|   | [X]      QUARTERLY 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 |
|--------|-------------------------------------------------------------------------------------------------------------------|

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

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

| YES  [X] | NO  [  ] |
|--------------------|------------------------------|

| Large      accelerated filer [  ] | Accelerated      filer [  ] |
|---------------------------------------------|---------------------------------------|
| Non-accelerated      filer [  ]   | Smaller      Reporting Company [X]    |

| Yes      [  ] | No      [X] |
|-------------------------|-------------|

----

|                             | As      Amended |   | As      Originally Filed |
|----------------------------------|-----------------|--------|--------------------------|
| Current      Liabilities:        |            |   |                     |
| Payable      to General Partners | 2,469,339       |   | 304,082                  |
|                             |            |   |                     |
| Total      Current Liabilities   | 2,544,722       |   | 379,465                  |
|                             |            |   |                     |
| Long      Term Liabilities:      |            |   |                     |
| Payable      to General Partners | 1,817,932       |   | 3,983,189                |
|                             |            |   |                     |

----

----

GATEWAY TAX CREDIT FUND IILTD.

|                                                               | SERIES      2                                                       |   | SERIES      3                                     |   | SERIES      4                                                       |
|--------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                               | September      30,                                                  |   | March      31,                                    |   | September      30,                                                  |   | March      31, |   | September      30, |   | March      31, |
|                                                               | 2008                                                                |   | 2008                                              |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                     | $         54,281  |   | $      83,047  |   | $         41,236  |   | $      75,920  |   | $         81,717  |   | $       97,986  |
| Investment      in Securities                                      | 120,894                                                        |   | 126,654                                      |   | 130,885                                                        |   | 126,654  |   | 181,840  |   | 177,316  |
| Receivable      - Other                                            | 8,000                                                          |   | -                                            |   | -                                                              |   | -  |   | -  |   | -  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                                  | $       183,175             |   | $    209,701             |   | $       172,121             |   | $    202,574  |   | $       263,557  |   | $     275,302  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                                          |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                   | $       798,768             |   | $      55,456  |   | $       662,360             |   | $      53,465  |   | $       859,033  |   | $       63,632  |
| Distribution      Payable                                          | 3,080                                                          |   | -                                            |   | 3,249                                                          |   | 3,249  |   | 24,571  |   | 9,737  |
| Deferred      Gain on Sale of Project Partnerships                 | 7,741                                                          |   | -                                            |   | -                                                              |   | -  |   | -  |   | -  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                                     | 809,589                                                        |   | 55,456                                       |   | 665,609                                                        |   | 56,714  |   | 883,604  |   | 73,369  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                                        |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                   | -                                                              |   | 726,103                                      |   | -                                                              |   | 594,405  |   | -  |   | 782,308  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partner Assignees - 40,000 BAC's authorized of which  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| 6,136,      5,456, and 6,915 for Series 2, 3, and 4, respectively, |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| have      been issued at September 30, 2008 and March 31, 2008     | (767,290)                                                           |   | (709,923)                                         |   | (494,292)                                                           |   | (449,798) |   | (624,132) |   | (583,401) |
| General      Partners                                              | 140,876                                                        |   | 138,065                                      |   | 804                                                            |   | 1,253  |   | 4,085  |   | 3,026  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Deficit                                       | (626,414)                                                           |   | (571,858)                                         |   | (493,488)                                                           |   | (448,545) |   | (620,047) |   | (580,375) |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                       | $       183,175             |   | $    209,701             |   | $       172,121             |   | $    202,574  |   | $       263,557  |   | $     275,302  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                              | SERIES      5                                                       |   | SERIES      6                                     |   | TOTAL      SERIES 2 - 6                                             |
|-------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                              | September      30,                                                  |   | March      31,                                    |   | September      30,                                                  |   | March      31, |   | September      30, |   | March      31, |
|                                                              | 2008                                                                |   | 2008                                              |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                                            |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                    | $         94,130  |   | $    258,274             |   | $         73,654  |   | $    128,416  |   | $       345,018  |   | $     643,643  |
| Investment      in Securities                                     | 49,956                                                         |   | 126,654                                      |   | 262,769                                                        |   | 303,971  |   | 746,344  |   | 861,249  |
| Receivable      - Other                                           | -                                                              |   | -                                            |   | 38,000                                                         |   | -  |   | 46,000  |   | -  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Assets                                         | 144,086                                                        |   | 384,928                                      |   | 374,423                                                        |   | 432,387  |   | 1,137,362  |   | 1,504,892  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships, net                     | 5,671                                                          |   | 21,112                                       |   | 35,505                                                         |   | 28,229  |   | 41,176  |   | 49,341  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                                 | $       149,757             |   | $    406,040             |   | $       409,928             |   | $    460,616  |   | $    1,178,538  |   | $  1,554,233  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                            |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                                         |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                  | $         76,950  |   | $      83,663  |   | $         72,228  |   | $      79,468  |   | $    2,469,339  |   | $     335,684  |
| Distribution      Payable                                         | 4                                                              |   | 179,992                                      |   | 73                                                             |   | 39,987  |   | 30,977  |   | 232,965  |
| Deferred      Gain on Sale of Project Partnerships                | -                                                              |   | -                                            |   | 36,665                                                         |   | -  |   | 44,406  |   | -  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                                    | 76,954                                                         |   | 263,655                                      |   | 108,966                                                        |   | 119,455  |   | 2,544,722  |   | 568,649  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                                       |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                  | 728,859                                                        |   | 690,261                                      |   | 1,089,073                                                      |   | 1,039,921  |   | 1,817,932  |   | 3,832,998  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partner Assignees - 40,000 BAC's authorized of which |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| 8,616      and 10,105 for Series 5 and 6, respectively, have      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| been      issued at September 30, 2008 and March 31, 2008         | (657,201)                                                           |   | (550,103)                                         |   | (781,212)                                                           |   | (692,755) |   | (3,324,127) |   | (2,985,980) |
| General      Partners                                             | 1,145                                                          |   | 2,227                                        |   | (6,899)                                                             |   | (6,005) |   | 140,011  |   | 138,566  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Deficit                                      | (656,056)                                                           |   | (547,876)                                         |   | (788,111)                                                           |   | (698,760) |   | (3,184,116) |   | (2,847,414) |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                      | $       149,757             |   | $    406,040             |   | $       409,928             |   | $    460,616  |   | $    1,178,538  |   | $  1,554,233  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                              |   | SERIES      3                                                                    |   | SERIES      4                                                    |
|---------------------------------------------------------------------------|--------------------------------------------|--------|----------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                                      | 2008                                       |   | 2007                                                                             |   | 2008                                                             |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                                 |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Distribution      Income                                                  | $     3,557  |   | $            -  |   | $         862  |   | $             -  |   | $     6,837  |   | $       2,800  |
| Total      Revenues                                                       | 3,557                                 |   | -                                                                           |   | 862                                                         |   | -  |   | 6,837  |   | 2,800  |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Expenses:                                                                 |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 12,257                                |   | 15,222                                                                      |   | 9,499                                                       |   | 11,211  |   | 8,983  |   | 16,535  |
| General      and Administrative:                                          |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| General      Partner                                                      | 12,810                                |   | 17,016                                                                      |   | 10,801                                                      |   | 13,148  |   | 9,930  |   | 19,335  |
| Other                                                                     | 9,575                                 |   | 11,444                                                                      |   | 11,806                                                      |   | 7,665  |   | 11,654  |   | 10,206  |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Total      Expenses                                                       | 34,642                                |   | 43,682                                                                      |   | 32,106                                                      |   | 32,024  |   | 30,567  |   | 46,076  |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (31,085)                                   |   | (43,682)                                                                         |   | (31,244)                                                         |   | (32,024) |   | (23,730) |   | (43,276) |
| Gain      on Sale of Project Partnerships                                 | -                                     |   | 182,807                                                                     |   | -                                                           |   | 185  |   | 24,550  |   | -  |
| Interest      Income                                                      | 1,453                                 |   | 4,257                                                                       |   | 1,509                                                       |   | 2,709  |   | 2,465  |   | 3,554  |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Net      (Loss) Income                                                    | $      (29,632)                            |   | $      143,382                                                              |   | $      (29,735)                                                  |   | $      (29,130) |   | $     3,285  |   | $  (39,722) |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                     |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Assignees                                                                 | $      (29,336)                            |   | $      197,430                                                              |   | $      (29,438)                                                  |   | $      (29,129) |   | $     3,252  |   | $  (39,718) |
| General      Partners                                                     | (296)                                      |   | (54,048)                                                                         |   | (297)                                                            |   | (1) |   | 33  |   | (4) |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
|                                                                      | $      (29,632)                            |   | $      143,382                                                              |   | $      (29,735)                                                  |   | $      (29,130) |   | $     3,285  |   | $  (39,722) |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate                | $     (4.78)      |   | $     32.18                                        |   | $     (5.40)                            |   | $     (5.34) |   | $       0.47  |   | $      (5.74) |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding               | 6,136                                 |   | 6,136                                                                       |   | 5,456                                                       |   | 5,456  |   | 6,915  |   | 6,915  |
|                                                                      |                                       |   |                                                                             |   |                                                             |   |   |   |   |   |   |

