                   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SP Live Oak LLC                             |   |       |  218                                                                                      |   |                                   |   | 5,587,953  |   |   |   | 5,587,953 |   |   |   | 5,234,229 |   |              None |   |   | 75 | % |
|                                        |   |       | 779                                                                                            |   |                                   | $      | 17,024,943 |   |   | $ | 17,024,943 |   |   | $ | 14,622,046 |   |   |   |   |   |   |

| (1) | Boston Financial Tax Credits Fund VIII has a 79.20% interest in Springwood Apartments, L.P. and a 77% interest in RMH Associates, L.P. The mortgage payable balances represent 100% of the outstanding balances. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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|                                                                                      |                                                                                                                                                                                                                                                 |     Amount                                                                                          |                                                                                                                    |
|-------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|
| Title of                                                                                  |    Name and Address of                                                                                                                                                                                                                     |       Beneficially                                                                        |                                                                                                                    |
| Class               | Beneficial Owner                                       |    Owned                 |                   Percent of Class |
|                                                                                      |                                                                                                                                                                                                                                                 |                                                                                                               |                                                                                                                    |
| Limited                                                                                   | Oldham Institutional Tax Credits LLC                                                                                                                                                                                                                 | 2,476 Units                                                                                                        |  6.78%                                                                                                             |
| Partner                                                                                   | 101 Arch Street                                                                                                                                                                                                                                      |                                                                                                               |                                                                                                                    |
|                                                                                      | Boston, MA                                                                                                                                                                                                                                           |                                                                                                               |                                                                                                                    |
|                                                                                      |                                                                                                                                                                                                                                                 |                                                                                                               |                                                                                                                    |
| Limited                                                                                   | Oldham Institutional Tax Credits                                                                                                                                                                                                                     | 5,220 Units                                                                                                        |  14.30%                                                                                                            |
| Partner                                                                                   | VI LLC                                                                                                                                                                                                                                               |                                                                                                               |                                                                                                                    |
|                                                                                      | 101 Arch Street                                                                                                                                                                                                                                      |                                                                                                               |                                                                                                                    |
|                                                                                      | Boston, MA                                                                                                                                                                                                                                           |                                                                                                               |                                                                                                                    |
|                                                                                      |                                                                                                                                                                                                                                                 |                                                                                                               |                                                                                                                    |
| Limited                                                                                   | Liberty Corporation                                                                                                                                                                                                                                  | 2,079 Units                                                                                                        |  5.70%                                                                                                             |
| Partner                                                                                   | PO Box 789                                                                                                                                                                                                                                           |                                                                                                               |                                                                                                                    |
|                                                                                      | Greenville, SC                                                                                                                                                                                                                                       |                                                                                                               |                                                                                                                    |
|                                                                                      |                                                                                                                                                                                                                                                 |                                                                                                               |                                                                                                                    |
| Limited                                                                                   |        Everest Housing Investors 2, LLC                                                                                                                                                                                | 2,458 Units                                                                                                        |  6.73%                                                                                                             |
| Partner                                                                                   |        155 North Lake Avenue                                                                                                                                                                                           |                                                                                                               |                                                                                                                    |
|                                                                                      |        Suite 1000                                                                                                                                                                                                      |                                                                                                               |                                                                                                                    |
|                                                                                      |        Pasadena, CA  91101                                                                                                                                                                                   |                                                                                                               |                                                                                                                    |
|                                                                                      |                                                                                                                                                                                                                                                 |                                                                                                               |                                                                                                                    |

----

|                  |   | 2011   |    |   | 2010   |   |
|-----------------------|--------|--------|---------|--------|--------|--------|
|                  |   |   |    |   |   |   |
| Asset management fees |   | $      | 271,533 |   |   | $      | 265,186 |   |

|                                         |   | 2011   |    |   | 2010   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                         |   |   |    |   |   |   |
| Salaries and benefits expense reimbursements |   | $      | 121,318 |   |   | $      | 113,844 |   |

|       |   | 2011   |   |   | 2010   |   |
|------------|--------|--------|--------|--------|--------|--------|
|       |   |   |   |   |   |   |
| Audit fees |   | $      | 42,500 |   |   | $      | 62,631 |   |
| Tax fees   |   | $      | 2,500  |   |   | $      | 2,500 |   |

| (a)   |  1 and 2.  Financial Statements and Financial Statement Schedules |
|-----------------|----------------------------------------------------------------------------------|

|                                       3.1 | Amended and Restated Agreement of Limited Partnership, dated as of December 6, 1993 – incorporated by reference from Exhibit A to Prospectus contained in Form S-11 Registration Statement, File no. 33-68088. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

