UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended ~~December~~June 3130, ~~2008~~2009

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

For the transition period from _______ to _______

Commission file number 033-14852-01

AMERICAN AFFORDABLE HOUSING II LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

Massachusetts	04-2992309
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts 02108

(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes  No ý

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes  No ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý

No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes 

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes 

No ý

AMERICAN AFFORDABLE HOUSING II LIMITED PARTNESHIP

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED ~~DECEMBER~~JUNE 3130, ~~2008~~2009

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
			Pages
	Item 1. Financial Statements
		Balance Sheets	3
		Statements of Operations	4-5
		Statements of Changes in Partners' Deficit	65
		Statements of Cash Flows	76
		Notes to Financial Statements	~~8-11~~7
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		1211-1617
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		1718
	Item 4T. Controls and Procedures		1718
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		1819
	Item 1A. Risk Factors		1819
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		1819
	Item 3. Defaults Upon Senior Securities		1819
	Item 4. Submission of Matters to a Vote of Security Holders		1819
	Item 5. Other Information		1819
	Item 6. Exhibits		1819
	Signatures		1920

American Affordable Housing II Limited Partnership

BALANCE SHEETS

		December 31, 2008 (Unaudited)	March 31, 2008 (Audited)
		June 30, 2009 (Unaudited)	March 31, 2009 (Audited)
ASSETS
Cash and cash equivalents		$ 3090,~~450~~844	$ 5119,~~354~~850
		$ 30,450	$ 51,354
		$ 90,844	$ 19,850
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES
Accounts payable		$ 525,000	$ ~~381~~-
Accounts payable affiliates		6,~~799~~842,~~282~~210	6,~~730~~822,~~185~~441
		6,804,282	6,730,566
		6,867,210	6,822,441
PARTNERS' DEFICIT
Limited Partners
	Units of limited partnership interest, $1,000 stated value per unit; issued and outstanding, 26,501 units (Note A)	(6,~~484~~486,~~072~~581)	(6,~~390~~512,~~398~~544)
General Partner		(289,~~760~~785)	(~~288~~290,~~814~~047)
		(6,773,832)	(6,679,212)
		(6,776,366)	(6,802,591)
		$ 30,450	$ 51,354
		$ 90,844	$ 19,850

The accompanying notes are an integral part of this statement

American Affordable Housing II Limited Partnership STATEMENTS OF OPERATIONS Three Months Ended ~~December~~June 3130, (Unaudited)

		2008	2007
		2009	2008
Income
	Interest income	$ 5362	$ ~~1,556~~197
	Other income	-1,734	-182
		53	1,556
		1,796	379
Share of income from Operating Partnerships (Note D)		1124,~~167~~517	-
Expenses
	Professional fees	3,~~653~~769	~~4,778~~262
	General and administrative expenses	123,~~100~~504	107,~~432~~320
	Asset management fees (Note C)	22(7,~~057~~185)	1422,~~888~~845
		37,810	30,098
		88	30,427
NET LOSS		$ (26,590)	$ (28,542)
NET INCOME (LOSS)		$ 26,225	$ (30,048)
Net loss allocated to general partner		$ (266)	$ (285)
Net income (loss) allocated to general partner		$ 262	$ (300)
Net loss allocated limited partners		$ (26,324)	$ (28,257)
Net income (loss) allocated limited partners		$ 25,963	$ (29,748)
Net loss per unit of limited partnership interest		$ (0.99)	$ (1.07)
Net income (loss) per unit of limited partnership interest		$ 1.0	$ (1.1)

The accompanying notes are an integral part of this statement

American Affordable Housing II Limited Partnership STATEMENTS OF ~~OPERATIONS~~CHANGES IN PARTNERS' DEFICIT ~~Nine~~Three Months Ended ~~December~~June 3130, (Unaudited)

		2008	2007
	Limited Partners	General Partner	Total
Income
Partners' deficit April 1, 2009	$ (6,512,544)	$(290,047)	$(6,802,591)
	Interest income	$ 410	$ 6,611
Net income	25,963	262	26,225
	Other income	1,734	-
Partners' deficit June 30, 2009	$(6,486,581)	$(289,785)	$(6,776,366)
		2,144	6,611
Share of income from Operating Partnerships (Note D)		21,167	-
Expenses
	Professional fees	27,702	33,184
	General and administrative expenses	23,992	20,872
	Asset management fees (Note C)	66,237	50,221
		117,931	104,277
NET LOSS		$ (94,620)	$ (97,666)
Net loss allocated to general partner		$ (946)	$ (977)
Net loss allocated limited partners		$ (93,674)	$ (96,689)
Net loss per unit of limited partnership interest		$ (3.53)	$ (3.65)

The accompanying notes are an integral part of this statement

American Affordable Housing II Limited Partnership STATEMENTS OF ~~CHANGES~~CASH ~~IN PARTNERS' DEFICIT~~FLOWS ~~Nine~~Three Months Ended ~~December~~June 3130, (Unaudited)

