|   | [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] |
|-------------------------|-------------|

----

----

GATEWAY TAX CREDIT FUND IILTD.

|                                                               | SERIES      2                                                                  |   | SERIES      3                                                |   | SERIES      4                                                                  |
|--------------------------------------------------------------------|--------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------------------------|
|                                                               | September      30,                                                             |   | March      31,                                               |   | September      30,                                                             |   | March      31, |   | September      30, |   | March      31, |
|                                                               | 2009                                                                           |   | 2009                                                         |   | 2009                                                                           |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                             |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Current      Assets:                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                     | $       150,456                        |   | $    161,708                        |   | $       125,341                        |   | $    148,892  |   | $       191,465  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Assets                                                  | $       150,456                        |   | $    161,708                        |   | $       125,341                        |   | $    148,892  |   | $       191,465  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                             |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Current      Liabilities:                                          |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Payable      to General Partners                                   | $           4,245  |   | $        8,464  |   | $           3,771  |   | $        8,265  |   | $           4,913  |   | $         9,602  |
| Distribution      Payable                                          | 32,689                                                                    |   | 16,121                                                  |   | 3,249                                                                     |   | 3,249  |   | 1,492  |   | 192,692  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Current Liabilities                                     | 36,934                                                                    |   | 24,585                                                  |   | 7,020                                                                     |   | 11,514  |   | 6,405  |   | 202,294  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Long-Term      Liabilities:                                        |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Payable      to General Partners                                   | 836,706                                                                   |   | 813,714                                                 |   | 695,267                                                                   |   | 676,401  |   | 875,423  |   | 863,408  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| 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, 2009 and March 31, 2009     | (863,389)                                                                      |   | (817,096)                                                    |   | (576,915)                                                                      |   | (539,371) |   | (695,425) |   | (663,078) |
| General      Partners                                              | 140,205                                                                   |   | 140,505                                                 |   | (31)                                                                           |   | 348  |   | 5,062  |   | 5,389  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Partners' Deficit                                       | (723,184)                                                                      |   | (676,591)                                                    |   | (576,946)                                                                      |   | (539,023) |   | (690,363) |   | (657,689) |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                       | $       150,456                        |   | $    161,708                        |   | $       125,341                        |   | $    148,892  |   | $       191,465  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |

----

|                                                              | SERIES      5                                                                  |   | SERIES      6                                     |   | TOTAL      SERIES 2 - 6                                                        |
|-------------------------------------------------------------------|--------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|--------------------------------------------------------------------------------|
|                                                              | September      30,                                                             |   | March      31,                                    |   | September      30,                                                             |   | March      31, |   | September      30, |   | March      31, |
|                                                              | 2009                                                                           |   | 2009                                              |   | 2009                                                                           |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                            |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Current      Assets:                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                    | $         59,150             |   | $    107,240             |   | $       247,756                        |   | $    427,375  |   | $       774,168  |   | $  1,253,228  |
|                                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Total      Assets                                                 | $         59,150             |   | $    107,240             |   | $       247,756                        |   | $    427,375  |   | $       774,168  |   | $  1,253,228  |
|                                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                            |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Current      Liabilities:                                         |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Payable      to General Partners                                  | $           6,132  |   | $      13,333  |   | $           7,619  |   | $      16,006  |   | $         26,680  |   | $       55,670  |
| Distribution      Payable                                         | 3,704                                                                     |   | 3,704                                        |   | -                                                                         |   | 130,517  |   | 41,134  |   | 346,283  |
|                                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Total      Current Liabilities                                    | 9,836                                                                     |   | 17,037                                       |   | 7,619                                                                     |   | 146,523  |   | 67,814  |   | 401,953  |
|                                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Long-Term      Liabilities:                                       |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Payable      to General Partners                                  | 870,865                                                                   |   | 832,457                                      |   | 1,232,412                                                                 |   | 1,191,713  |   | 4,510,673  |   | 4,377,693  |
|                                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| 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, 2009 and March 31, 2009         | (821,078)                                                                      |   | (742,574)                                         |   | (992,684)                                                                      |   | (912,084) |   | (3,949,491) |   | (3,674,203) |
| General      Partners                                             | (473)                                                                          |   | 320                                          |   | 409                                                                       |   | 1,223  |   | 145,172  |   | 147,785  |
|                                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Total      Partners' Deficit                                      | (821,551)                                                                      |   | (742,254)                                         |   | (992,275)                                                                      |   | (910,861) |   | (3,804,319) |   | (3,526,418) |
|                                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                      | $         59,150             |   | $    107,240             |   | $       247,756                        |   | $    427,375  |   | $       774,168  |   | $  1,253,228  |
|                                                              |                                                                           |   |                                              |   |                                                                           |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                                           |   | SERIES      3                                           |   | SERIES      4                                     |
|---------------------------------------------------------------------------|---------------------------------------------------------|--------|---------------------------------------------------------|--------|---------------------------------------------------|
|                                                                      | 2009                                                    |   | 2008                                                    |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                 |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                                  | $       4,909   |   | $       3,557   |   | $      5,980   |   | $         862  |   | $      4,920  |   | $      6,837  |
| Total      Revenues                                                       | 4,909                                              |   | 3,557                                              |   | 5,980                                        |   | 862  |   | 4,920  |   | 6,837  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Expenses:                                                                 |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 11,496                                             |   | 12,257                                             |   | 9,433                                        |   | 9,499  |   | 6,007  |   | 8,983  |
| General      and Administrative:                                          |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| General      Partner                                                      | 10,660                                             |   | 12,810                                             |   | 9,549                                        |   | 10,801  |   | 6,366  |   | 9,930  |
| Other                                                                     | 5,496                                              |   | 9,575                                              |   | 9,149                                        |   | 11,806  |   | 10,207  |   | 11,654  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                                       | 27,652                                             |   | 34,642                                             |   | 28,131                                       |   | 32,106  |   | 22,580  |   | 30,567  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (22,743)                                                |   | (31,085)                                                |   | (22,151)                                          |   | (31,244) |   | (17,660) |   | (23,730) |
| Gain      on Sale of Project Partnerships                                 | 16,567                                             |   | -                                                  |   | -                                            |   | -  |   | -  |   | 24,550  |
| Interest      Income                                                      | 3                                                  |   | 1,453                                              |   | 4                                            |   | 1,509  |   | 5  |   | 2,465  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Net      (Loss) Income                                                    | $      (6,173)            |   | $    (29,632)                       |   | $   (22,147)                       |   | $   (29,735) |   | $   (17,655) |   | $      3,285  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                     |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Assignees                                                                 | $      (6,111)            |   | $    (29,336)                       |   | $   (21,926)                       |   | $   (29,438) |   | $   (17,478) |   | $      3,252  |
| General      Partners                                                     | (62)                                                    |   | (296)                                                   |   | (221)                                             |   | (297) |   | (177) |   | 33  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
|                                                                      | $      (6,173)            |   | $    (29,632)                       |   | $   (22,147)                       |   | $   (29,735) |   | $   (17,655) |   | $      3,285  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate                | $        (1.00) |   | $        (4.78) |   | $       (4.02) |   | $       (5.40) |   | $       (2.53) |   | $        0.47  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| 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                           |
|------------------------------------------------------------------|---------------------------------------------------------|--------|---------------------------------------------------------|--------|---------------------------------------------------|
|                                                             | 2009                                                    |   | 2008                                                    |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                        |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                         | $       6,545   |   | $       1,653   |   | $      9,639   |   | $      7,514  |   | $      31,993  |   | $      20,423  |
| Total      Revenues                                              | 6,545                                              |   | 1,653                                              |   | 9,639                                        |   | 7,514  |   | 31,993  |   | 20,423  |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Expenses:                                                        |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 19,204                                             |   | 19,299                                             |   | 20,350                                       |   | 24,576  |   | 66,490  |   | 74,614  |
| General      and Administrative:                                 |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| General      Partner                                             | 17,825                                             |   | 20,162                                             |   | 18,461                                       |   | 24,599  |   | 62,861  |   | 78,302  |
| Other                                                            | 12,387                                             |   | 15,106                                             |   | 13,115                                       |   | 14,952  |   | 50,354  |   | 63,093  |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                              | 49,416                                             |   | 54,567                                             |   | 51,926                                       |   | 64,127  |   | 179,705  |   | 216,009  |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| and      Other Income                                            | (42,871)                                                |   | (52,914)                                                |   | (42,287)                                          |   | (56,613) |   | (147,712) |   | (195,586) |
| Equity      in (Loss) Income of Project Partnerships             | -                                                  |   | (11,623)                                                |   | -                                            |   | 8,508  |   | -  |   | (3,115) |
| Gain      on Sale of Project Partnerships                        | -                                                  |   | -                                                  |   | -                                            |   | -  |   | 16,567  |   | 24,550  |