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|                                                   |   | 2011   |      |   | 2010   |   |
|--------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                   |   |   |      |   |   |   |
| Assets                                                 |   |   |      |   |   |   |
|                                                   |   |   |      |   |   |   |
| Cash and cash equivalents                              |   | $      | 165,891   |   |   | $      | 372,567 |   |
| Investments in Local Limited Partnerships (Note 4)     |   |   | 2,000,400 |   |   |   | 2,322,351 |   |
| Other assets                                           |   |   |  521 |   |   |   |  233 |   |
| Total Assets                                           |   | $      | 2,166,812 |   |   | $      | 2,695,151 |   |
|                                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity                       |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |
| Due to affiliate (Note 5)                              |   | $      | 820,038   |   |   | $      | 568,505 |   |
| Accrued expenses                                       |   |   | 25,989    |   |   |   | 56,036 |   |
| Total Liabilities                                      |   |   | 846,027   |   |   |   | 624,541 |   |
|                                                   |   |   |      |   |   |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |   | 1,320,785 |   |   |   | 2,070,610 |   |
| Total Liabilities and Partners' Equity                 |   | $      | 2,166,812 |   |   | $      | 2,695,151 |   |
|                                                   |   |   |      |   |   |   |   |   |

----

|                                                                                              |   | 2011   |       |   | 2010   |   |
|---------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Revenue:                                                                                          |   |   |       |   |   |   |
| Investment                                                                                        |   | $      | 1,117      |   |   | $      | 3,341 |   |
| Total Revenue                                                                                     |   |   | 1,117      |   |   |   | 3,341 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Expense:                                                                                          |   |   |       |   |   |   |   |   |
| Asset management fees, affiliate (Note 5)                                                         |   |   | 271,533    |   |   |   | 265,186 |   |
|     Provision for valuation allowance on advances to Local                    |   |   |       |   |   |   |   |   |
|       Limited Partnerships (Note 4)                                 |   |   | -          |   |   |   | 209,146 |   |
|     Impairment on investments in Local                                        |   |   |       |   |   |   |   |   |
|    Limited Partnerships (Note 4)                                                   |   |   | 608,000    |   |   |   | 1,014,000 |   |
| General and administrative (includes reimbursements                                               |   |   |       |   |   |   |   |   |
| to an affiliate in the amount of $121,318 and                                                     |   |   |       |   |   |   |   |   |
| $113,844 in 2011 and 2010, respectively) (Note 5)                                                 |   |   | 202,215    |   |   |   | 214,713 |   |
| Amortization                                                                                      |   |   | 1,748      |   |   |   | 2,392 |   |
| Total Expense                                                                                     |   |   | 1,083,496  |   |   |   | 1,705,437 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Loss before equity in income of Local Limited Partnerships                                        |   |   |       |   |   |   |   |   |
|        and loss on disposition of investments in Local Limited |   |   |       |   |   |   |   |   |
|        Partnerships                                            |   |   | (1,082,379 | )      |   |   | (1,702,096 | ) |
|                                                                                              |   |   |       |   |   |   |   |   |
| Equity in income of Local Limited Partnerships (Note 4)                                           |   |   | 332,554    |   |   |   | 319,380 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Loss on disposition of investments in Local Limited                                               |   |   |       |   |   |   |   |   |
|       Partnerships (Note 4)                                         |   |   |  -    |   |   |   |  (149,631 | ) |
|                                                                                              |   |   |       |   |   |   |   |   |
| Net Loss                                                                                          |   | $      | (749,825   | )      |   | $      | (1,532,347 | ) |
|                                                                                              |   |   |       |   |   |   |   |   |
| Net Loss allocated:                                                                               |   |   |       |   |   |   |   |   |
| General Partners                                                                                  |   | $      | (7,498     | )      |   | $      | (15,323 | ) |
| Limited Partners                                                                                  |   |   | (742,327   | )      |   |   | (1,517,024 | ) |
|                                                                                              |   | $      | (749,825   | )      |   | $      | (1,532,347 | ) |
| Net Loss per Limited Partner Unit                                                                 |   |   |       |   |   |   |   |   |
| (36,497 Units)                                                                                    |   | $      | (20.34     | )      |   | $      | (41.57 | ) |
|                                                                                              |   |   |       |   |   |   |   |   |
|                                                                                              |   |   |       |   |   |   |   |   |
|                                                                                              |   |   |       |   |   |   |   |   |
|                                                                                              |   |   |       |   |   |   |   |   |