	Limited Partners	General Partner	Total
			2009	2008
Partners' deficit April 1, 2008	$ (6,390,398)	$(288,814)	$(6,679,212)
Cash flows from operating activities:
Net loss	(93,674)	(946)	(94,620)
	Net income (loss)		$ 26,225	$ (30,048)
Partners' deficit December 31, 2008	$(6,484,072)	$(289,760)	$(6,773,832)
	Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
		Share of (income) from Operating Partnerships	(24,517)	-
		Changes in assets and liabilities:
		Increase (decrease) in accounts payable and accrued expenses	25,000	(381)
		Increase (decrease) in accounts payable affiliates	19,769	24,705
		Net cash provided by (used in) operating activities	46,477	(5,724)
	Cash flows from investing activities:
		Proceeds from the sale of Operating Partnerships	24,517	-
		Net cash provided by (used in) investing activities	24,517	-
		INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	70,994	(5,724)
Cash and cash equivalents, beginning			19,850	51,354
Cash and cash equivalents, ending			$ 90,844	$ 45,630

The accompanying notes are an integral part of this statement

American Affordable Housing II Limited Partnership STATEMENTS OF CASH FLOWS Nine Months Ended December 31, (Unaudited)

			2008	2007
Cash flows from operating activities:
	Net Loss		$ (94,620)	$ (97,666)
	Adjustments to reconcile net income(loss) to net cash (used in) provided by operating activities:
		Share of (Income) from Operating Partnerships	(21,167)	-
		Changes in assets and liabilities:
		Increase (Decrease) in accounts payable and accrued expenses	4,619	(7,500)
		Increase (Decrease) in accounts payable affiliates	69,097	(210,532)
		Net cash provided by (used in) operating activities	(42,071)	(315,698)
	Cash flows from investing activities:
		Proceeds from the sale of Operating Partnerships	21,167	-
		Net cash provided by (used in) investing activities	21,167	-
		INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(20,904)	(315,698)
Cash and cash equivalents, beginning			51,354	468,159
Cash and cash equivalents, ending			$ 30,450	$ 152,461

The accompanying notes are an integral part of this statement

American Affordable Housing II Limited Partnership

NOTES TO FINANCIAL STATEMENTS ~~December~~June 3130, ~~2008~~2009 (Unaudited)

NOTE A - ORGANIZATION

American Affordable Housing II Limited Partnership ("Partnership") was formed under the laws of The Commonwealth of Massachusetts on May 13, 1987, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which were to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ~~("Operating Partnerships")~~. Effective as of June 1, 2001 there was a restructuring, and as a result, the Partnership's general partner was reorganized as follows. The general partner of the Partnership continues to be Boston Capital Associates Limited Partnership, a Massachusetts limited partnership. The general partner of the Partnership's general partner is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc.

Pursuant to the Securities Act of 1933, the Partnership filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective ~~December~~September 21, 1987, which covered the offering (the "Public Offering") of the Partnership's units of limited partner interest ~~("Units")~~, as well as the units of limited partner interest offered by American Affordable Housing I, III, IV, and V Limited Partnerships (together with the Partnership, the "Partnerships"). The Partnerships registered 50,000 units of limited partner interest at $1,000 each unit for sale to the public. The Partnership sold 26,501 units of limited partner interest, representing $26,501,000 of capital contributions.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of ~~December~~June 3130, ~~2008~~2009 and for the ~~nine~~three months then ended have been prepared by the Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Registrant's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements are read in conjunction with the financial statements and the notes thereto included in the Registrant's Annual Report Statement on Form 10-K.

The accompanying financial statements reflect the Partnership's results of operations for an interim period and are not necessarily indicative of the results of operations for the fiscal year ending March 31, ~~2009~~2010.

American Affordable Housing II Limited Partnership

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

~~December~~June 3130, ~~2008~~2009

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

An annual partnership management fee based on 0.5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued as payable to Boston Capital Asset Management Limited Partnership. ~~The~~There were no partnership management ~~fee~~fees paid for the ~~nine~~three months ended ~~December~~June 3130, ~~2008~~2009 and ~~2007 was $0 and $286,092, respectively~~2008. The annual partnership management fee accrued for the quarters ended ~~December~~June 3130, ~~2008~~2009 and ~~2007~~2008, was $2218,~~057~~503 and $24,705, respectively. Total partnership management fees accrued as of ~~December~~June 3130, ~~2008~~2009 are $6,~~487~~527,~~030~~034.

During the quarters ended ~~December~~June 3130, ~~2008~~2009 and ~~2007~~2008, affiliates of the Partnership's general partner did not advance any money to the Partnership to pay operating expenses of the Partnership, or make advances and/or loans to Operating Partnerships. Total advances for these costs at ~~December~~June 3130, ~~2008~~2009 were $261,667. These and any additional advances will be repaid, without interest, from available cash flow or the proceeds of sales or refinancing of the Partnership's interests in Operating Partnerships.