| Interest      Income                                             | 2                                                  |   | 951                                                |   | 7                                            |   | 3,082  |   | 21  |   | 9,460  |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Net      Loss                                                    | $    (42,869)                       |   | $    (63,586)                       |   | $   (42,280)                       |   | $   (45,023) |   | $   (131,124) |   | $   (164,691) |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Allocation      of Net Loss:                                     |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Assignees                                                        | $    (42,440)                       |   | $    (62,950)                       |   | $   (41,857)                       |   | $   (44,573) |   | $   (129,813) |   | $   (163,044) |
| General      Partners                                            | (429)                                                   |   | (636)                                                   |   | (423)                                             |   | (450) |   | (1,311) |   | (1,647) |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
|                                                             | $    (42,869)                       |   | $    (63,586)                       |   | $   (42,280)                       |   | $   (45,023) |   | $   (131,124) |   | $   (164,691) |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Net      Loss Per Beneficial Assignee Certificate                | $        (4.93) |   | $        (7.31) |   | $       (4.14) |   | $       (4.41) |   |   |   |   |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding      | 8,616                                              |   | 8,616                                              |   | 10,105                                       |   | 10,105  |   |   |   |   |
|                                                             |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                                           |   | SERIES      3                                           |   | SERIES      4                                     |
|---------------------------------------------------------------------------|---------------------------------------------------------|--------|---------------------------------------------------------|--------|---------------------------------------------------|
|                                                                      | 2009                                                    |   | 2008                                                    |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                 |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                                  | $       7,646   |   | $       7,350   |   | $    13,493              |   | $      9,417  |   | $      6,657  |   | $    10,990  |
| Total      Revenues                                                       | 7,646                                              |   | 7,350                                              |   | 13,493                                       |   | 9,417  |   | 6,657  |   | 10,990  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Expenses:                                                                 |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 22,992                                             |   | 24,513                                             |   | 18,866                                       |   | 18,998  |   | 12,015  |   | 18,930  |
| General      and Administrative:                                          |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| General      Partner                                                      | 23,357                                             |   | 28,360                                             |   | 20,752                                       |   | 23,759  |   | 13,835  |   | 22,594  |
| Other                                                                     | 7,898                                              |   | 12,343                                             |   | 11,806                                       |   | 14,953  |   | 13,495  |   | 14,221  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                                       | 54,247                                             |   | 65,216                                             |   | 51,424                                       |   | 57,710  |   | 39,345  |   | 55,745  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (46,601)                                                |   | (57,866)                                                |   | (37,931)                                          |   | (48,293) |   | (32,688) |   | (44,755) |
| Gain      on Sale of Project Partnerships                                 | 16,567                                             |   | -                                                  |   | -                                            |   | -  |   | -  |   | 145,527  |
| Interest      Income                                                      | 8                                                  |   | 3,310                                              |   | 8                                            |   | 3,350  |   | 14  |   | 5,083  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Net      (Loss) Income                                                    | $    (30,026)                       |   | $    (54,556)                       |   | $   (37,923)                       |   | $   (44,943) |   | $   (32,674) |   | $  105,855  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                     |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Assignees                                                                 | $    (29,726)                       |   | $    (54,010)                       |   | $   (37,544)                       |   | $   (44,494) |   | $   (32,347) |   | $  104,796  |
| General      Partners                                                     | (300)                                                   |   | (546)                                                   |   | (379)                                             |   | (449) |   | (327) |   | 1,059  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
|                                                                      | $    (30,026)                       |   | $    (54,556)                       |   | $   (37,923)                       |   | $   (44,943) |   | $   (32,674) |   | $  105,855  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate                | $        (4.84) |   | $        (8.80) |   | $       (6.88) |   | $       (8.16) |   | $       (4.68) |   | $      15.15  |
|                                                                      |                                                    |   |                                                    |   |                                              |   |   |   |   |   |   |
| 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                           |
|------------------------------------------------------------------|---------------------------------------------------|--------|--------------------------------------------------------------|--------|---------------------------------------------------|
|                                                             | 2009                                              |   | 2008                                                         |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                        |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                         | $    14,629              |   | $        7,645  |   | $    16,726              |   | $    18,952  |   | $      59,151  |   | $      54,354  |
| Total      Revenues                                              | 14,629                                       |   | 7,645                                                   |   | 16,726                                       |   | 18,952  |   | 59,151  |   | 54,354  |
|                                                             |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Expenses:                                                        |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 38,408                                       |   | 38,598                                                  |   | 40,700                                       |   | 49,152  |   | 132,981  |   | 150,191  |
| General      and Administrative:                                 |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| General      Partner                                             | 38,738                                       |   | 44,351                                                  |   | 40,121                                       |   | 54,835  |   | 136,803  |   | 173,899  |
| Other                                                            | 16,785                                       |   | 20,255                                                  |   | 17,336                                       |   | 18,852  |   | 67,320  |   | 80,624  |
|                                                             |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                              | 93,931                                       |   | 103,204                                                 |   | 98,157                                       |   | 122,839  |   | 337,104  |   | 404,714  |
|                                                             |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| and      Other Income                                            | (79,302)                                          |   | (95,559)                                                     |   | (81,431)                                          |   | (103,887) |   | (277,953) |   | (350,360) |
| Equity      in (Loss) Income of Project Partnerships             | -                                            |   | (15,441)                                                     |   | -                                            |   | 7,275  |   | -  |   | (8,166) |
| Gain      on Sale of Project Partnerships                        | -                                            |   | -                                                       |   | -                                            |   | -  |   | 16,567  |   | 145,527  |
| Interest      Income                                             | 5                                            |   | 2,820                                                   |   | 17                                           |   | 7,261  |   | 52  |   | 21,824  |
|                                                             |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Net      Loss                                                    | $   (79,297)                       |   | $   (108,180)                                 |   | $   (81,414)                       |   | $   (89,351) |   | $   (261,334) |   | $   (191,175) |
|                                                             |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Allocation      of Net Loss:                                     |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Assignees                                                        | $   (78,504)                       |   | $   (107,098)                                 |   | $   (80,600)                       |   | $   (88,457) |   | $   (258,721) |   | $   (189,263) |
| General      Partners                                            | (793)                                             |   | (1,082)                                                      |   | (814)                                             |   | (894) |   | (2,613) |   | (1,912) |
|                                                             |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
|                                                             | $   (79,297)                       |   | $   (108,180)                                 |   | $   (81,414)                       |   | $   (89,351) |   | $   (261,334) |   | $   (191,175) |
|                                                             |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| Net      Loss Per Beneficial Assignee Certificate                | $       (9.11) |   | $       (12.43)           |   | $       (7.98) |   | $       (8.75) |   |   |   |   |
|                                                             |                                              |   |                                                         |   |                                              |   |   |   |   |   |   |
| 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, 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) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009     | $    (817,096) |   | $    140,505  |   | $    (676,591) |   | $   (539,371) |   | $          348  |   | $   (539,023) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Net      Loss                      | (29,726)                           |   | (300)                                  |   | (30,026) |   | (37,544) |   | (379) |   | (37,923) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Distributions      to Assignees    | (16,567)                           |   | -                                 |   | (16,567) |   | -  |   | -  |   | -  |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2009 | $    (863,389) |   | $    140,205  |   | $    (723,184) |   | $   (576,915) |   | $           (31) |   | $   (576,946) |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                   |   |   |   |   |   |   |   |   |