----

|                                                             | SERIES      5                              |   | SERIES      6                              |   | TOTAL      SERIES 2 - 6                          |
|------------------------------------------------------------------|--------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------------|
|                                                             | 2008                                       |   | 2007                                       |   | 2008                                             |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                        |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Distribution      Income                                         | $     1,653  |   | $     3,216  |   | $      7,514  |   | $     7,865  |   | $    20,423  |   | $    13,881  |
| Total      Revenues                                              | 1,653                                 |   | 3,216                                 |   | 7,514                                       |   | 7,865  |   | 20,423  |   | 13,881  |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Expenses:                                                        |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 19,299                                |   | 22,999                                |   | 24,576                                      |   | 25,394  |   | 74,614  |   | 91,361  |
| General      and Administrative:                                 |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| General      Partner                                             | 20,162                                |   | 25,108                                |   | 24,599                                      |   | 27,319  |   | 78,302  |   | 101,926  |
| Other                                                            | 15,106                                |   | 11,467                                |   | 14,952                                      |   | 11,744  |   | 63,093  |   | 52,526  |
| Amortization                                                     | -                                     |   | -                                     |   | -                                           |   | 4,386  |   | -  |   | 4,386  |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Total      Expenses                                              | 54,567                                |   | 59,574                                |   | 64,127                                      |   | 68,843  |   | 216,009  |   | 250,199  |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| and      Other Income                                            | (52,914)                                   |   | (56,358)                                   |   | (56,613)                                         |   | (60,978) |   | (195,586) |   | (236,318) |
| Equity      in (Loss) Income of Project Partnerships             | (11,623)                                   |   | (510)                                      |   | 8,508                                       |   | (5,689) |   | (3,115) |   | (6,199) |
| (Loss)      Gain on Sale of Project Partnerships                 | -                                     |   | -                                     |   | -                                           |   | (63,800) |   | 24,550  |   | 119,192  |
| Interest      Income                                             | 951                                   |   | 3,016                                 |   | 3,082                                       |   | 5,511  |   | 9,460  |   | 19,047  |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Net      Loss                                                    | $      (63,586)                            |   | $      (53,852)                            |   | $      (45,023)                                  |   | $      (124,956) |   | $      (164,691) |   | $      (104,278) |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Allocation      of Net Loss:                                     |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Assignees                                                        | $      (62,950)                            |   | $      (53,313)                            |   | $      (44,573)                                  |   | $      (123,706) |   | $      (163,044) |   | $   (48,436) |
| General      Partners                                            | (636)                                      |   | (539)                                      |   | (450)                                            |   | (1,250) |   | (1,647) |   | (55,842) |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
|                                                             | $      (63,586)                            |   | $      (53,852)                            |   | $      (45,023)                                  |   | $      (124,956) |   | $      (164,691) |   | $      (104,278) |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Net      Loss Per Beneficial Assignee Certificate                | $     (7.31)      |   | $     (6.19)      |   | $     (4.41)            |   | $     (12.24) |   |   |   |   |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding      | 8,616                                 |   | 8,616                                 |   | 10,105                                      |   | 10,105  |   |   |   |   |
|                                                             |                                       |   |                                       |   |                                             |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                              |   | SERIES      3                              |   | SERIES      4                                    |
|---------------------------------------------------------------------------|--------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------------|
|                                                                      | 2008                                       |   | 2007                                       |   | 2008                                             |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                                 |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Distribution      Income                                                  | $     7,350  |   | $     3,793  |   | $      9,417  |   | $   11,633  |   | $    10,990  |   | $    11,308  |
| Total      Revenues                                                       | 7,350                                 |   | 3,793                                 |   | 9,417                                       |   | 11,633  |   | 10,990  |   | 11,308  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Expenses:                                                                 |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 24,513                                |   | 32,003                                |   | 18,998                                      |   | 22,423  |   | 18,930  |   | 33,069  |
| General      and Administrative:                                          |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| General      Partner                                                      | 28,360                                |   | 33,351                                |   | 23,759                                      |   | 27,073  |   | 22,594  |   | 38,940  |
| Other                                                                     | 12,343                                |   | 14,331                                |   | 14,953                                      |   | 10,336  |   | 14,221  |   | 13,049  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Total      Expenses                                                       | 65,216                                |   | 79,685                                |   | 57,710                                      |   | 59,832  |   | 55,745  |   | 85,058  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (57,866)                                   |   | (75,892)                                   |   | (48,293)                                         |   | (48,199) |   | (44,755) |   | (73,750) |
| Gain      on Sale of Project Partnerships                                 | -                                     |   | 238,850                               |   | -                                           |   | 44,035  |   | 145,527  |   | 84,200  |
| Interest      Income                                                      | 3,310                                 |   | 7,592                                 |   | 3,350                                       |   | 8,100  |   | 5,083  |   | 8,424  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Net      (Loss) Income                                                    | $      (54,556)                            |   | $      170,550                        |   | $  (44,943)                            |   | $     3,936  |   | $  105,855  |   | $    18,874  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                     |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Assignees                                                                 | $      (54,010)                            |   | $      168,844                        |   | $  (44,494)                            |   | $     3,500  |   | $  104,796  |   | $    18,039  |
| General      Partners                                                     | (546)                                      |   | 1,706                                 |   | (449)                                            |   | 436  |   | 1,059  |   | 835  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
|                                                                      | $      (54,556)                            |   | $      170,550                        |   | $  (44,943)                            |   | $     3,936  |   | $  105,855  |   | $    18,874  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate                | $     (8.80)      |   | $     27.52  |   | $      (8.16)      |   | $       0.64  |   | $      15.15  |   | $        2.61  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificate Outstanding                | 6,136                                 |   | 6,136                                 |   | 5,456                                       |   | 5,456  |   | 6,915  |   | 6,915  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |

----

|                                                             | SERIES      5                              |   | SERIES      6                    |   | TOTAL      SERIES 2 - 6                     |
|------------------------------------------------------------------|--------------------------------------------|--------|----------------------------------|--------|---------------------------------------------|
|                                                             | 2008                                       |   | 2007                             |   | 2008                                        |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                        |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Distribution      Income                                         | $     7,645  |   | $   19,626   |   | $    18,952        |   | $   17,264  |   | $    54,354  |   | $    63,624  |
| Total      Revenues                                              | 7,645                                 |   | 19,626                      |   | 18,952                                 |   | 17,264  |   | 54,354  |   | 63,624  |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Expenses:                                                        |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 38,598                                |   | 45,998                      |   | 49,152                                 |   | 50,788  |   | 150,191  |   | 184,281  |
| General      and Administrative:                                 |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| General      Partner                                             | 44,351                                |   | 51,095                      |   | 54,835                                 |   | 54,791  |   | 173,899  |   | 205,250  |
| Other                                                            | 20,255                                |   | 14,612                      |   | 18,852                                 |   | 17,557  |   | 80,624  |   | 69,885  |
| Amortization                                                     | -                                     |   | -                           |   | -                                      |   | 8,772  |   | -  |   | 8,772  |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Total      Expenses                                              | 103,204                               |   | 111,705                     |   | 122,839                                |   | 131,908  |   | 404,714  |   | 468,188  |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| and      Other Income                                            | (95,559)                                   |   | (92,079)                         |   | (103,887)                                   |   | (114,644) |   | (350,360) |   | (404,564) |
| Equity      in (Loss) Income of Project Partnerships             | (15,441)                                   |   | (1,572)                          |   | 7,275                                  |   | 956  |   | (8,166) |   | (616) |
| (Loss)      Gain on Sale of Project Partnerships                 | -                                     |   | -                           |   | -                                      |   | (63,800) |   | 145,527  |   | 303,285  |
| Interest      Income                                             | 2,820                                 |   | 6,367                       |   | 7,261                                  |   | 11,297  |   | 21,824  |   | 41,780  |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Net      Loss                                                    | $      (108,180)                           |   | $  (87,284)            |   | $  (89,351)                       |   | $      (166,191) |   | $      (191,175) |   | $  (60,115) |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Allocation      of Net Loss:                                     |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Assignees                                                        | $      (107,098)                           |   | $  (86,411)            |   | $  (88,457)                       |   | $      (164,529) |   | $      (189,263) |   | $  (60,557) |
| General      Partners                                            | (1,082)                                    |   | (873)                            |   | (894)                                       |   | (1,662) |   | (1,912) |   | 442  |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |
|                                                             | $      (108,180)                           |   | $  (87,284)            |   | $  (89,351)                       |   | $      (166,191) |   | $      (191,175) |   | $  (60,115) |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Net      Loss Per Beneficial Assignee Certificate                | $     (12.43)     |   | $    (10.03) |   | $      (8.75) |   | $     (16.28) |   |   |   |   |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding      | 8,616                                 |   | 8,616                       |   | 10,105                                 |   | 10,105  |   |   |   |   |
|                                                             |                                       |   |                             |   |                                        |   |   |   |   |   |   |

----

|                               | SERIES      2                      |   | SERIES      3                          |
|------------------------------------|------------------------------------|--------|----------------------------------------|
|                               |                               |   | General                                |   |   |   |   |   | General |   |   |
|                               | Assignees                          |   | Partners                               |   | Total |   | Assignees |   | Partners |   | Total |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007     | $    (399,531) |   | $    (58,378)      |   | $    (457,909) |   | $  (365,257) |   | $               -  |   | $    (365,257) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Capital      Contributions         | -                             |   | 191,053                           |   | 191,053  |   | -  |   | -  |   | -  |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Net      Income                    | 168,844                       |   | 1,706                             |   | 170,550  |   | 3,500  |   | 436  |   | 3,936  |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Distributions      to Assignees    | (429,904)                          |   | -                                 |   | (429,904) |   | (44,004) |   | -  |   | (44,004) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2007 | $    (660,591) |   | $    134,381  |   | $    (526,210) |   | $  (405,761) |   | $          436  |   | $    (405,325) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008     | $    (709,923) |   | $    138,065  |   | $    (571,858) |   | $  (449,798) |   | $       1,253  |   | $    (448,545) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Capital      Contributions         | -                             |   | 3,357                             |   | 3,357  |   | -  |   | -  |   | -  |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Net      Loss                      | (54,010)                           |   | (546)                                  |   | (54,556) |   | (44,494) |   | (449) |   | (44,943) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Distributions      to Assignees    | (3,357)                            |   | -                                 |   | (3,357) |   | -  |   | -  |   | -  |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $    (767,290) |   | $    140,876  |   | $    (626,414) |   | $  (494,292) |   | $          804  |   | $    (493,488) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |

----

|                               | SERIES      4                      |   | SERIES      5                                                                                            |
|------------------------------------|------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
|                               |                               |   | General                                                                                                  |   |   |   |   |   | General |   |   |
|                               | Assignees                          |   | Partners                                                                                                 |   | Total |   | Assignees |   | Partners |   | Total |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007     | $    (459,820) |   | $                -  |   | $    (459,820) |   | $      (275,580) |   | $     (4,035) |   | $    (279,615) |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Net      Income (Loss)             | 18,039                        |   | 835                                                                                                 |   | 18,874  |   | (86,411) |   | (873) |   | (87,284) |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Distributions      to Assignees    | (84,196)                           |   | -                                                                                                   |   | (84,196) |   | -  |   | -  |   | -  |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2007 | $    (525,977) |   | $           835                              |   | $    (525,142) |   | $      (361,991) |   | $     (4,908) |   | $    (366,899) |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008     | $    (583,401) |   | $        3,026                                              |   | $    (580,375) |   | $      (550,103) |   | $        2,227  |   | $    (547,876) |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Net      Income (Loss)             | 104,796                       |   | 1,059                                                                                               |   | 105,855  |   | (107,098) |   | (1,082) |   | (108,180) |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Distributions      to Assignees    | (145,527)                          |   | -                                                                                                   |   | (145,527) |   | -  |   | -  |   | -  |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $    (624,132) |   | $        4,085                                              |   | $    (620,047) |   | $      (657,201) |   | $        1,145  |   | $    (656,056) |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |

----

|                               | SERIES      6                      |   | TOTAL      SERIES 2 - 6                      |
|------------------------------------|------------------------------------|--------|----------------------------------------------|
|                               |                               |   | General                                      |   |   |   |   |   | General |   |   |
|                               | Assignees                          |   | Partners                                     |   | Total |   | Assignees |   | Partners |   | Total |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007     | $    (327,179) |   | $      (3,327) |   | $    (330,506) |   | $      (1,827,367) |   | $   (65,740) |   | $      (1,893,107) |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Capital      Contributions         | -                             |   | -                                       |   | -  |   | -  |   | 191,053  |   | 191,053  |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Net      (Loss) Income             | (164,529)                          |   | (1,662)                                      |   | (166,191) |   | (60,557) |   | 442  |   | (60,115) |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Distributions      to Assignees    | (60,549)                           |   | -                                       |   | (60,549) |   | (618,653) |   | -  |   | (618,653) |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2007 | $    (552,257) |   | $      (4,989) |   | $    (557,246) |   | $      (2,506,577) |   | $    125,755  |   | $      (2,380,822) |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008     | $    (692,755) |   | $      (6,005) |   | $    (698,760) |   | $      (2,985,980) |   | $    138,566  |   | $      (2,847,414) |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Capital      Contributions         | -                             |   | -                                       |   | -  |   | -  |   | 3,357  |   | 3,357  |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Net      Loss                      | (88,457)                           |   | (894)                                        |   | (89,351) |   | (189,263) |   | (1,912) |   | (191,175) |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Distributions      to Assignees    | -                             |   | -                                       |   | -  |   | (148,884) |   | -  |   | (148,884) |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008 | $    (781,212) |   | $      (6,899) |   | $    (788,111) |   | $      (3,324,127) |   | $    140,011  |   | $      (3,184,116) |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |
|                               |                               |   |                                         |   |   |   |   |   |   |   |   |