The Partnership also accrued various affiliate administrative expenses including travel, printing, salaries, postage, and overhead allocations. Total accruals at ~~December~~June 3130, ~~2008~~2009 were $5053,~~585~~509.

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At ~~December~~June 3130, ~~2008~~2009 and ~~2007~~2008, the Partnership had limited partnership equity interests in 13 and 15 Operating Partnerships, each of which owned an apartment complex.

Under the terms of the Partnership's investment in each Operating Partnership, the Partnership was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments upon each Operating Partnership achieving specified levels of construction and/or operations. At ~~December~~June 3130, ~~2008~~2009 and ~~2007~~2008, all such capital contributions had been paid to the Operating Partnerships.

The Partnership's fiscal year ends March 31st of each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Partnership within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the ~~nine~~three months ended ~~September~~March 3031, ~~2008~~2009.

American Affordable Housing II Limited Partnership

NOTES TO FINANCIAL STATEMENTS

~~December~~June 3130, ~~2008~~2009 (Unaudited)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

The unaudited combined statements of operations of the Operating

Partnerships for the ~~nine~~three months ended ~~September~~March 3031, ~~2008~~2009 and ~~2007~~2008 are as follows:

	2008	2007
	2009	2008
Revenues
Rental income	$ ~~614~~546,~~577~~155	$ ~~718~~703,~~408~~573
Interest and other	1622,~~260~~725	2138,~~834~~727
	630,837	740,242
	568,880	742,300
Expenses
Interest expense	9977,~~543~~219	~~125~~110,~~861~~067
Depreciation and amortization	~~157~~167,~~304~~594	~~179~~176,~~129~~144
Operating expenses	~~441~~452,~~237~~557	~~585~~526,~~550~~200
	698,084	890,540
	697,370	812,411
NET LOSS	$ (67128,~~247~~490)	$ (~~150~~70,~~298~~111)
Net loss allocation to American Affordable Housing II Limited Partnership*	$ (66127,~~575~~205)	$ (~~148~~69,~~795~~410)
Net loss allocated to other partners	$ (~~672~~1,285)	$ (~~1,503~~701)

*Amounts include $66127,~~575~~205 and $~~148~~69,~~795~~410 for ~~2008~~2009 and ~~2007~~2008, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to
offset excess income.

American Affordable Housing II Limited Partnership

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

~~December~~June 3130, ~~2008~~2009

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (CONTINUED)

At June 30, 2009 and 2008, the Partnership has limited partnership equity interests in 13 and 15 Operating Partnerships, respectively, which own apartment complexes. During the quarters ended June 30, 2009 and 2008, none of the Operating Partnerships were sold. For the quarter ended June 30, 2009, the Partnership transferred 99% of its interest in 3 Operating Partnerships. The transfers resulted in cash proceeds to the Partnership of $24,517 and a gain on the disposal of the asset of $24,517.

NOTE E - TAXABLE LOSS

The Partnership's taxable loss for the calendar year ended December 31, ~~2008~~2009 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and IRS accounting methods. No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners individually.

NOTE F - PLAN OF LIQUIDATION

On January 10, 2008, our ~~general~~General ~~partner~~Partner recommended that the Unit holders approve a plan of liquidation and dissolution for the Partnership, or the "Plan." The Plan was approved by the Unit holders on April 1, 2008, and was adopted by the ~~general~~General ~~partner~~Partner on April 1, 2008. Pursuant to the Plan, the ~~general~~General ~~partner~~Partner may, without further action by the Unit holders:

liquidate the assets and wind up the business of the Partnership;
make liquidating distributions in cancellation of the ~~Units~~Unit;
dissolve the Partnership after the sale of all of the Partnership's assets; and
take, or cause the Partnership to take, such other acts and deeds and shall do, or cause the Partnership to do, such other things, as are necessary or appropriate in connection with the dissolution, winding up and liquidation of the Partnership, the termination of the responsibilities and liabilities of the Partnership under applicable law, and the termination of the existence of the Partnership.

Since the approval of the Plan by the Unit holders, we have continued to seek to sell the assets of the Partnership and use the sales proceeds and/or other Partnership funds to pay all expenses in connection with such sales, pay or make provision for payment of all Partnership obligations and liabilities, including accrued fees and unpaid loans to the ~~general~~General ~~partner~~Partner, and distribute the remaining assets as set forth in the Partnership Agreement. We expect to complete the sale of the apartment complexes approximately three to four years after the Unit holders' approval of the Plan, which was April 1, 2008. However, because of numerous uncertainties, the liquidation may take longer or shorter than expected, and the final liquidating distribution may occur months after all of the apartment complexes have been sold.