----

|                               | SERIES      4                      |   | SERIES      5                                                |
|------------------------------------|------------------------------------|--------|--------------------------------------------------------------|
|                               |                               |   | General                                                      |   |   |   |   |   | General |   |   |
|                               | Assignees                          |   | Partners                                                     |   | Total |   | Assignees |   | Partners |   | Total |
|                               |                               |   |                                                         |   |   |   |   |   |   |   |   |
| 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) |
|                               |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009     | $    (663,078) |   | $        5,389  |   | $    (657,689) |   | $   (742,574) |   | $          320  |   | $   (742,254) |
|                               |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Net      Loss                      | (32,347)                           |   | (327)                                                        |   | (32,674) |   | (78,504) |   | (793) |   | (79,297) |
|                               |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2009 | $    (695,425) |   | $        5,062  |   | $    (690,363) |   | $   (821,078) |   | $         (473) |   | $   (821,551) |
|                               |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                         |   |   |   |   |   |   |   |   |

----

|                               | SERIES      6                      |   | TOTAL      SERIES 2 - 6                                                |
|------------------------------------|------------------------------------|--------|------------------------------------------------------------------------|
|                               |                               |   | General                                                                |   |   |   |   |   | General |   |   |
|                               | Assignees                          |   | Partners                                                               |   | Total |   | Assignees |   | Partners |   | Total |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |
| 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) |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009     | $    (912,084) |   | $       1,223                  |   | $    (910,861) |   | $  (3,674,203) |   | $    147,785  |   | $  (3,526,418) |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |
| Net      Loss                      | (80,600)                           |   | (814)                                                                  |   | (81,414) |   | (258,721) |   | (2,613) |   | (261,334) |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |
| Distributions      to Assignees    | -                             |   | -                                                                 |   | -  |   | (16,567) |   | -  |   | (16,567) |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2009 | $    (992,684) |   | $          409  |   | $    (992,275) |   | $  (3,949,491) |   | $    145,172  |   | $  (3,804,319) |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |
|                               |                               |   |                                                                   |   |   |   |   |   |   |   |   |