----

|                                                                                           | SERIES      2                                                                                                        |   | SERIES      3                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2008                                                                                                                 |   | 2007                                                                                                                 |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      (Loss) Income                                                                         | $      (54,556)                                                                        |   | $       170,550                                                              |   | $      (44,943) |   | $              3,936  |
| Adjustments      to Reconcile Net (Loss) Income to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                                      | (519)                                                                                                                |   | (481)                                                                                                                |   | (566) |   | (481) |
| Gain      on Sale of Project Partnerships                                                      | -                                                                                                               |   | (238,850)                                                                                                            |   | -  |   | (44,035) |
| Distribution      Income                                                                       | (7,350)                                                                                                              |   | (3,793)                                                                                                              |   | (9,417) |   | (11,633) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      (Increase) in Interest Receivable                                                | 1,038                                                                                                           |   | (456)                                                                                                                |   | 990  |   | (456) |
| Increase      in Payable to General Partners                                                   | 20,030                                                                                                          |   | 40,278                                                                                                          |   | 14,490  |   | 18,653  |
| Net      Cash Used in Operating Activities                                                     | (41,357)                                                                                                             |   | (32,752)                                                                                                             |   | (39,446) |   | (34,016) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Receivable - Other                                                            | -                                                                                                               |   | -                                                                                                               |   | -  |   | 44,000  |
| Distributions      Received from Project Partnerships                                          | 7,349                                                                                                           |   | 3,793                                                                                                           |   | 9,417  |   | 11,633  |
| Net      Proceeds from Sale of Project Partnerships                                            | -                                                                                                               |   | 238,850                                                                                                         |   | -  |   | 185  |
| Redemption      of Investment Securities                                                       | 125,000                                                                                                         |   | 127,000                                                                                                         |   | 125,000  |   | 127,000  |
| Purchase      of Investment Securities                                                         | (119,758)                                                                                                            |   | (125,166)                                                                                                            |   | (129,655) |   | (125,166) |
| Net      Cash Provided by Investing Activities                                                 | 12,591                                                                                                          |   | 244,477                                                                                                         |   | 4,762  |   | 57,652  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                           | -                                                                                                               |   | (56,022)                                                                                                             |   | -  |   | (357,095) |
| Net      Cash Used in Financing Activities                                                     | -                                                                                                               |   | (56,022)                                                                                                             |   | -  |   | (357,095) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                          | (28,766)                                                                                                             |   | 155,703                                                                                                         |   | (34,684) |   | (333,459) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 83,047                                                                                                          |   | 129,724                                                                                                         |   | 75,920  |   | 426,791  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $         54,281                                                   |   | $       285,427                                                              |   | $         41,236  |   | $            93,332  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $           3,357                                        |   | $       374,079                                                              |   | $                   -  |   | $                      -  |
| Distribution      to Assignees                                                                 | (3,357)                                                                                                              |   | (374,079)                                                                                                            |   | -  |   | -  |
| Increase      in Receivable - Other                                                            | (8,000)                                                                                                              |   | -                                                                                                               |   | -  |   | -  |
| Increase      in Deferred Gain on Sale of Project Partnerships                                 | 7,741                                                                                                           |   | -                                                                                                               |   | -  |   | -  |
| Increase      in Payable to General Partners                                                   | 259                                                                                                             |   | -                                                                                                               |   | -  |   | -  |
| Decrease      in Payable to General Partners                                                   | (3,357)                                                                                                              |   | (191,053)                                                                                                            |   | -  |   | -  |
| Capital      Contributions                                                                     | 3,357                                                                                                           |   | 191,053                                                                                                         |   | -  |   | -  |
|                                                                                           | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                           | SERIES      4                                                                                                        |   | SERIES      5                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2008                                                                                                                 |   | 2007                                                                                                                 |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Income (Loss)                                                                         | $       105,855                                                              |   | $         18,874                                                   |   | $    (108,180) |   | $         (87,284) |
| Adjustments      to Reconcile Net Income (Loss) to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                                      | (785)                                                                                                                |   | (674)                                                                                                                |   | (189) |   | (375) |
| Equity      in Loss of Project Partnerships                                                    | -                                                                                                               |   | -                                                                                                               |   | 15,441  |   | 1,572  |
| Gain      on Sale of Project Partnerships                                                      | (145,527)                                                                                                            |   | (84,200)                                                                                                             |   | -  |   | -  |
| Distribution      Income                                                                       | (10,990)                                                                                                             |   | (11,308)                                                                                                             |   | (7,645) |   | (19,626) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      (Increase) in Interest Receivable                                                | 1,393                                                                                                           |   | (637)                                                                                                                |   | 1,374  |   | (692) |
| Increase      in Payable to General Partners                                                   | 13,093                                                                                                          |   | 31,822                                                                                                          |   | 31,885  |   | 46,800  |
| Net      Cash Used in Operating Activities                                                     | (36,961)                                                                                                             |   | (46,123)                                                                                                             |   | (67,314) |   | (59,605) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Receivable - Other                                                            | -                                                                                                               |   | 84,500                                                                                                          |   | -  |   | -  |
| Distributions      Received from Project Partnerships                                          | 10,990                                                                                                          |   | 11,308                                                                                                          |   | 7,645  |   | 19,626  |
| Net      Proceeds from Sale of Project Partnerships                                            | 145,527                                                                                                         |   | -                                                                                                               |   | -  |   | (1,375) |
| Redemption      of Investment Securities                                                       | 175,000                                                                                                         |   | 178,000                                                                                                         |   | 125,000  |   | 101,000  |
| Purchase      of Investment Securities                                                         | (180,132)                                                                                                            |   | (175,232)                                                                                                            |   | (49,487) |   | (125,166) |
| Net      Cash Provided by (Used in) Investing Activities                                       | 151,385                                                                                                         |   | 98,576                                                                                                          |   | 83,158  |   | (5,915) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                           | (130,693)                                                                                                            |   | (146,944)                                                                                                            |   | (179,988) |   | -  |
| Net      Cash Used in Financing Activities                                                     | (130,693)                                                                                                            |   | (146,944)                                                                                                            |   | (179,988) |   | -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                                     | (16,269)                                                                                                             |   | (94,491)                                                                                                             |   | (164,144) |   | (65,520) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 97,986                                                                                                          |   | 206,516                                                                                                         |   | 258,274  |   | 175,920  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $         81,717                                                   |   | $       112,025                                                              |   | $         94,130  |   | $          110,400  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $         24,550                                                   |   | $                  -  |   | $                   -  |   | $                      -  |
| Distribution      to Assignees                                                                 | (24,550)                                                                                                             |   | -                                                                                                               |   | -  |   | -  |
| Increase      in Receivable - Other                                                            | -                                                                                                               |   | -                                                                                                               |   | -  |   | (128,499) |
| Increase      in Deferred Gain on Sale of Project Partnerships                                 | -                                                                                                               |   | -                                                                                                               |   | -  |   | 127,124  |
| Increase      in Payable to General Partners                                                   | -                                                                                                               |   | -                                                                                                               |   | -  |   | 1,375  |
|                                                                                           | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                  | SERIES      6                                                                                                        |   | TOTAL      SERIES 2 - 6                                                                                              |
|---------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                  | 2008                                                                                                                 |   | 2007                                                                                                                 |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Loss                                                                         | $      (89,351)                                                                        |   | $    (166,191)                                                                                   |   | $    (191,175) |   | $         (60,115) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Amortization                                                                          | -                                                                                                               |   | 8,772                                                                                                           |   | -  |   | 8,772  |
| Discount      on Investment in Securities                                             | (1,119)                                                                                                              |   | (1,050)                                                                                                              |   | (3,178) |   | (3,061) |
| Equity      in (Income) Loss of Project Partnerships                                  | (7,275)                                                                                                              |   | (956)                                                                                                                |   | 8,166  |   | 616  |
| Loss      (Gain) on Sale of Project Partnerships                                      | -                                                                                                               |   | 63,800                                                                                                          |   | (145,527) |   | (303,285) |
| Distribution      Income                                                              | (18,952)                                                                                                             |   | (17,264)                                                                                                             |   | (54,354) |   | (63,624) |
| Changes      in Operating Assets and Liabilities:                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      (Increase) in Interest Receivable                                       | 2,621                                                                                                           |   | (1,330)                                                                                                              |   | 7,416  |   | (3,571) |
| Increase      in Payable to General Partners                                          | 40,577                                                                                                          |   | 51,611                                                                                                          |   | 120,075  |   | 189,164  |
| Net      Cash Used in Operating Activities                                            | (73,499)                                                                                                             |   | (62,608)                                                                                                             |   | (258,577) |   | (235,104) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Receivable - Other                                                   | -                                                                                                               |   | -                                                                                                               |   | -  |   | 128,500  |
| Distributions      Received from Project Partnerships                                 | 18,952                                                                                                          |   | 17,264                                                                                                          |   | 54,353  |   | 63,624  |
| Net      Proceeds from Sale of Project Partnerships                                   | -                                                                                                               |   | 60,549                                                                                                          |   | 145,527  |   | 298,209  |
| Redemption      of Investment Securities                                              | 300,000                                                                                                         |   | 279,000                                                                                                         |   | 850,000  |   | 812,000  |
| Purchase      of Investment Securities                                                | (260,300)                                                                                                            |   | (300,398)                                                                                                            |   | (739,332) |   | (851,128) |
| Net      Cash Provided by Investing Activities                                        | 58,652                                                                                                          |   | 56,415                                                                                                          |   | 310,548  |   | 451,205  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                  | (39,915)                                                                                                             |   | -                                                                                                               |   | (350,596) |   | (560,061) |
| Net      Cash Used in Financing Activities                                            | (39,915)                                                                                                             |   | -                                                                                                               |   | (350,596) |   | (560,061) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                            | (54,762)                                                                                                             |   | (6,193)                                                                                                              |   | (298,625) |   | (343,960) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 128,416                                                                                                         |   | 193,964                                                                                                         |   | 643,643  |   | 1,132,915  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $         73,654                                                   |   | $       187,771                                                              |   | $       345,018  |   | $          788,955  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                 | $                  -  |   | $         60,837                                                   |   | $         27,907  |   | $          434,916  |
| Distribution      to Assignees                                                        | -                                                                                                               |   | (60,837)                                                                                                             |   | (27,907) |   | (434,916) |
| Increase      in Receivable - Other                                                   | (38,000)                                                                                                             |   | -                                                                                                               |   | (46,000) |   | (128,499) |
| Increase      in Deferred Gain on Sale of Project Partnerships                        | 36,665                                                                                                          |   | -                                                                                                               |   | 44,406  |   | 127,124  |
| Increase      in Payable to General Partners                                          | 1,335                                                                                                           |   | -                                                                                                               |   | 1,594  |   | 1,375  |
| Decrease      in Payable to General Partners                                          | -                                                                                                               |   | -                                                                                                               |   | (3,357) |   | (191,053) |
| Capital      Contributions                                                            | -                                                                                                               |   | -                                                                                                               |   | 3,357  |   | 191,053  |
|                                                                                  | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