----

|                      |   |           |    |   |                                         |   |   |                              |   |   |                                                         |   |
|---------------------------|--------|----------------|---------|--------|----------------------------------------------|--------|--------|-----------------------------------|--------|--------|--------------------------------------------------------------|--------|
|                      |   |           |    |   |      Initial             |   |   |     Investor       |   |   |                                                         |   |
|                      |   |   General |    |   |        Limited |   |   |     Limited        |   |   |                                                         |   |
|                      |   | Partner        |    |   |      Partners            |   |   |      Partners |   |   |           Total |   |
|                      |   |           |    |   |                                         |   |   |                              |   |   |                                                         |   |
| Balance at March 31, 2009 |   | $              | 36,030  |   |                                         | $      | 100    |                              |   | $      | 3,566,827                                                    |   |   | $ | 3,602,957 |   |
|                      |   |           |    |   |                                         |   |   |                              |   |   |                                                         |   |   |   |   |   |
| Net Loss                  |   |           | (15,323 | )      |                                         |   | -      |                              |   |   | (1,517,024                                                   | )      |   |   | (1,532,347 | ) |
|                      |   |           |    |   |                                         |   |   |                              |   |   |                                                         |   |   |   |   |   |
| Balance at March 31, 2010 |   |           | 20,707  |   |                                         |   | 100    |                              |   |   | 2,049,803                                                    |   |   |   | 2,070,610 |   |
|                      |   |           |    |   |                                         |   |   |                              |   |   |                                                         |   |   |   |   |   |
| Net Loss                  |   |           | (7,498  | )      |                                         |   | -      |                              |   |   | (742,327                                                     | )      |   |   | (749,825 | ) |
|                      |   |           |    |   |                                         |   |   |                              |   |   |                                                         |   |   |   |   |   |
| Balance at March 31, 2011 |   | $              | 13,209  |   |                                         | $      | 100    |                              |   | $      | 1,307,476                                                    |   |   | $ | 1,320,785 |   |