----

|                                                                                  | SERIES      2                                                                                                        |   | SERIES      3                                                                                                        |
|---------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                  | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Loss                                                                         | $       (30,026)                                                                  |   | $       (54,556)                                                                  |   | $       (37,923) |   | $          (44,943) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                             | -                                                                                                               |   | (519)                                                                                                                |   | -  |   | (566) |
| Gain      on Sale of Project Partnerships                                             | (16,567)                                                                                                             |   | -                                                                                                               |   | -  |   | -  |
| Distribution      Income                                                              | (7,646)                                                                                                              |   | (7,350)                                                                                                              |   | (13,493) |   | (9,417) |
| Changes      in Operating Assets and Liabilities:                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                                                                                               |   | 1,038                                                                                                           |   | -  |   | 990  |
| Increase      in Payable to General Partners                                          | 18,773                                                                                                          |   | 20,030                                                                                                          |   | 14,372  |   | 14,490  |
| Net      Cash Used in Operating Activities                                            | (35,466)                                                                                                             |   | (41,357)                                                                                                             |   | (37,044) |   | (39,446) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 7,647                                                                                                           |   | 7,349                                                                                                           |   | 13,493  |   | 9,417  |
| Net      Proceeds from Sale of Project Partnerships                                   | 16,567                                                                                                          |   | -                                                                                                               |   | -  |   | -  |
| Redemption      of Investment Securities                                              | -                                                                                                               |   | 125,000                                                                                                         |   | -  |   | 125,000  |
| Purchase      of Investment Securities                                                | -                                                                                                               |   | (119,758)                                                                                                            |   | -  |   | (129,655) |
| Net      Cash Provided by Investing Activities                                        | 24,214                                                                                                          |   | 12,591                                                                                                          |   | 13,493  |   | 4,762  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                            | (11,252)                                                                                                             |   | (28,766)                                                                                                             |   | (23,551) |   | (34,684) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 161,708                                                                                                         |   | 83,047                                                                                                          |   | 148,892  |   | 75,920  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $       150,456                                                              |   | $         54,281                                                   |   | $       125,341  |   | $            41,236  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                 | $         16,567                                                   |   | $           3,357                                        |   | $                   -  |   | $                      -  |
| Distribution      to Assignees                                                        | (16,567)                                                                                                             |   | (3,357)                                                                                                              |   | -  |   | -  |
| 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)                                                                                                              |   | -  |   | -  |
| Capital      Contributions                                                            | -                                                                                                               |   | 3,357                                                                                                           |   | -  |   | -  |
|                                                                                  | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                           | SERIES      4                                                                                                        |   | SERIES      5                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      (Loss) Income                                                                         | $       (32,674)                                                                  |   | $       105,855                                                              |   | $       (79,297) |   | $        (108,180) |
| Adjustments      to Reconcile Net (Loss) Income to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                                      | -                                                                                                               |   | (785)                                                                                                                |   | -  |   | (189) |
| Equity      in Loss of Project Partnerships                                                    | -                                                                                                               |   | -                                                                                                               |   | -  |   | 15,441  |
| Gain      on Sale of Project Partnerships                                                      | -                                                                                                               |   | (145,527)                                                                                                            |   | -  |   | -  |
| Distribution      Income                                                                       | (6,657)                                                                                                              |   | (10,990)                                                                                                             |   | (14,629) |   | (7,645) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | -                                                                                                               |   | 1,393                                                                                                           |   | -  |   | 1,374  |
| Increase      in Payable to General Partners                                                   | 7,326                                                                                                           |   | 13,093                                                                                                          |   | 31,207  |   | 31,885  |
| Net      Cash Used in Operating Activities                                                     | (32,005)                                                                                                             |   | (36,961)                                                                                                             |   | (62,719) |   | (67,314) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                          | 6,657                                                                                                           |   | 10,990                                                                                                          |   | 14,629  |   | 7,645  |
| Net      Proceeds from Sale of Project Partnerships                                            | -                                                                                                               |   | 145,527                                                                                                         |   | -  |   | -  |
| Redemption      of Investment Securities                                                       | -                                                                                                               |   | 175,000                                                                                                         |   | -  |   | 125,000  |
| Purchase      of Investment Securities                                                         | -                                                                                                               |   | (180,132)                                                                                                            |   | -  |   | (49,487) |
| Net      Cash Provided by Investing Activities                                                 | 6,657                                                                                                           |   | 151,385                                                                                                         |   | 14,629  |   | 83,158  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                           | (191,200)                                                                                                            |   | (130,693)                                                                                                            |   | -  |   | (179,988) |
| Net      Cash Used in Financing Activities                                                     | (191,200)                                                                                                            |   | (130,693)                                                                                                            |   | -  |   | (179,988) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                                     | (216,548)                                                                                                            |   | (16,269)                                                                                                             |   | (48,090) |   | (164,144) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 408,013                                                                                                         |   | 97,986                                                                                                          |   | 107,240  |   | 258,274  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $       191,465                                                              |   | $         81,717                                                   |   | $         59,150  |   | $            94,130  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $                  -  |   | $         24,550                                                   |   | $                   -  |   | $                      -  |
| Distribution      to Assignees                                                                 | -                                                                                                               |   | (24,550)                                                                                                             |   | -  |   | -  |
|                                                                                           | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                  | SERIES      6                                                                                                        |   | TOTAL      SERIES 2 - 6                                                                                              |
|---------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                  | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Loss                                                                         | $       (81,414)                                                                  |   | $       (89,351)                                                                  |   | $     (261,334) |   | $        (191,175) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                             | -                                                                                                               |   | (1,119)                                                                                                              |   | -  |   | (3,178) |
| Equity      in (Income) Loss of Project Partnerships                                  | -                                                                                                               |   | (7,275)                                                                                                              |   | -  |   | 8,166  |
| Gain      on Sale of Project Partnerships                                             | -                                                                                                               |   | -                                                                                                               |   | (16,567) |   | (145,527) |
| Distribution      Income                                                              | (16,726)                                                                                                             |   | (18,952)                                                                                                             |   | (59,151) |   | (54,354) |
| Changes      in Operating Assets and Liabilities:                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                                                                                               |   | 2,621                                                                                                           |   | -  |   | 7,416  |
| Increase      in Payable to General Partners                                          | 32,857                                                                                                          |   | 40,577                                                                                                          |   | 104,535  |   | 120,075  |
| Net      Cash Used in Operating Activities                                            | (65,283)                                                                                                             |   | (73,499)                                                                                                             |   | (232,517) |   | (258,577) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 16,726                                                                                                          |   | 18,952                                                                                                          |   | 59,152  |   | 54,353  |
| Net      Proceeds from Sale of Project Partnerships                                   | -                                                                                                               |   | -                                                                                                               |   | 16,567  |   | 145,527  |
| Redemption      of Investment Securities                                              | -                                                                                                               |   | 300,000                                                                                                         |   | -  |   | 850,000  |
| Purchase      of Investment Securities                                                | -                                                                                                               |   | (260,300)                                                                                                            |   | -  |   | (739,332) |
| Net      Cash Provided by Investing Activities                                        | 16,726                                                                                                          |   | 58,652                                                                                                          |   | 75,719  |   | 310,548  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                  | (131,062)                                                                                                            |   | (39,915)                                                                                                             |   | (322,262) |   | (350,596) |
| Net      Cash Used in Financing Activities                                            | (131,062)                                                                                                            |   | (39,915)                                                                                                             |   | (322,262) |   | (350,596) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                            | (179,619)                                                                                                            |   | (54,762)                                                                                                             |   | (479,060) |   | (298,625) |
| Cash      and Cash Equivalents at Beginning of Year                                   | 427,375                                                                                                         |   | 128,416                                                                                                         |   | 1,253,228  |   | 643,643  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $       247,756                                                              |   | $         73,654                                                   |   | $       774,168  |   | $          345,018  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Distribution Payable                                      | $            (545)                                       |   | $                  -  |   | $         16,022  |   | $            27,907  |
| Increase      in Payable to General Partners                                          | 545                                                                                                             |   | -                                                                                                               |   | 545  |   | -  |
| Distribution      to Assignees                                                        | -                                                                                                               |   | -                                                                                                               |   | (16,567) |   | (27,907) |
| Increase      in Receivable - Other                                                   | -                                                                                                               |   | (38,000)                                                                                                             |   | -  |   | (46,000) |
| Increase      in Deferred Gain on Sale of Project Partnerships                        | -                                                                                                               |   | 36,665                                                                                                          |   | -  |   | 44,406  |
| Increase      in Payable to General Partners                                          | -                                                                                                               |   | 1,335                                                                                                           |   | -  |   | 1,594  |
| Decrease      in Payable to General Partners                                          | -                                                                                                               |   | -                                                                                                               |   | -  |   | (3,357) |
| Capital      Contributions                                                            | -                                                                                                               |   | -                                                                                                               |   | -  |   | 3,357  |
|                                                                                  | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

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

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

| 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, |
|----------------|----------------------------------------------------------------------------------|

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

| 4)   | Decreased,      where appropriate, for impairment. |
|----------------|----------------------------------------------------|

----

----

|          | 2009                            |   | 2008                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    22,992 |   | $    24,513 |
| Series      3 | 18,866                          |   | 18,998                          |
| Series      4 | 12,015                          |   | 18,930                          |
| Series      5 | 38,408                          |   | 38,598                          |
| Series      6 | 40,700                          |   | 49,152                          |
| Total         | $  132,981            |   | $  150,191            |

|          | 2009                            |   | 2008                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    23,357 |   | $    28,360 |
| Series      3 | 20,752                          |   | 23,759                          |
| Series      4 | 13,835                          |   | 22,594                          |
| Series      5 | 38,738                          |   | 44,351                          |
| Series      6 | 40,121                          |   | 54,835                          |
| Total         | $  136,803            |   | $  173,899            |