NOTE G - SUBSEQUENT EVENT

AsThe ofpartnership ~~December 31, 2008, the Partnership~~ has ~~entered~~evaluated ~~into~~subsequent anevents ~~agreement~~through ~~to sell~~ the ~~interest~~date inthat ~~one~~the ~~Operating~~financial ~~Partnership. The~~statements ~~estimated~~were ~~sales~~issued, ~~price~~which ~~and~~was ~~other~~August ~~terms~~14, ~~for~~2009, the ~~disposition~~date of the ~~Operating~~partnership's ~~Partnership~~Quarterly ~~have~~Report ~~been~~on ~~determined. The~~Form ~~estimated~~10-Q ~~proceeds to be received~~ for the ~~Operating~~period ~~Partnership~~ended isJune ~~$105~~30,~~248. The~~ ~~estimated gain on sale of the Operating Partnership is $29,348 and is expected to be recognized in the third quarter of~~ 2009.

The partnership has entered into agreements to sell interests in two Operating Partnerships. The estimated sales price and other terms for the dispositions of the Operating Partnerships have been determined. The estimated proceeds to be received for the Operating Partnerships is $571,229. The estimated gain on sale of the Operating Partnerships is $487,829, which is expected to be recognized in the second and third quarters of fiscal year 2010.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, ~~2008~~2009. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Partnership's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity have included (i) interest earned on working capital reserves, and (ii) cash distributions from operations of the Operating Partnerships in which the Partnership has invested. Both of these sources of liquidity are available to meet the obligations of the Partnership.

The Partnership is currently accruing the annual partnership management fee. Partnership management fees accrued during the quarter ended ~~December~~June 3130, ~~2008~~2009 were $2218,~~057~~503 and total partnership management fees accrued as of ~~December~~June 3130, ~~2008~~2009 were $6,~~487~~527,~~030~~034. During the quarter ~~and year~~ ended ~~December~~June 3130, ~~2008~~2009, none of the accrued partnership management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Partnership receives sales or refinancing proceeds from Operating Partnerships, which will be used to satisfy these liabilities.

As of ~~December~~June 3130, ~~2008~~2009, an affiliate of the general partner of the Partnership advanced a total of $~~312~~315,~~252~~176 to the Partnership to pay various operating expenses of the Partnership, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. There ~~were~~was noan ~~advances~~advance of $1,266 during the quarter ended ~~December~~June 3130, ~~2008~~2009.

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Partnership's interests in Operating Partnerships. There were no payments to an affiliate of the general partner during the three months ended June 30, 2009.

Capital Resources

The Partnership received $26,501,000 in subscriptions for Units (at $1,000 per Unit) during the period February 2, 1988 to December 21, 1988 pursuant to the Public Offering, resulting in net proceeds available for investment in Operating Partnerships (after payment of acquisition fees and expenses and funding of a reserve) of $18,550,700.

As of ~~December~~June 3130, ~~2008~~2009, the Partnership had committed to investments requiring cash payments of $18,613,793, all of which has been paid. At ~~December~~June 3130, ~~2008~~2009, the Partnership held $3090,~~450~~844, which is comprised of working capital. Since the Partnership has completed funding of all investments, it anticipates that there should be no significant need for capital resources in the future.

Results of Operations

As of ~~December~~June 3130, ~~2008~~2009 and ~~2007~~2008, the Partnership held limited partnership interests in 13 and 15 Operating Partnerships~~, respectively~~. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Partnership believes that there is adequate casualty insurance on the properties.

As of ~~December~~June 3130, ~~2008~~2009 and ~~2007~~2008, the Qualified Occupancy of the Operating Partnerships was 100%. The Partnership had a total of 13 properties at ~~December~~June 3130, ~~2008~~2009, all of which were at 100% Qualified Occupancy.

The Partnership incurs an annual partnership management fee to Boston Capital Asset Management Limited Partnership, which we also refer to as BCAMLP, in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various partnership management and reporting fees paid by the Operating Partnerships. The annual partnership management fee incurred and the reporting fees paid by the Operating Partnerships for the three months ended June 30, 2009 are as follows:

3 Months Management Fee Net of Reporting Fee	3 Months Reporting Fee	~~9 Months Management Fee Net of Reporting Fee~~	~~9 Months Reporting Fee~~
$ 22,057	$ 0	$ 66,237	$ 2,860
$(7,185)	$25,688

The Partnership's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested. The Partnership's investments in Operating Partnerships have been made principally with a view towards realization of federal housing tax credits for allocation to its partners and Unit holders.

In June 2007, the investment general partner of Lovington Housing approved an agreement to sell the property and the transaction is anticipated to close in September 2009. The anticipated sales price is $1,208,004, which includes the outstanding mortgage balance of approximately $1,004,000 and cash proceeds to the investment limited partners of $105,248. Of the total proceeds anticipated to be received, $68,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, it is anticipated that $7,500 will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $29,348 are anticipated to be returned to cash reserves held by the Partnership. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid partnership management fees, and accrued but unpaid expenses of the investment limited partnership. After all outstanding obligations of the investment limited partnership are satisfied, any remaining monies will be distributed based on the number of Units held by each investor at the time of distribution.