----

|                                                                                                      |   | 2011   |     |   |                   2010 |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|-------------------------------------------------------------------------------------------------------------|--------|
| Cash flows from operating activities:                                                                     |   |   |     |   |                                                                                                        |   |
| Net Loss                                                                                                  |   | $      | (749,825 | )      |                                                                                                        | $      | (1,532,347 | ) |
| Adjustments to reconcile net loss to net                                                                  |   |   |     |   |                                                                                                        |   |   |   |
| cash used for operating activities:                                                                       |   |   |     |   |                                                                                                        |   |   |   |
| Equity in income of Local Limited Partnerships                                                            |   |   | (332,554 | )      |                                                                                                        |   | (319,380 | ) |
|          Loss on disposition of investments in Local Limited |   |   |     |   |                                                                                                        |   |   |   |
|              Partnerships                |   |   | -        |   |                                                                                                        |   | 149,631 |   |
|          Provision for valuation allowance on advances to    |   |   |     |   |                                                                                                        |   |   |   |
|              Local Limited Partnerships  |   |   | -        |   |                                                                                                        |   | 209,146 |   |
|          Impairment on investments in Local                  |   |   |     |   |                                                                                                        |   |   |   |
|    Limited Partnerships                                                                    |   |   | 608,000  |   |                                                                                                        |   | 1,014,000 |   |
| Amortization                                                                                              |   |   | 1,748    |   |                                                                                                        |   | 2,392 |   |
| Increase (decrease) in cash arising from changes                                                          |   |   |     |   |                                                                                                        |   |   |   |
| in operating assets and liabilities:                                                                      |   |   |     |   |                                                                                                        |   |   |   |
|              Other assets                |   |   | (288     | )      |                                                                                                        |   | (233 | ) |
| Due to affiliate                                                                                          |   |   | 251,533  |   |                                                                                                        |   | (123,965 | ) |
| Accrued expenses                                                                                          |   |   | (30,047  | )      |                                                                                                        |   | 6,078 |   |
| Net cash used for operating activities                                                                    |   |   | (251,433 | )      |                                                                                                        |   | (594,678 | ) |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
| Cash flows from investing activities:                                                                     |   |   |     |   |                                                                                                        |   |   |   |
|       Advances to Local Limited Partnerships                                |   |   | -        |   |                                                                                                        |   | (209,146 | ) |
| Cash distributions received from Local                                                                    |   |   |     |   |                                                                                                        |   |   |   |
| Limited Partnerships                                                                                      |   |   | 44,757   |   |                                                                                                        |   | 164,505 |   |
|       Proceeds received from sale of investments in                         |   |   |     |   |                                                                                                        |   |   |   |
|          Local Limited partnerships                          |   |   | -        |   |                                                                                                        |   | 902,057 |   |
| Net cash provided by investing activities                                                                 |   |   | 44,757   |   |                                                                                                        |   | 857,416 |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                      |   |   | (206,676 | )      |                                                                                                        |   | 262,738 |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
| Cash and cash equivalents, beginning                                                                      |   |   | 372,567  |   |                                                                                                        |   | 109,829 |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
| Cash and cash equivalents, ending                                                                         |   | $      | 165,891  |   |                                                                                                        | $      | 372,567 |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |
|                                                                                                      |   |   |     |   |                                                                                                        |   |   |   |

----

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|                                                                                            |   | 2011   |             |   | 2010   |   |
|-------------------------------------------------------------------------------------------------|--------|--------|------------------|--------|--------|--------|
|                                                                                            |   |   |             |   |   |   |
| Capital contributions and advances paid to Local Limited Partnerships                           |   | $      | 18,442,398       |   |   | $      | 19,336,206 |   |
|                                                                                            |   |   |             |   |   |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding                            |   |   |             |   |   |   |   |   |
|      cumulative unrecognized losses of $4,549,207 and $3,787,055 at    |   |   |             |   |   |   |   |   |
|      March 31, 2011 and 2010 respectively)                             |   |   | (11,033,997      | )      |   |   | (11,767,212 | ) |
|                                                                                            |   |   |             |   |   |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                          |   |   | (882,099         | )      |   |   | (837,342 | ) |
|                                                                                            |   |   |             |   |   |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                    |   |   | 6,526,302        |   |   |   | 6,731,652 |   |
|                                                                                            |   |   |             |   |   |   |   |   |
| Excess investment costs over the underlying assets acquired:                                    |   |   |             |   |   |   |   |   |
|                                                                                            |   |   |             |   |   |   |   |   |
| Acquisition fees and expenses                                                                   |   |   | 651,057          |   |   |   | 662,167 |   |
|                                                                                            |   |   |             |   |   |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                        |   |   | (196,504         | )      |   |   | (198,254 | ) |
|                                                                                            |   |   |             |   |   |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                            |   |   |             |   |   |   |   |   |
|     and impairment                                                          |   |   | 6,980,855        |   |   |   | 7,195,565 |   |
|                                                                                            |   |   |             |   |   |   |   |   |
| Cumulative valuation allowance on advances to Local    Limited Partnerships |   |   | (1,417,455       | )      |   |   | (1,417,455 | ) |
|                                                                                            |   |   |             |   |   |   |   |   |
| Cumulative impairment on  investments in Local Limited Partnerships                   |   |   |  (3,563,000 | )      |   |   |  (3,455,759 | ) |
|                                                                                            |   |   |             |   |   |   |   |   |
| Investments in Local Limited Partnerships                                                       |   | $      | 2,000,400        |   |   | $      | 2,322,351 |   |
|                                                                                            |   |   |             |   |   |   |   |   |