| 1)   | Gateway’s      capital contribution, |
|----------------|--------------------------------------------|

| 2)   | Acquisition      fees paid to the General Partner for services rendered in selecting      properties for acquisition, and |
|----------------|---------------------------------------------------------------------------------------------------------------------------|

| 3)   | Acquisition      expenses including legal fees, travel and other miscellaneous costs      relating to acquiring properties. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

----

| 1)   | Increased      for equity in income or decreased for equity in loss of the Project      Partnerships, |
|----------------|-------------------------------------------------------------------------------------------------------|

| 2)   | Decreased      for cash distributions received from the Project Partnerships,      and |
|----------------|----------------------------------------------------------------------------------------|

| 3)   | Decreased      for the amortization of the acquisition fees and  expenses. |
|----------------|----------------------------------------------------------------------------|

----

----

|                       | Series      2                                                              |   | Series      3                                                        |
|----------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | September      30, 2008                                                    |   | March      31, 2008                                                  |   | September      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $          120,894  |   | $         126,654  |   | $          130,885  |   | $         126,654  |
| Gross      Unrealized Loss | (232)                                                                      |   | (501)                                                                |   | (250) |   | (501) |
|                       |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value            | $          120,662  |   | $         126,153  |   | $          130,635  |   | $         126,153  |

|                       | Series      4                                                              |   | Series      5                                                        |
|----------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | September      30, 2008                                                    |   | March      31, 2008                                                  |   | September      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $          181,840  |   | $         177,316  |   | $            49,956  |   | $         126,654  |
| Gross      Unrealized Loss | (348)                                                                      |   | (702)                                                                |   | (95) |   | (501) |
|                       |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value            | $          181,492  |   | $         176,614  |   | $            49,861  |   | $         126,153  |

|                       | Series      6                                                              |   | Total      Series 2 – 6                                        |
|----------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                       | September      30, 2008                                                    |   | March      31, 2008                                                  |   | September      30, 2008 |   | March      31, 2008 |
| Amortized      Cost        | $          262,769  |   | $         303,971  |   | $          746,344  |   | $         861,249  |
| Gross      Unrealized Loss | (503)                                                                      |   | (1,205)                                                              |   | (1,428) |   | (3,410) |
|                       |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value            | $          262,266  |   | $         302,766  |   | $          744,916  |   | $         857,839  |

|                                       | Series      2              |   | Series      3              |   | Series      4              |
|--------------------------------------------|----------------------------|--------|----------------------------|--------|----------------------------|
| Due      within 1 year                     | $  120,894  |   | $  130,885  |   | $  181,840  |
| After      1 year through 5 years          | -                     |   | -                     |   | -                     |
| Total      Amount Carried on Balance Sheet | $  120,894  |   | $  130,885  |   | $  181,840  |

|                                       | Series      5                         |   | Series      6              |   | Total                      |
|--------------------------------------------|---------------------------------------|--------|----------------------------|--------|----------------------------|
| Due      within 1 year                     | $    49,956  |   | $  262,769  |   | $  746,344  |
| After      1 year through 5 years          | -                                |   | -                     |   | -                     |
| Total      Amount Carried on Balance Sheet | $    49,956  |   | $  262,769  |   | $  746,344  |

----

|          | 2008                            |   | 2007                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    24,513 |   | $    32,003 |
| Series      3 | 18,998                          |   | 22,423                          |
| Series      4 | 18,930                          |   | 33,069                          |
| Series      5 | 38,598                          |   | 45,998                          |
| Series      6 | 49,152                          |   | 50,788                          |
| Total         | $  150,191            |   | $  184,281            |

|          | 2008                            |   | 2007                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    28,360 |   | $    33,351 |
| Series      3 | 23,759                          |   | 27,073                          |
| Series      4 | 22,594                          |   | 38,940                          |
| Series      5 | 44,351                          |   | 51,095                          |
| Series      6 | 54,835                          |   | 54,791                          |
| Total         | $  173,899            |   | $  205,250            |

----

|  As      of September 30, 2008, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 2 - 17, Series 3 - 15, and Series 4 - 13) which own and operate      government assisted multi-family housing complexes.  Cash flows      from operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

|                                               | SERIES      2                                                                                                  |   | SERIES      3                                                                                            |   | SERIES      4                                                                                                  |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
|                                               | September      30,                                                                                             |   | March      31,                                                                                           |   | September      30,                                                                                             |   | March      31, |   | September      30, |   | March      31, |
|                                               | 2008                                                                                                           |   | 2008                                                                                                     |   | 2008                                                                                                           |   | 2008 |   | 2008 |   | 2008 |
| Capital      Contributions to Project Partnerships |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| interests      in Project Partnerships             | $   3,159,579                                                                              |   | $      3,351,639                                                                                    |   | $   2,494,974                                                                              |   | $   2,494,974  |   | $    2,114,770  |   | $   2,563,233  |
|                                               |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Partnerships      (1)                              | (3,298,001)                                                                                                    |   | (3,497,278)                                                                                              |   | (2,675,808)                                                                                                    |   | (2,675,808) |   | (2,239,704) |   | (2,722,332) |
|                                               |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Project      Partnerships                          | (59,212)                                                                                                       |   | (69,851)                                                                                                 |   | (93,673)                                                                                                       |   | (93,673) |   | (61,872) |   | (73,322) |
|                                               |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Adjustment                                         | (197,634)                                                                                                      |   | (215,490)                                                                                                |   | (274,507)                                                                                                      |   | (274,507) |   | (186,806) |   | (232,421) |
|                                               |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 254,188                                                                                                   |   | 278,463                                                                                             |   | 318,739                                                                                                   |   | 318,739  |   | 226,931  |   | 280,277  |
| Accumulated      amortization of acquisition       |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| fees      and expenses                             | (56,554)                                                                                                       |   | (62,973)                                                                                                 |   | (44,232)                                                                                                       |   | (44,232) |   | (40,125) |   | (47,856) |
|                                               |                                                                                                           |   |                                                                                                     |   |                                                                                                           |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $                 -  |   | $                -  |   | $                 -  |   | $                 -  |   | $                   -  |   | $                  -  |

| (1)      In accordance with Gateway's accounting policy to not carry investments in      Project Partnerships below zero, cumulative suspended losses of $4,754,885      in Series 2, $5,565,017 in Series 3, and $3,694,397 in Series 4 for the      period ended September 30, 2008; and cumulative suspended losses of      $4,816,357 in Series 2, $5,485,807 in Series 3, and $4,400,783 in Series 4      for the year ended March 31, 2008 are not  included. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  As      of September 30, 2008, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 5 - 28 and Series 6 - 31) which own and operate government      assisted multi-family housing complexes.  Cash flows from      operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                      |