In July 2008, the investment general partner entered into an agreement to transfer its interest in Nicollet Island Historic Homes to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,683,669 and cash proceeds to the investment limited partner of $20,000. Of the total proceeds received, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $10,000 will be returned to cash reserves held by the Partnership. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of Units held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment limited partnership entered into an investment limited partner interest pledge agreement with the Operating Partnership for receipt of a residual payment. Under the terms of the investment limited partner interest pledge agreement, if the property owned by the Operating Partnership is refinanced or sold, within 5 years from the initial transfer date, there would be a residual payment of $100 plus the capital transaction proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $10,000 as of September 30, 2008.

In December 2008, the investment general partner transferred its interest in Platteville Apartments to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $538,907 and cash proceeds to the investment limited partner of $16,167. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $11,167 was returned to cash reserves held by the Partnership. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of Units held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $11,167 as of December 31, 2008.

In January 2009, the investment general partner of Belen Apartments LP approved an agreement to sell the property and the transaction is anticipated to close in December 2009. The anticipated sales price is $2,150,000, which includes the outstanding mortgage balance of approximately $1,445,861 and cash proceeds to the investment limited partners of $465,981. Of the total proceeds anticipated to be received, it is anticipated that $7,500 will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $458,481 are anticipated to be returned to cash reserves held by the Partnership. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid partnership management fees, and accrued but unpaid expenses of the investment limited partnership. After all outstanding obligations of the investment limited partnership are satisfied, any remaining monies will be distributed based on the number of Units held by each investor at the time of distribution.

In April 2009, the investment general partner transferred 99% of its interest in Shelbyville FH, Limited to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $580,848 and cash proceeds to the investment limited partner of $17,411. Of the total proceeds received, $5,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $4,911 were returned to cash reserves held by the Partnership. The transfer of the remaining 1% investment partnership interest in the Operating Partnership is anticipated to close in April 2010 for its assumption of the outstanding mortgage balance of approximately $5,867 and cash proceeds of $176. The remaining proceeds of $176 are anticipated to be returned to the cash reserves held by the Partnership. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of Units held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $4,911 as of April 30, 2009.

In April 2009, the investment general partner transferred 99% of its interest in Suncrest, Limited to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $917,468 and cash proceeds to the investment limited partner of $27,550. Of the total proceeds received, $872 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $19,178 were returned to cash reserves held by the Partnership. The transfer of the remaining 1% investment partnership interest in the Operating Partnership is anticipated to close in April 2010 for its assumption of the outstanding mortgage balance of approximately $9,267 and cash proceeds of $279. The remaining proceeds of $279 are anticipated to be returned to the cash reserves held by the Partnership. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of Units held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $19,178 as of April 30, 2009.

In April 2009, the investment general partner transferred 99% of its interest in Warren Properties, Limited to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,330,935 and cash proceeds to the investment limited partner of $39,928. Of the total proceeds received, $12,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $27,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $428 were returned to cash reserves held by the Partnership. The transfer of the remaining 1% investment partnership interest in the Operating Partnership is anticipated to close in April 2010 for its assumption of the outstanding mortgage balance of approximately $13,444 and cash proceeds of $404. The remaining proceeds of $404 are anticipated to be returned to the cash reserves held by the Partnership. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of Units held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $428 as of June 30, 2009.

Off Balance Sheet Arrangements

None.

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Partnership to make certain estimates and assumptions. ~~A summary of significant accounting policies is provided in Note 1 to the financial statements.~~ The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of ~~the~~ Partnership's financial condition and results of operations. The Partnership believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Partnership is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Partnership accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Partnership does not control the operations of the Operating Partnerships.

If the book value of the Partnership's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future ~~low~~Low-~~income~~Income ~~housing~~Housing ~~credits~~Credits allocable to the Partnership and the estimated residual value to the Partnership, the Partnership reduces its investment ~~the~~in any such Operating Partnership and includes ~~the~~this reduction in equity in loss of investment of limited partnerships.

As of March 31, 2004, the Partnership adopted FASB Interpretation No. 46 - Revised ("~~FIN46R~~FIN 46R"), "Consolidation of Variable Interest Entities." FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity ("VIE'') in its financial statements and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity's expected losses, the majority of the expected returns, or both.

Based on the guidance of FIN 46R, the Operating Partnerships in which the Partnership invests in meet the definition of a VIE. However, management does not consolidate the Partnership's interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The Partnership currently records the amount of its investment in these partnerships as an asset in the balance sheet, recognizes its share of partnership income or losses in the statement of operations, and discloses how it accounts for material types of these investments in the financial statements.

The Partnership's balance in investment in Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Partnership's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general ~~partners~~partner and ~~their~~its guarantee against credit recapture.