----

|                                   |   | 2010   |       |   | 2009   |   |
|----------------------------------------|--------|--------|------------|--------|--------|--------|
| Assets:                                |   |   |       |   |   |   |
| Investment property, net               |   | $      | 21,320,026 |   |   | $      | 26,467,367 |   |
| Other assets                           |   |   | 2,432,247  |   |   |   | 2,549,468 |   |
| Total Assets                           |   | $      | 23,752,273 |   |   | $      | 29,016,835 |   |
|                                   |   |   |       |   |   |   |   |   |
| Liabilities and Partners' Equity:      |   |   |       |   |   |   |   |   |
| Mortgage notes payable                 |   | $      | 11,514,799 |   |   | $      | 17,652,570 |   |
| Other liabilities                      |   |   | 11,073,019 |   |   |   | 10,036,796 |   |
| Total Liabilities                      |   |   | 22,587,818 |   |   |   | 27,689,366 |   |
|                                   |   |   |       |   |   |   |   |   |
| Fund's Equity                          |   |   | 2,726,936  |   |   |   | 2,738,305 |   |
| Other partners' deficiency             |   |   | (1,562,481 | )      |   |   | (1,410,836 | ) |
| Total Partners' Equity                 |   |   | 1,164,455  |   |   |   | 1,327,469 |   |
| Total Liabilities and Partners' Equity |   | $      | 23,752,273 |   |   | $      | 29,016,835 |   |

|                                                                       |   | 2010   |      |   | 2009   |   |
|----------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                       |   |   |      |   |   |   |
| Rental and other income                                                    |   | $      | 5,507,536 |   |   | $      | 7,964,287 |   |
|                                                                       |   |   |      |   |   |   |   |   |
| Expenses:                                                                  |   |   |      |   |   |   |   |   |
| Operating                                                                  |   |   | 3,613,854 |   |   |   | 5,171,726 |   |
| Interest                                                                   |   |   | 1,022,224 |   |   |   | 1,949,476 |   |
| Depreciation and amortization                                              |   |   | 1,109,408 |   |   |   | 1,939,228 |   |
| Total Expenses                                                             |   |   | 5,745,486 |   |   |   | 9,060,430 |   |
|                                                                       |   |   |      |   |   |   |   |   |
| Net Loss                                                                   |   | $      | (237,950  | )      |   | $      | (1,096,143 | ) |
|                                                                       |   |   |      |   |   |   |   |   |
| Fund’s share of  loss (2010 includes $444 from prior year) |   | $      | (234,793  | )      |   | $      | (974,450 | ) |
| Other partners' share of loss                                              |   | $      | (3,601    | )      |   | $      | (121,693 | ) |