|                                               | SERIES      5                                                                        |   | SERIES      6                                                 |   | TOTAL      SERIES 2 - 6                                             |
|----------------------------------------------------|--------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|---------------------------------------------------------------------|
|                                               | September      30,                                                                   |   | March      31,                                                |   | September      30,                                                  |   | March      31, |   | September      30, |   | March      31, |
|                                               | 2008                                                                                 |   | 2008                                                          |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| Capital      Contributions to Project Partnerships |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     5,097,323                                        |   | $   5,097,323                             |   | $    5,883,026                             |   | $   6,511,934  |   | $   18,749,672  |   | $      20,019,103  |
|                                               |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Partnerships      (1)                              | (5,326,192)                                                                          |   | (5,310,751)                                                   |   | (6,061,641)                                                         |   | (6,715,160) |   | (19,601,346) |   | (20,921,329) |
|                                               |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Project      Partnerships                          | (157,679)                                                                            |   | (157,679)                                                     |   | (203,079)                                                           |   | (228,408) |   | (575,515) |   | (622,933) |
|                                               |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Adjustment                                         | (386,548)                                                                            |   | (371,107)                                                     |   | (381,694)                                                           |   | (431,634) |   | (1,427,189) |   | (1,525,159) |
|                                               |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 531,092                                                                         |   | 531,092                                                  |   | 601,147                                                        |   | 667,412  |   | 1,932,097  |   | 2,075,983  |
| Accumulated      amortization of acquisition       |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| fees      and expenses                             | (138,873)                                                                            |   | (138,873)                                                     |   | (183,948)                                                           |   | (207,549) |   | (463,732) |   | (501,483) |
|                                               |                                                                                 |   |                                                          |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $            5,671  |   | $        21,112  |   | $         35,505  |   | $        28,229  |   | $          41,176  |   | $        49,341  |

| (1)      In accordance with Gateway's accounting policy to not carry investments in      Project Partnerships below zero, cumulative suspended losses of $7,285,348      in Series 5 and $5,063,328 in Series 6 for the period ended September 30,      2008; and cumulative suspended losses of $7,150,202 in Series 5 and      $5,326,842 in Series 6 for the year ended March 31, 2008 are not      included. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 2 and Series 3 as of      June 30 and the respective summarized statements of operations for the six      months ended June 30 of each year: |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                          | SERIES      2 |   | SERIES      3 |
|                                                                                                                                                                                                                                                                                                                                                                          | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                           | $        1,682,372  |   | $        2,169,596  |   | $        1,628,210  |   | $        2,032,502  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                               | 8,931,997  |   | 12,594,910  |   | 5,269,272  |   | 7,479,407  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                             | 27,759  |   | 9,313  |   | 44,712  |   | 43,195  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                             | $      10,642,128  |   | $      14,773,819  |   | $        6,942,194  |   | $        9,555,104  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                      | $           396,461  |   | $           495,816  |   | $           174,006  |   | $           182,182  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                           | 15,399,495  |   | 20,456,115  |   | 12,743,481  |   | 15,224,112  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                        | 15,795,956  |   | 20,951,931  |   | 12,917,487  |   | 15,406,294  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                          | (5,012,773) |   | (6,032,711) |   | (6,197,409) |   | (6,129,039) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                         | (141,055) |   | (145,401) |   | 222,116  |   | 277,849  |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                  | (5,153,828) |   | (6,178,112) |   | (5,975,293) |   | (5,851,190) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                  | $      10,642,128  |   | $      14,773,819  |   | $        6,942,194  |   | $        9,555,104  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                  | $        1,131,096  |   | $        1,478,986  |   | $        1,057,395  |   | $        1,176,829  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                       | 717,607  |   | 985,537  |   | 686,988  |   | 767,966  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                         | 166,808  |   | 229,352  |   | 126,748  |   | 153,959  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                            | 302,004  |   | 401,382  |   | 323,669  |   | 365,278  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                           | 1,186,419  |   | 1,616,271  |   | 1,137,405  |   | 1,287,203  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                 | $           (55,323) |   | $         (137,285) |   | $           (80,010) |   | $         (110,374) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                        | $                (553) |   | $             (1,373) |   | $                (800) |   | $             (1,104) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                              | $           (54,770) |   | $         (135,912) |   | $           (79,210) |   | $         (109,270) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                         | 54,770  |   | 135,912  |   | 79,210  |   | 109,270  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Equity      in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                   | $                       -  |   | $                       -  |   | $                       -  |   | $                       -  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 4 and Series 5 as of      June 30 and the respective summarized statements of operations for the six      months ended June 30 of each year: |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                          | SERIES      4 |   | SERIES      5 |
|                                                                                                                                                                                                                                                                                                                                                                          | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                           | $        1,414,710  |   | $        2,175,938  |   | $        3,038,794  |   | $        3,348,204  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                               | 5,888,433  |   | 15,110,970  |   | 15,286,009  |   | 17,754,568  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                             | 14,233  |   | 33,608  |   | 21,672  |   | 9,247  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                             | $        7,317,376  |   | $      17,320,516  |   | $      18,346,475  |   | $      21,112,019  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                      | $           181,113  |   | $           810,320  |   | $           465,408  |   | $           489,982  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                           | 10,958,940  |   | 22,402,597  |   | 25,905,754  |   | 28,405,177  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                        | 11,140,053  |   | 23,212,917  |   | 26,371,162  |   | 28,895,159  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                          | (3,981,534) |   | (6,593,171) |   | (7,773,119) |   | (7,478,380) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                         | 158,857  |   | 700,770  |   | (251,568) |   | (304,760) |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                  | (3,822,677) |   | (5,892,401) |   | (8,024,687) |   | (7,783,140) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                  | $        7,317,376  |   | $      17,320,516  |   | $      18,346,475  |   | $      21,112,019  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                  | $           869,570  |   | $        1,647,714  |   | $        1,979,145  |   | $        2,048,385  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                       | 578,113  |   | 1,156,882  |   | 1,319,308  |   | 1,399,711  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                         | 118,921  |   | 241,901  |   | 278,884  |   | 308,916  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                            | 240,489  |   | 460,626  |   | 533,061  |   | 570,094  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                           | 937,523  |   | 1,859,409  |   | 2,131,253  |   | 2,278,721  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                 | $           (67,953) |   | $         (211,695) |   | $         (152,108) |   | $         (230,336) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                        | $             (1,232) |   | $             (2,168) |   | $             (1,521) |   | $             (2,303) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                              | $           (66,721) |   | $         (209,527) |   | $         (150,587) |   | $         (228,033) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                         | 66,721  |   | 209,527  |   | 135,146  |   | 226,461  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Equity      in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                   | $                       -  |   | $                       -  |   | $           (15,441) |   | $             (1,572) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 6 and Total Series 2      - 6 as of June 30 and the respective summarized statements of operations      for the six months ended June 30 of each year: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                    | SERIES      6 |   | TOTAL      SERIES 2 - 6 |
|                                                                                                                                                                                                                                                                                                                                                                                    | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                     | $       4,351,600  |   | $       4,368,963  |   | $     12,115,686  |   | $     14,095,203  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                         | 19,762,996  |   | 23,843,052  |   | 55,138,707  |   | 76,782,907  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                       | 27,700  |   | 127,345  |   | 136,076  |   | 222,708  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                       | $     24,142,296  |   | $     28,339,360  |   | $     67,390,469  |   | $     91,100,818  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                | $          574,975  |   | $          626,184  |   | $       1,791,963  |   | $       2,604,484  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                     | 29,721,504  |   | 33,584,388  |   | 94,729,174  |   | 120,072,389  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                  | 30,296,479  |   | 34,210,572  |   | 96,521,137  |   | 122,676,873  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Partners'      deficit                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                    | (5,591,921) |   | (5,308,838) |   | (28,556,756) |   | (31,542,139) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                   | (562,262) |   | (562,374) |   | (573,912) |   | (33,916) |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                            | (6,154,183) |   | (5,871,212) |   | (29,130,668) |   | (31,576,055) |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                            | $     24,142,296  |   | $     28,339,360  |   | $     67,390,469  |   | $     91,100,818  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                            | $       2,213,349  |   | $       2,454,106  |   | $       7,250,555  |   | $       8,806,020  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                 | 1,468,175  |   | 1,607,556  |   | 4,770,191  |   | 5,917,652  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                   | 310,750  |   | 356,393  |   | 1,002,111  |   | 1,290,521  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                      | 599,755  |   | 644,901  |   | 1,998,978  |   | 2,442,281  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                     | 2,378,680  |   | 2,608,850  |   | 7,771,280  |   | 9,650,454  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                           | $       (165,331) |   | $       (154,744) |   | $       (520,725) |   | $       (844,434) |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                  | $           (2,450) |   | $           (2,552) |   | $           (6,556) |   | $           (9,500) |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                        | $       (162,881) |   | $       (152,192) |   | $       (514,169) |   | $       (834,934) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                   | 170,156  |   | 153,148  |   | 506,003  |   | 834,318  |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Equity      in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                                    | $              7,275  |   | $                 956  |   | $           (8,166) |   | $              (616) |
|                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |

----

| Transaction         |                     |              | Net      Proceeds | Gain      (Loss)                                   | Deferred      Gain |
|---------------------|--------------------------|-------------------|-------------------|----------------------------------------------------|--------------------|
| Month      / Year   | Project      Partnership | Net      Proceeds | Per      BAC      | on      Disposal                                   | on      Disposal   |
| September      2008 | Prairie      Apartments  | $7,741       | $1.26        | $       -  | $7,741        |
|                |                     |              |              | $       -  | $7,741        |

| Lakeshore      Apartments              | $      3,357  |
|----------------------------------------|--------------------|
|                                   |               |
| Total      Re-syndication contribution | $      3,357  |

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)          |
|---------------------|------------------------------|---------------------------|-------------------------|---------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal          |
| September      2008 | Rural      Development Group | $  24,550  | $  3.55  | $  24,550  |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,977              |
|                |                         |                      |                    | $145,527             |

----

| Transaction         |                        |              | Net      Proceeds | Gain      (Loss)                                   | Deferred      Gain       |
|---------------------|-----------------------------|-------------------|-------------------|----------------------------------------------------|--------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds | Per      BAC      | on      Disposal                                   | on      Disposal         |
| September      2008 | Spruce      Apartments      | $9,442       | $0.93        | $       -  | $  9,442  |
| September      2008 | Shannon      Apartments     | 7,741        | 0.77         | -                                             | 7,741               |
| September      2008 | Cornell      Apartments     | 9,741        | 0.96         | -                                             | 9,741               |
| September      2008 | Winter      Park Apartments | 9,741        | 0.96         | -                                             | 9,741               |
|                |                        |              |              | $       -  | $36,665             |

| Transaction       |                       |              | Net      Proceeds | Gain      (Loss) |
|-------------------|----------------------------|-------------------|-------------------|------------------|
| Month      / Year | Project      Partnership   | Net      Proceeds | Per      BAC      | on      Disposal |
| October      2007 | Inverness      Club, Ltd.  | $309,188     | $50.39       | $308,748    |
| October      2007 | Lakeshore      Apartments  | 105,432      | 17.18        | 105,324     |
| April      2007   | Claxton      Elderly, Ltd. | 56,043       | 9.13         | 56,043      |
| April      2007   | Lake      Park, Ltd.       | 183,026      | 29.83        | 182,807     |
|              |                       |              |              | $652,922    |

| Claxton      Elderly, Ltd.             | $   42,775  |
|----------------------------------------|---------------------------------|
| Lake      Park, Ltd.                   | 148,278                    |
|                                   |                            |
| Total      Re-syndication contribution | $      191,053             |

----

| Transaction        |                               |                      | Net      Proceeds | Gain      (Loss)          |
|--------------------|------------------------------------|---------------------------|-------------------|---------------------------|
| Month      / Year  | Project      Partnership           | Net      Proceeds         | Per      BAC      | on      Disposal          |
| December      2007 | Sunchase      II, Ltd.             | $  73,000  | $13.38       | $  74,700  |
| December      2007 | Logansport      Seniors Apartments | 6,000                | 1.10         | 7,371                |
| March      2007    | Belmont      Senior Apts., Ltd.    | -                    | -            | 43,850               |
|               | Other,      net (see below)        | -                    | -            | 185                  |
|               |                               |                      |              | $126,106             |

| Transaction        |                                         | Net                                                                  | Net      Proceeds                                  | Gain      (Loss)           |
|--------------------|----------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------|----------------------------|
| Month      / Year  | Project      Partnership                     | Proceeds                                                             | Per      BAC                                       | on      Disposal           |
| February      2008 | Chestnut      Apartments                     | $          -  | $       -  | $   (2,000) |
| December      2007 | Oaks      Apartments                         | 6,000                                                           | 0.87                                          | 7,737                 |
| December      2007 | Tarpon      Heights Apartments               | 10,000                                                          | 1.45                                          | 11,653                |
| December      2007 | Sonora      Seniors Apartments, Ltd.         | 6,000                                                           | 0.87                                          | 7,737                 |
| December      2007 | Fredericksburg      Seniors Apartments, Ltd. | 10,000                                                          | 1.45                                          | 11,578                |
| December      2007 | Ozona      Seniors, Ltd.                     | 4,000                                                           | 0.58                                          | 5,587                 |
| December      2007 | Brackettville      Seniors Apartments, Ltd.  | 6,000                                                           | 0.87                                          | 7,663                 |
| December      2007 | Timpson      Seniors Apartments, Ltd.        | 5,000                                                           | 0.72                                          | 6,738                 |
| November      2007 | Jasper      Villas Apartments                | 99,700                                                          | 14.42                                         | 99,700                |
| October      2007  | Eudora      Senior Housing                   | 63,379                                                          | 9.17                                          | 63,218                |
| March      2007    | Edmonton      Senior, Ltd.                   | -                                                               | -                                             | 38,350                |
| March      2007    | Owingsville      Senior, Ltd.                | -                                                               | -                                             | 45,850                |
|               |                                         |                                                                 |                                               | $303,811              |

----

| Transaction         |                                        |                      | Net      Proceeds       | Gain      (Loss)           |
|---------------------|---------------------------------------------|---------------------------|-------------------------|----------------------------|
| Month      / Year   | Project      Partnership                    | Net      Proceeds         | Per      BAC            | on      Disposal           |
| November      2007  | Zapata      Housing, Ltd.                   | $  74,935  | $  8.70  | $   (3,880) |
| October      2007   | Pemberton      Village II, Ltd.             | 53,560               | 6.22               | 53,560                |
| October      2007   | Magic      Circle II, Ltd.                  | 51,787               | 6.01               | 51,787                |
| September      2007 | Redmont      II, Ltd.                       | 16,575               | 1.92               | 16,575                |
| September      2007 | Fox      Ridge Apartments, Ltd.             | 16,650               | 1.93               | 16,650                |
| September      2007 | Country      Place Apartments - Georgetown  | 46,736               | 5.42               | 46,736                |
| September      2007 | Country      Place Apartments - Portland II | 47,163               | 5.47               | 47,163                |
|                |                                        |                      |                    | $228,591              |

| Transaction        |                                 | Net                       | Net      Proceeds       | Gain      (Loss)           |
|--------------------|--------------------------------------|---------------------------|-------------------------|----------------------------|
| Month      / Year  | Project      Partnership             | Proceeds                  | Per      BAC            | on      Disposal           |
| December      2007 | Hardy      Senior Citizen Apartments | $  39,837  | $  3.94  | $   (9,834) |
| August      2007   | Autumn      Village II               | 60,837               | 5.99               | (64,800)                   |
|               |                                 |                      |                    | $      (74,634)            |

----

----

----

----

----

| Transaction         |                     |              | Net      Proceeds | Gain      (Loss)                                   | Deferred      Gain |
|---------------------|--------------------------|-------------------|-------------------|----------------------------------------------------|--------------------|
| Month      / Year   | Project      Partnership | Net      Proceeds | Per      BAC      | on      Disposal                                   | on      Disposal   |
| September      2008 | Prairie      Apartments  | $7,741       | $1.26        | $       -  | $7,741        |
|                |                     |              |              | $       -  | $7,741        |

| Lakeshore      Apartments              | $      3,357  |
|----------------------------------------|--------------------|
|                                   |               |
| Total      Re-syndication contribution | $      3,357  |

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)          |
|---------------------|------------------------------|---------------------------|-------------------------|---------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal          |
| September      2008 | Rural      Development Group | $  24,550  | $  3.55  | $  24,550  |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,977              |
|                |                         |                      |                    | $145,527             |