Recent Accounting Changes

In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 157, "Fair Value Measurements," ("SFAS 157"), which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited transactions,. In ~~which~~February ~~for~~2008, the ~~Partnership~~FASB isissued ~~April~~FASB 1,Staff ~~2008~~Position (FSP) No. In ~~December~~FAS ~~2007~~157-2, ~~the~~which ~~FASB~~ delayed for one year the implementation of SFAS 157 as it pertains to certain non-financial assets and liabilities. ~~for~~The ~~fiscal~~Partnership ~~years~~adopted ~~beginning~~SFAS ~~after~~157 ~~November~~effective 15April 1, 2008, ~~which~~except as it applies to those non-financial assets and liabilities, for which the ~~Partnership~~effective isdate was April 1, 2009. The Partnership ishas ~~currently~~determined ~~evaluating~~that the ~~potential impact of the~~ adoption of SFAS 157 has no impact on ~~its~~the Partnership's financial statements.

In February 2007, the FASB issued SFAS ~~No.~~ 159 "The Fair Value Option for Financial Assets and Financial Liabilities" ~~("SFAS~~- ~~159")~~including an amendment of FASB Statement No. 115." SFAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value. The fair value election is designed to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. SFAS 159 is effective for fiscal years beginning after November 15, 2007. ~~The~~On April 1, 2008, the Partnership ~~does~~adopted SFAS 159 and elected not ~~expect~~to apply the provisions of SFAS 159 to ~~elect~~its eligible financial assets and financial liabilities on the ~~fair~~date ~~value~~of ~~option~~adoption. Accordingly, the initial application of SFAS 159 had no effect on the Partnership.

OnFASB ~~December~~Interpretation 4,No. ~~2007~~48, ~~the~~Accounting ~~FASB~~for Uncertainty in Income Taxes ("FIN 48") was issued in June 2006 and interprets SFAS No. ~~141R~~109, ~~"Business~~Accounting ~~Combinations"~~for ~~("SFAS~~Income ~~141R")~~Taxes. ~~This~~ ~~statement~~FIN ~~changes~~48 ~~the~~requires ~~accounting~~all ~~for~~taxpayers ~~acquisitions~~to ~~specifically~~analyze ~~eliminating~~all ~~the~~material ~~step~~positions ~~acquisition~~they ~~model,~~have ~~changing~~taken ~~the~~or ~~recognition~~plan ofto ~~contingent~~take ~~consideration~~in ~~from~~all ~~being~~tax ~~recognized~~returns ~~when~~that ithave isbeen ~~probable~~filed or should have been filed with all taxing authorities for all years still subject to ~~being~~challenge ~~recognized~~by atthose taxing authorities. If the ~~time~~position oftaken ~~acquisition,~~is ~~and~~"more-likely-than-not" ~~disallowing~~to be sustained by the ~~capitalization~~taxing ofauthority ~~transaction~~on ~~costs~~its ~~and~~technical ~~delays~~merits ~~when~~and ~~restructurings~~if ~~related~~there tois ~~acquisitions~~more ~~can~~than bea ~~recognized. The~~50% ~~standard~~likelihood isthat ~~effective~~the ~~for~~position ~~fiscal~~would ~~years~~be ~~ending~~sustained ~~after~~if ~~December~~challenged ~~15,~~and ~~2008. The~~considered ~~Partnership~~by isthe ~~currently~~highest ~~evaluating~~court in the ~~impact~~relevant ofjurisdiction, the ~~adoption~~tax consequences of ~~SFAS~~that ~~141R~~position onshould ~~its~~be reflected in the taxpayer's GAAP financial statements. ~~However,~~ ~~the~~Earlier ~~Partnership~~proposed ~~does~~interpretations ~~not~~of ~~expect~~ SFAS ~~141R~~109 tohad ~~have~~recommended a ~~material~~"probable" ~~impact~~standard onfor ~~the~~recognition ~~Partnership's~~of ~~statement~~tax ofconsequences ~~operations~~rather orthan ~~financial~~the ~~position~~"more-likely-than-not" standard finally adopted.