----

----

|                                                                                                                                            |   | 2011   |          |   | 2010   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|--------|
|                                                                                                                                            |   |   |          |   |   |   |
| Net Loss per financial statements                                                                                                               |   | $      | (749,825      | )      |   | $      | (1,532,347 | ) |
|                                                                                                                                            |   |   |          |   |   |   |   |   |
| Equity in income of Local Limited Partnerships for financial reporting   purposes in excess of equity in losses for tax purposes |   |   |  209,434 |   |   |   |  24,497 |   |
|                                                                                                                                            |   |   |          |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships not recognized                                                                                   |   |   |          |   |   |   |   |   |
| for financial reporting purposes                                                                                                                |   |   | (910,347      | )      |   |   | (1,293,830 | ) |
|                                                                                                                                            |   |   |          |   |   |   |   |   |
| Adjustment to reflect March 31 fiscal year end to                                                                                               |   |   |          |   |   |   |   |   |
| December 31 taxable year end                                                                                                                    |   |   | (14,197       | )      |   |   | 6,059 |   |
|                                                                                                                                            |   |   |          |   |   |   |   |   |
| Amortization for tax purposes in excess of amortization                                                                                         |   |   |          |   |   |   |   |   |
| for financial reporting purposes                                                                                                                |   |   | (22,331       | )      |   |   | (30,491 | ) |
|                                                                                                                                            |   |   |          |   |   |   |   |   |
| Provision for valuation allowance on advances to Local                                                                                          |   |   |          |   |   |   |   |   |
|     Limited Partnerships not deductible for tax purposes                                                                    |   |   | -             |   |   |   | 209,146 |   |
|                                                                                                                                            |   |   |          |   |   |   |   |   |
| Impairment on investments in Local                                                                                                              |   |   |          |   |   |   |   |   |
| Limited Partnerships not deductible for tax purposes                                                                                            |   |   | 608,000       |   |   |   | 1,014,000 |   |
|                                                                                                                                            |   |   |          |   |   |   |   |   |
| Loss on sale of investments in Local Limited Partnerships for tax                                                                               |   |   |          |   |   |   |   |   |
|    purposes in excess of loss recognized for financial reporting purposes                                                        |   |   |  (21,737 | )      |   |   |  (79,895 | ) |
|                                                                                                                                            |   |   |          |   |   |   |   |   |
| Net Loss per tax return                                                                                                                         |   | $      | (901,003      | )      |   | $      | (1,682,861 | ) |

|                                      |   |     Financial       |      |   |             |   |      |                           |   |
|-------------------------------------------|--------|------------------------------------|-----------|--------|------------------|--------|-----------|--------------------------------|--------|
|                                      |   |      Reporting |      |   |    Tax |   |      |                           |   |
|                                      |   |  Purposes                     |      |   |   Purposes  |   |      |     Differences |   |
|                                      |   |                               |      |   |             |   |      |                           |   |
| Investments in Local Limited Partnerships |   | $                                  | 2,000,400 |   |             | $      | 1,045,483 |                           |   | $ | 954,917 |   |
| Other assets                              |   | $                                  | 166,412   |   |             | $      | 4,901,388 |                           |   | $ | (4,734,976 | ) |
| Liabilities                               |   | $                                  | 846,027   |   |             | $      | 802,282   |                           |   | $ | 43,745 |   |

----

|                                      |   |     Financial       |      |   |                  |   |      |                                 |   |
|-------------------------------------------|--------|------------------------------------|-----------|--------|-----------------------|--------|-----------|--------------------------------------|--------|
|                                      |   |      Reporting |      |   |    Tax      |   |      |                                 |   |
|                                      |   |   Purposes                    |      |   |    Purposes |   |      |      Differences |   |
|                                      |   |                               |      |   |                  |   |      |                                 |   |
| Investments in Local Limited Partnerships |   | $                                  | 2,322,351 |   |                  | $      | 1,504,415 |                                 |   | $ | 817,936 |   |
| Other assets                              |   | $                                  | 372,800   |   |                  | $      | 5,338,747 |                                 |   | $ | (4,965,947 | ) |
| Liabilities                               |   | $                                  | 624,541   |   |                  | $      | 797,570   |                                 |   | $ | (173,029 | ) |

| Oak Knoll Renaissance, Limited Partnership |   | 2010   |      |   | 2009   |   |
|--------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Total Assets                               |   | $      | 7,057,880 |   |   | $      | 7,275,435 |   |
| Total Liabilities                          |   | $      | 3,465,223 |   |   | $      | 3,845,116 |   |
| Revenue                                    |   | $      | 2,172,002 |   |   | $      | 2,074,423 |   |
| Net Income                                 |   | $      | 335,913   |   |   | $      | 362,046 |   |
|                                       |   |   |      |   |   |   |   |   |
|                                       |   |   |      |   |   |   |   |   |
|                                       |   |   |      |   |   |   |   |   |
|                                       |   |   |      |   |   |   |   |   |
|                                       |   |   |      |   |   |   |   |   |