----

| Transaction         |                        |              | Net      Proceeds | Gain      (Loss)                                   | Deferred      Gain       |
|---------------------|-----------------------------|-------------------|-------------------|----------------------------------------------------|--------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds | Per      BAC      | on      Disposal                                   | on      Disposal         |
| September      2008 | Spruce      Apartments      | $9,442       | $0.93        | $       -  | $  9,442  |
| September      2008 | Shannon      Apartments     | 7,741        | 0.77         | -                                             | 7,741               |
| September      2008 | Cornell      Apartments     | 9,741        | 0.96         | -                                             | 9,741               |
| September      2008 | Winter      Park Apartments | 9,741        | 0.96         | -                                             | 9,741               |
|                |                        |              |              | $       -  | $36,665             |

| Transaction       |                       |              | Net      Proceeds | Gain      (Loss) |
|-------------------|----------------------------|-------------------|-------------------|------------------|
| Month      / Year | Project      Partnership   | Net      Proceeds | Per      BAC      | on      Disposal |
| October      2007 | Inverness      Club, Ltd.  | $309,188     | $50.39       | $308,748    |
| October      2007 | Lakeshore      Apartments  | 105,432      | 17.18        | 105,324     |
| April      2007   | Claxton      Elderly, Ltd. | 56,043       | 9.13         | 56,043      |
| April      2007   | Lake      Park, Ltd.       | 183,026      | 29.83        | 182,807     |
|              |                       |              |              | $652,922    |

| Claxton      Elderly, Ltd.             | $   42,775 |
|----------------------------------------|---------------------------|
| Lake      Park, Ltd.                   | 148,278                   |
|                                   |                      |
| Total      Re-syndication contribution | $      191,053            |

| Transaction        |                               |                      | Net      Proceeds | Gain      (Loss)          |
|--------------------|------------------------------------|---------------------------|-------------------|---------------------------|
| Month      / Year  | Project      Partnership           | Net      Proceeds         | Per      BAC      | on      Disposal          |
| December      2007 | Sunchase      II, Ltd.             | $  73,000  | $13.38       | $  74,700  |
| December      2007 | Logansport      Seniors Apartments | 6,000                | 1.10         | 7,371                |
| March      2007    | Belmont      Senior Apts., Ltd.    | -                    | -            | 43,850               |
|               | Other,      net (see below)        | -                    | -            | 185                  |
|               |                               |                      |              | $126,106             |

----

| Transaction        |                                         | Net                                                                  | Net      Proceeds                                  | Gain      (Loss)           |
|--------------------|----------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------|----------------------------|
| Month      / Year  | Project      Partnership                     | Proceeds                                                             | Per      BAC                                       | on      Disposal           |
| February      2008 | Chestnut      Apartments                     | $          -  | $       -  | $   (2,000) |
| December      2007 | Oaks      Apartments                         | 6,000                                                           | 0.87                                          | 7,737                 |
| December      2007 | Tarpon      Heights Apartments               | 10,000                                                          | 1.45                                          | 11,653                |
| December      2007 | Sonora      Seniors Apartments, Ltd.         | 6,000                                                           | 0.87                                          | 7,737                 |
| December      2007 | Fredericksburg      Seniors Apartments, Ltd. | 10,000                                                          | 1.45                                          | 11,578                |
| December      2007 | Ozona      Seniors, Ltd.                     | 4,000                                                           | 0.58                                          | 5,587                 |
| December      2007 | Brackettville      Seniors Apartments, Ltd.  | 6,000                                                           | 0.87                                          | 7,663                 |
| December      2007 | Timpson      Seniors Apartments, Ltd.        | 5,000                                                           | 0.72                                          | 6,738                 |
| November      2007 | Jasper      Villas Apartments                | 99,700                                                          | 14.42                                         | 99,700                |
| October      2007  | Eudora      Senior Housing                   | 63,379                                                          | 9.17                                          | 63,218                |
| March      2007    | Edmonton      Senior, Ltd.                   | -                                                               | -                                             | 38,350                |
| March      2007    | Owingsville      Senior, Ltd.                | -                                                               | -                                             | 45,850                |
|               |                                         |                                                                 |                                               | $303,811              |

| Transaction         |                                        |                      | Net      Proceeds       | Gain      (Loss)           |
|---------------------|---------------------------------------------|---------------------------|-------------------------|----------------------------|
| Month      / Year   | Project      Partnership                    | Net      Proceeds         | Per      BAC            | on      Disposal           |
| November      2007  | Zapata      Housing, Ltd.                   | $  74,935  | $  8.70  | $   (3,880) |
| October      2007   | Pemberton      Village II, Ltd.             | 53,560               | 6.22               | 53,560                |
| October      2007   | Magic      Circle II, Ltd.                  | 51,787               | 6.01               | 51,787                |
| September      2007 | Redmont      II, Ltd.                       | 16,575               | 1.92               | 16,575                |
| September      2007 | Fox      Ridge Apartments, Ltd.             | 16,650               | 1.93               | 16,650                |
| September      2007 | Country      Place Apartments - Georgetown  | 46,736               | 5.42               | 46,736                |
| September      2007 | Country      Place Apartments - Portland II | 47,163               | 5.47               | 47,163                |
|                |                                        |                      |                    | $228,591              |

----

| Transaction        |                                 | Net                       | Net      Proceeds       | Gain      (Loss)           |
|--------------------|--------------------------------------|---------------------------|-------------------------|----------------------------|
| Month      / Year  | Project      Partnership             | Proceeds                  | Per      BAC            | on      Disposal           |
| December      2007 | Hardy      Senior Citizen Apartments | $  39,837  | $  3.94  | $   (9,834) |
| August      2007   | Autumn      Village II               | 60,837               | 5.99               | (64,800)                   |
|               |                                 |                      |                    | $      (74,634)            |

| Durango      C.W.W. Limited Partnership | Charleston      Properties |
|-----------------------------------------|----------------------------|
| Sallisaw      Properties II             | Pocola      Properties     |

| Hornellsville      Apartments | Nowata      Properties    |
|-------------------------------|---------------------------|
| Poteau      Properties II     | Roland      Properties II |
| Sallisaw      Properties      | Stilwell      Properties  |
| Waldron      Properties       |                      |

----

| Jonesville      Manor Limited Partnership | Williston      Properties             |
|-------------------------------------------|---------------------------------------|
| St.      George Properties                | Stilwell      Properties II           |
| Westville      Properties                 | Spring      Hill Senior Housing, L.P. |

| Alma      Properties         | Clayton      Properties        |
|------------------------------|--------------------------------|
| Mill      Creek Properties V | Spring      Hill Housing, L.P. |

| Blacksburg      Terrace Limited Partnership | Newport      Village Limited Partnership |
|---------------------------------------------|------------------------------------------|
| Parsons      Properties, L.P.               |                                     |

| Lewiston      Limited Partnership |   |
|-----------------------------------|--------|

| Countrywood      Apartments, Limited | Wildwood      Apartments, Limited |
|--------------------------------------|-----------------------------------|

----

| Shellman      Housing, L.P. | Pine      Terrace Apartments, L.P.        |
|-----------------------------|-------------------------------------------|
| Crisp      Properties, L.P. | Blackshear      Apartments, L.P. Phase II |

| Meadowcrest      Apartments, Ltd.               | Lancaster      House |
|-------------------------------------------------|----------------------|
| Country      Place Apartments – Coal City |                 |

| Sylacauga      Heritage Apartments, Ltd. |   |
|------------------------------------------|--------|

| Weston      Apartments, Limited | Elkhart      Apts., Ltd. |
|---------------------------------|--------------------------|

| Village      Apartments of St. Joseph II Limited Partnership |   |
|--------------------------------------------------------------|--------|

| Village      Apartments of Effingham Limited Partnership | Village      Apartments of Seymour II, L.P. |
|----------------------------------------------------------|---------------------------------------------|

----

----

----

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

| Date:      November 24,      2008 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President                   |

| Date:      November 24,      2008 |   | By:/s/ Jonathan      Oorlog                    |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Jonathan      Oorlog                           |
|                              |   | Vice      President and Chief FinancialOfficer |

| Date:      November 24,      2008 |   | By:/s/ Sandra C.      Humphreys |
|-----------------------------------|--------|---------------------------------|
|                              |   | Sandra      C. Humphreys        |
|                              |   | Secretary      and Treasurer    |