OnBecause ~~December~~we 4,are ~~2007,~~a ~~the~~pass-through ~~FASB~~entity ~~issued~~and ~~SFAS~~are ~~No.~~not ~~160,~~required ~~"Noncontrolling~~to ~~Interests~~pay inincome ~~Consolidated Financial Statements~~taxes, anFIN ~~amendment~~48 ofdoes ~~ARB~~not ~~No.~~currently ~~51"~~have ~~("SFAS~~any ~~160"). SFAS~~impact ~~160~~on ~~replaces~~our ~~the~~financial ~~concept~~statements. ofOn ~~minority~~December ~~interest~~30, ~~with~~2008, ~~noncontrolling~~the ~~interests~~FASB inissued ~~subsidiaries. Noncontrolling~~FASB ~~interests~~Staff ~~will~~Position ~~now~~(FSP) beNo. ~~reported~~FIN as48-3: aEffective ~~component~~Date of ~~equity~~FASB inInterpretation ~~the consolidated statement of financial position~~No. ~~Earnings~~ ~~attributable~~48 tofor ~~noncontrolling~~Certain ~~interests~~Nonpublic ~~will~~Enterprises, ~~continue~~which todeferred bethe ~~reported~~effective asdate ~~a part~~ of ~~consolidated~~Interpretation ~~earnings;~~48 ~~however,~~for ~~SFAS~~nonpublic ~~160~~enterprises ~~requires~~included ~~that~~within ~~income~~the ~~attributable~~scope toof ~~both~~FSP ~~controlling~~No. ~~and~~FIN ~~noncontrolling~~48-3 ~~interests~~to bethe ~~presented~~annual ~~separately~~financial onstatements ~~the~~for ~~face~~fiscal ofyears ~~the~~beginning ~~consolidated~~after ~~income~~December ~~statement. In addition~~15, ~~SFAS~~2008. ~~160~~The ~~provides~~deferred ~~that~~effective ~~when~~date ~~losses~~was ~~attributable~~intended to ~~noncontrolling~~give ~~interests exceed~~ the ~~noncontrolling~~Board ~~interest's~~additional ~~basis,~~time ~~losses continue~~ to bedevelop ~~attributed~~guidance toon the ~~noncontrolling~~application ~~interest~~of asFIN ~~opposed~~48 ~~to being absorbed~~ by ~~the~~pass-through ~~consolidating~~entities ~~entity. SFAS 160 requires retroactive adoption of the presentation~~ and ~~disclosure requirements~~ not-for-profit ~~existing minority interests~~organizations. ~~All~~ ~~other~~We ~~requirements~~may ofmodify ~~SFAS~~our ~~160~~disclosures ~~shall~~if ~~be applied prospectively. SFAS 160 is effective for~~ the ~~first~~FASB's ~~annual~~guidance ~~reporting~~regarding ~~period~~application ~~beginning~~of onFIN or48 ~~after~~to ~~December~~pass-through ~~15,~~entities ~~2008.~~changes ~~However,~~and ~~the~~is ~~Partnership~~extended ~~does not expect SFAS 160~~ to ~~have~~public ~~a material impact on the Partnership's financial statements~~enterprises.

Recent Accounting Changes - ~~Continued~~continued

~~Financial~~In ~~Accounting~~April ~~Standards~~2009, ~~Board~~the (FASB) ~~Interpretation~~issued ~~(FIN)~~FSP ~~No.~~107-1 ~~48,~~and ~~Accounting~~APB ~~for~~28-1 ~~Uncertainty in Income Taxes (~~"~~FIN~~Interim ~~48")~~Disclosures ~~was~~about ~~issued~~Fair inValue ~~July~~of ~~2006~~Financial ~~and interprets SFAS No~~Instruments." The ~~109,~~FSP ~~Accounting for Income Taxes. FIN 48~~ requires ~~all~~disclosure ~~taxpayers~~about tothe ~~analyze~~method ~~all~~and ~~material~~significant ~~positions~~assumptions ~~they~~used ~~have taken or plan~~ to ~~take~~establish inthe ~~all~~fair ~~tax~~value ~~returns~~of ~~that~~financial ~~have~~instruments ~~been filed or should have been filed with all taxing authorities~~ for ~~all~~interim ~~years~~reporting ~~still~~periods ~~subject~~as towell ~~challenge~~as byannual ~~those taxing authorities~~statements. The IfFSP ~~the position taken~~ is ~~"more-likely-than-not"~~effective tofor beAmerican ~~sustained~~Affordable byHousing ~~the~~II ~~taxing~~L.P. ~~authority~~as onof ~~its~~June ~~technical~~30, ~~merits~~2009 and ifhas ~~there~~no isimpact ~~more~~on ~~than a 50% likelihood that~~ the ~~position would be sustained if challenged and considered by the highest court in the relevant jurisdiction, the tax consequences of that position should be reflected in the taxpayer~~Partnership's ~~GAAP~~ financial ~~statements.~~condition ~~Earlier~~or ~~proposed~~results ~~interpretations~~ of ~~SFAS 109 had recommended a "probable" standard for recognition of tax consequences rather than the "more-likely-than-not" standard finally adopted~~operations.

~~Because~~In weNovember ~~are~~2008, athe ~~pass-through~~Emerging ~~entity~~Issues ~~and~~Task ~~are~~Force ~~not~~issued ~~required~~EITF toNo. 08-6, ~~pay~~"Equity ~~income~~Method ~~taxes,~~Investment ~~FIN~~Accounting 48Considerations" ~~does~~(EITF ~~not~~08-6) ~~currently~~that ~~have~~addresses ~~any~~how ~~impact~~the oninitial ~~our~~carrying ~~financial~~value ~~statements.~~of Onan ~~December~~equity ~~30,~~method ~~2008,~~investment ~~the~~should ~~FASB~~be ~~issued~~determined, ~~FASB~~how ~~Staff~~an ~~Position~~impairment ~~(FSP)~~assessment ~~No.~~of ~~FIN~~an 48underlying indefinite-3:lived ~~Effective~~intangible ~~Date~~asset of ~~FASB~~an ~~Interpretation~~equity ~~No.~~method 48investment ~~for~~should ~~Certain~~be ~~Nonpublic~~performed, ~~Enterprises~~how ~~("FSP~~an ~~No.~~equity ~~FIN~~method ~~48-3")~~investee's ,issuance ~~which~~of ~~defers~~shares ~~the~~should ~~effective~~be ~~date~~accounted offor, ~~FIN~~and 48how ~~for~~to ~~nonpublic~~account ~~enterprises~~for ~~included~~a ~~within~~change ~~the~~in ~~scope~~an ofinvestment ~~FSP~~from ~~No.~~the ~~FIN~~equity ~~48-3~~method to the ~~annual~~cost ~~financial~~method. ~~statements~~EITF 08-6 ~~for~~is effective in fiscal years beginning on or after December 15, 2008., ~~The~~and ~~deferred~~interim ~~effective~~periods ~~date~~within isthose ~~intended~~fiscal toyears. ~~give~~EITF 08-6 ~~the~~was ~~Board~~adopted ~~additional~~for ~~time~~the tointerim ~~develop~~quarterly ~~guidance~~period onbeginning ~~the~~April ~~application~~1, of2009. ~~FIN~~The 48impact byof ~~pass~~adopting EITF 08-~~through~~6 ~~entities~~does ~~and~~ not~~-for-profit~~ ~~organizations.~~have Wea ~~may~~material ~~modify~~impact ~~our~~on ~~disclosures if~~ the ~~FASB~~Partnership's ~~guidance~~financial ~~regarding~~condition ~~application~~or results of ~~FIN 48 to pass-through entities changes~~operations.

In May 2009, the FASB issued Statement of Financial Accounting Standards No. 165, "Subsequent Events" ("SFAS 165"). SFAS 165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS 165 is effective for American Affordable Housing II L.P. as of June 30, 2009, and has no material impact on the Partnership's financial condition or results of operations.

Item 3.	Quantitative and Qualitative Disclosure About Market Risk

	Not Applicable

Item 4T.	Controls & Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		Evaluation of Disclosure Controls and Procedures As of the end of the period covered by this report, the Partnership's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Partnership's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Partnership's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Partnership's disclosure controls and procedures were effective to ensure that information required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Partnership's management, including the Partnership's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
		As of the end of the period covered by this report, the Partnership's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management, Inc., carried out an evaluation of the effectiveness of the Partnership's "disclosure controls and procedures" as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Partnership's disclosure controls and procedures were adequate and effective in timely alerting them to material information relating to the Partnership required to be included in the Partnership's periodic SEC filings.
	(b)	Changes in Internal Controls
		There were no changes in the Partnership's internal control over financial reporting that occurred during the quarter ended December 31, 2008 that materially affected, or are reasonably likely to materially affect, the Partnership's internal control over financial reporting.
		There were no changes in the Partnership's internal control over financial reporting that occurred during the quarter ended June 30, 2009 that materially affected, or are reasonably likely to materially affect, the Partnership's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 1A.	Risk Factors
	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2008.
	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2009.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults upon Senior Securities
	None
Item 4.	Submission of Matters to a Vote of Security Holders
	None
Item 5.	Other Information
	None
Item 6.	Exhibits
	(a)Exhibits
		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act
of 1934, the Registrant has duly caused this Report to be signed on its behalf
by the undersigned, thereunto duly authorized.

	American Affordable Housing II
	Limited Partnership
	By:	Boston Capital Associates Limited
		Partnership, General Partner
		By:	BCA Associates Limited Partnership,
			General Partner
		By:	C&M Management Inc.,
			General Partner
Date: February 17, 2009		By:	/s/ John P. Manning
Date: August 14, 2009		By:	/s/ John P. Manning
			John P. Manning

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated:

DATE	SIGNATURE	TITLE
February 17, 2009	/s/ John P. Manning	Director, President
August 14, 2009	/s/ John P. Manning	Director, President
	John P. Manning	(Principal Executive
		Officer), C&M
		Management Inc;

DATE	SIGNATURE	TITLE
February 17, 2009	/s/ Marc N. Teal	Senior Vice President, Chief Financial Officer
August 14, 2009	/s/ Marc N. Teal	Senior Vice President, Chief Financial Officer
	Marc N. Teal	(Principal Accounting and Financial Officer)
		C&M Management Inc.

Filing Compare · AMERICAN AFFORDABLE HOUSING II LIMITED PARTNERSHIP