----

|  As      of September 30, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 2 - 16, Series 3 - 15, and Series 4 - 10) 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, |
|                                               | 2009                                                                                                                             |   | 2009                                                                                                                 |   | 2009                                                                                                                             |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     2,954,529                                                                                    |   | $   3,159,579                                                                                    |   | $     2,494,974                                                                                    |   | $   2,494,974  |   | $     1,556,420  |   | $   1,556,420  |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Partnerships      (1)                              | (3,086,846)                                                                                                                      |   | (3,298,001)                                                                                                          |   | (2,675,808)                                                                                                                      |   | (2,675,808) |   | (1,645,185) |   | (1,645,185) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Project      Partnerships                          | (56,623)                                                                                                                         |   | (59,212)                                                                                                             |   | (93,673)                                                                                                                         |   | (93,673) |   | (45,823) |   | (45,823) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Adjustment                                         | (188,940)                                                                                                                        |   | (197,634)                                                                                                            |   | (274,507)                                                                                                                        |   | (274,507) |   | (134,588) |   | (134,588) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 241,885                                                                                                                     |   | 254,188                                                                                                         |   | 318,739                                                                                                                     |   | 318,739  |   | 164,485  |   | 164,485  |
| Accumulated      amortization of acquisition       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| fees      and expenses                             | (52,945)                                                                                                                         |   | (56,554)                                                                                                             |   | (44,232)                                                                                                                         |   | (44,232) |   | (29,897) |   | (29,897) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| 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 $5,059,985      in Series 2, $6,037,004 in Series 3, and $3,007,348 in Series 4 for the      period ended September 30, 2009; and cumulative suspended losses of      $5,135,273 in Series 2, $5,884,963 in Series 3, and $2,922,713 in Series 4      for the year ended March 31, 2009 are not  included. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  As      of September 30, 2009, 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 - 29) 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, |
|                                               | 2009                                                                                                                             |   | 2009                                                                                                                 |   | 2009                                                                                                                             |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     5,097,323                                                                                    |   | $   5,097,323                                                                                    |   | $     5,424,795                                                                                    |   | $   5,424,795  |   | $   17,528,041  |   | $   17,733,091  |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Partnerships      (1)                              | (5,329,389)                                                                                                                      |   | (5,329,389)                                                                                                          |   | (5,590,369)                                                                                                                      |   | (5,590,369) |   | (18,327,597) |   | (18,538,752) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Project      Partnerships                          | (160,153)                                                                                                                        |   | (160,153)                                                                                                            |   | (191,505)                                                                                                                        |   | (191,505) |   | (547,777) |   | (550,366) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Adjustment                                         | (392,219)                                                                                                                        |   | (392,219)                                                                                                            |   | (357,079)                                                                                                                        |   | (357,079) |   | (1,347,333) |   | (1,356,027) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 531,092                                                                                                                     |   | 531,092                                                                                                         |   | 557,032                                                                                                                     |   | 557,032  |   | 1,813,233  |   | 1,825,536  |
| Accumulated      amortization of acquisition       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| fees      and expenses                             | (138,873)                                                                                                                        |   | (138,873)                                                                                                            |   | (177,114)                                                                                                                        |   | (177,114) |   | (443,061) |   | (446,670) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Project      Partnerships                          | -                                                                                                                           |   | -                                                                                                               |   | (22,839)                                                                                                                         |   | (22,839) |   | (22,839) |   | (22,839) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| 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 $8,260,494      in Series 5 and $5,466,408 in Series 6 for the period ended September 30,      2009; and cumulative suspended losses of $7,971,901 in Series 5 and      $5,086,927 in Series 6 for the year ended March 31, 2009 are not      included. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         | SERIES      2                                                                                                                                      |   | SERIES      3                                                                                                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                         | 2009                                                                                                                                               |   | 2008                                                                                                                             |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS               |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Assets:                                      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      assets                          | $        1,627,666                                                                                    |   | $     1,682,372                                                                                    |   | $        1,657,435  |   | $       1,628,210  |
| Investment      properties, net              | 7,716,974                                                                                                                                     |   | 8,931,997                                                                                                                   |   | 4,672,301  |   | 5,269,272  |
| Other      assets                            | 26,247                                                                                                                                        |   | 27,759                                                                                                                      |   | 76,964  |   | 44,712  |
| Total      assets                            | $        9,370,887                                                                                    |   | $   10,642,128                                                                                               |   | $        6,406,700  |   | $       6,942,194  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Liabilities      and Partners' Deficit:      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      liabilities                     | $           517,447                                                                    |   | $        396,461                                                                    |   | $           272,289  |   | $          174,006  |
| Long-term      debt                          | 14,340,962                                                                                                                                    |   | 15,399,495                                                                                                                  |   | 12,620,384  |   | 12,743,481  |
| Total      liabilities                       | 14,858,409                                                                                                                                    |   | 15,795,956                                                                                                                  |   | 12,892,673  |   | 12,917,487  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Partners'      equity (deficit)              |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Limited      Partner                         | (5,323,146)                                                                                                                                        |   | (5,012,773)                                                                                                                      |   | (6,684,950) |   | (6,197,409) |
| General      Partners                        | (164,376)                                                                                                                                          |   | (141,055)                                                                                                                        |   | 198,977  |   | 222,116  |
| Total      partners' deficit                 | (5,487,522)                                                                                                                                        |   | (5,153,828)                                                                                                                      |   | (6,485,973) |   | (5,975,293) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      liabilities and partners' deficit | $        9,370,887                                                                                    |   | $   10,642,128                                                                                               |   | $        6,406,700  |   | $       6,942,194  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS     |                                                                                                                                               |   |                                                                                                                             |   |
| Rental      and other income                 | $        1,094,526                                                                                    |   | $     1,131,096                                                                                    |   | $        1,077,462  |   | $       1,057,395  |
| Expenses:                                    |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Operating      expenses                      | 834,567                                                                                                                                       |   | 717,607                                                                                                                     |   | 781,379  |   | 686,988  |
| Interest      expense                        | 154,295                                                                                                                                       |   | 166,808                                                                                                                     |   | 125,331  |   | 126,748  |
| Depreciation      and amortization           | 283,921                                                                                                                                       |   | 302,004                                                                                                                     |   | 324,329  |   | 323,669  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      expenses                          | 1,272,783                                                                                                                                     |   | 1,186,419                                                                                                                   |   | 1,231,039  |   | 1,137,405  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Net      loss                                | $          (178,257)                                                                             |   | $         (55,323)                                                                  |   | $          (153,577) |   | $           (80,010) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Other      partners' share of net loss       | $              (1,783)                                                       |   | $              (553)                                       |   | $              (1,536) |   | $                (800) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Gateway's      share of net loss             | $          (176,474)                                                                             |   | $         (54,770)                                                                  |   | $          (152,041) |   | $           (79,210) |
| Suspended      losses                        | 176,474                                                                                                                                       |   | 54,770                                                                                                                      |   | 152,041  |   | 79,210  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Equity      in Loss of Project Partnerships  | $                       -  |   | $                    -  |   | $                       -  |   | $                      -  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |

----

|                                         | SERIES      4                                                                                                                                      |   | SERIES      5                                                                                                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                         | 2009                                                                                                                                               |   | 2008                                                                                                                             |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS               |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Assets:                                      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      assets                          | $        1,097,931                                                                                    |   | $     1,414,710                                                                                    |   | $        3,046,402  |   | $       3,038,794  |
| Investment      properties, net              | 4,137,067                                                                                                                                     |   | 5,888,433                                                                                                                   |   | 14,254,726  |   | 15,286,009  |
| Other      assets                            | 16,961                                                                                                                                        |   | 14,233                                                                                                                      |   | 59,293  |   | 21,672  |
| Total      assets                            | $        5,251,959                                                                                    |   | $     7,317,376                                                                                    |   | $      17,360,421  |   | $     18,346,475  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Liabilities      and Partners' Deficit:      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      liabilities                     | $           225,407                                                                    |   | $        181,113                                                                    |   | $           694,319  |   | $          465,408  |
| Long-term      debt                          | 8,089,802                                                                                                                                     |   | 10,958,940                                                                                                                  |   | 25,735,844  |   | 25,905,754  |
| Total      liabilities                       | 8,315,209                                                                                                                                     |   | 11,140,053                                                                                                                  |   | 26,430,163  |   | 26,371,162  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Partners'      equity (deficit)              |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Limited      Partner                         | (3,189,199)                                                                                                                                        |   | (3,981,534)                                                                                                                      |   | (8,777,152) |   | (7,773,119) |
| General      Partners                        | 125,949                                                                                                                                       |   | 158,857                                                                                                                     |   | (292,590) |   | (251,568) |
| Total      partners' deficit                 | (3,063,250)                                                                                                                                        |   | (3,822,677)                                                                                                                      |   | (9,069,742) |   | (8,024,687) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      liabilities and partners' deficit | $        5,251,959                                                                                    |   | $     7,317,376                                                                                    |   | $      17,360,421  |   | $     18,346,475  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS     |                                                                                                                                               |   |                                                                                                                             |   |
| Rental      and other income                 | $           647,000                                                                    |   | $        869,570                                                                    |   | $        2,083,074  |   | $       1,979,145  |
| Expenses:                                    |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Operating      expenses                      | 466,366                                                                                                                                       |   | 578,113                                                                                                                     |   | 1,569,003  |   | 1,319,308  |
| Interest      expense                        | 88,313                                                                                                                                        |   | 118,921                                                                                                                     |   | 272,010  |   | 278,884  |
| Depreciation      and amortization           | 179,028                                                                                                                                       |   | 240,489                                                                                                                     |   | 533,569  |   | 533,061  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      expenses                          | 733,707                                                                                                                                       |   | 937,523                                                                                                                     |   | 2,374,582  |   | 2,131,253  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Net      loss                                | $            (86,707)                                                                  |   | $         (67,953)                                                                  |   | $          (291,508) |   | $         (152,108) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Other      partners' share of net loss       | $              (2,072)                                                       |   | $           (1,232)                                                       |   | $              (2,915) |   | $             (1,521) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Gateway's      share of net loss             | $            (84,635)                                                                  |   | $         (66,721)                                                                  |   | $          (288,593) |   | $         (150,587) |
| Suspended      losses                        | 84,635                                                                                                                                        |   | 66,721                                                                                                                      |   | 288,593  |   | 135,146  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Equity      in Loss of Project Partnerships  | $                       -  |   | $                    -  |   | $                       -  |   | $           (15,441) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |

----

|                                                 | SERIES      6                                                                                                              |   | TOTAL      SERIES 2 - 6                                                        |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|
|                                                 | 2009                                                                                                                       |   | 2008                                                                           |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS                       |                                                                                                                       |   |                                                                           |   |   |   |   |
| Assets:                                              |                                                                                                                       |   |                                                                           |   |   |   |   |
| Current      assets                                  | $    3,692,907                                                                                    |   | $     4,351,600                                  |   | $  11,122,341  |   | $  12,115,686  |
| Investment      properties, net                      | 17,628,499                                                                                                            |   | 19,762,996                                                                |   | 48,409,567  |   | 55,138,707  |
| Other      assets                                    | 19,490                                                                                                                |   | 27,700                                                                    |   | 198,955  |   | 136,076  |
| Total      assets                                    | $  21,340,896                                                                                               |   | $  24,142,296                                                   |   | $  59,730,863  |   | $  67,390,469  |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| Liabilities      and Partners' Deficit:              |                                                                                                                       |   |                                                                           |   |   |   |   |
| Current      liabilities                             | $       648,611                                                                    |   | $       574,975                        |   | $    2,358,073  |   | $    1,791,963  |
| Long-term      debt                                  | 27,229,395                                                                                                            |   | 29,721,504                                                                |   | 88,016,387  |   | 94,729,174  |
| Total      liabilities                               | 27,878,006                                                                                                            |   | 30,296,479                                                                |   | 90,374,460  |   | 96,521,137  |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| Partners'      deficit                               |                                                                                                                       |   |                                                                           |   |   |   |   |
| Limited      Partner                                 | (5,965,234)                                                                                                                |   | (5,591,921)                                                                    |   | (29,939,681) |   | (28,556,756) |
| General      Partners                                | (571,876)                                                                                                                  |   | (562,262)                                                                      |   | (703,916) |   | (573,912) |
| Total      partners' deficit                         | (6,537,110)                                                                                                                |   | (6,154,183)                                                                    |   | (30,643,597) |   | (29,130,668) |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| Total      liabilities and partners' deficit         | $  21,340,896                                                                                               |   | $  24,142,296                                                   |   | $  59,730,863  |   | $  67,390,469  |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS             |                                                                                                                       |   |                                                                           |   |
| Rental      and other income                         | $    2,045,193                                                                                    |   | $    2,213,349                                        |   | $    6,947,255  |   | $    7,250,555  |
| Expenses:                                            |                                                                                                                       |   |                                                                           |   |   |   |   |
| Operating      expenses                              | 1,620,131                                                                                                             |   | 1,468,175                                                                 |   | 5,271,446  |   | 4,770,191  |
| Interest      expense                                | 270,137                                                                                                               |   | 310,750                                                                   |   | 910,086  |   | 1,002,111  |
| Depreciation      and amortization                   | 538,688                                                                                                               |   | 599,755                                                                   |   | 1,859,535  |   | 1,998,978  |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| Total      expenses                                  | 2,428,956                                                                                                             |   | 2,378,680                                                                 |   | 8,041,067  |   | 7,771,280  |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| Net      loss                                        | $      (383,763)                                                                             |   | $      (165,331)                                 |   | $   (1,093,812) |   | $      (520,725) |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| Other      partners' share of net loss               | $          (4,282)                                                       |   | $          (2,450)           |   | $        (12,588) |   | $          (6,556) |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| Gateway's      share of net loss                     | $      (379,481)                                                                             |   | $      (162,881)                                 |   | $   (1,081,224) |   | $      (514,169) |
| Suspended      losses                                | 379,481                                                                                                               |   | 170,156                                                                   |   | 1,081,224  |   | 506,003  |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |
| Equity      in Income (Loss) of Project Partnerships | $                   -  |   | $           7,275  |   | $                   -  |   | $          (8,166) |
|                                                 |                                                                                                                       |   |                                                                           |   |   |   |   |

----

| Transaction       |                              |                      | Net      Proceeds       | Gain      (Loss)          |
|-------------------|-----------------------------------|---------------------------|-------------------------|---------------------------|
| Month      / Year | Project      Partnership          | Net      Proceeds         | Per      BAC            | on      Disposal          |
| August      2009  | Lewiston      Limited Partnership | $  16,567  | $  2.70  | $  16,567  |
|              |                              |                      |                    | $  16,567  |

| Transaction         |                        |                     | Net      Proceeds       | Gain      (Loss)                     |
|---------------------|-----------------------------|--------------------------|-------------------------|--------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds        | Per      BAC            | on      Disposal                     |
| September      2008 | Prairie      Apartments     | $  7,741  | $  1.26  | $    7,741  |
|                | Other,      net (see below) | -                   | -                  | 5,300                           |
|                |                        |                     |                    | $  13,041             |

----

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|------------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Williston      Properties    | $  43,512  | $  6.29  | $    43,512  |
| December      2008  | St.      George Properties   | 43,592               | 6.30               | 43,592                           |
| December      2008  | Jonesville      Manor        | 79,579               | 11.51              | 79,499                           |
| September      2008 | Rural      Development Group | 24,550               | 3.55               | 24,550                           |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,645                          |
|                | Other,      net (see below)  | -                    | -                  | 1,850                            |
|                |                         |                      |                    | $  313,648             |

| Transaction       |                        |                                                                 | Net      Proceeds                                        | Gain      (Loss)         |
|-------------------|-----------------------------|----------------------------------------------------------------------|----------------------------------------------------------|--------------------------|
| Month      / Year | Project      Partnership    | Net      Proceeds                                                    | Per      BAC                                             | on      Disposal         |
|              | Other,      net (see below) | $          -  | $        -  | $  3,700  |
|              |                        |                                                                 |                                                     | $  3,700  |

| Transaction         |                        |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|-----------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Newport      Village        | $  46,919  | $  4.64  | $    46,369  |
| December      2008  | Blacksburg      Terrace     | 47,490               | 4.70               | 47,410                           |
| 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                            |
|                |                        |                      |                    | $  130,444             |

----

----

----

----

----

----

| Transaction       |                              |                      | Net      Proceeds       | Gain      (Loss)          |
|-------------------|-----------------------------------|---------------------------|-------------------------|---------------------------|
| Month      / Year | Project      Partnership          | Net      Proceeds         | Per      BAC            | on      Disposal          |
| August      2009  | Lewiston      Limited Partnership | $  16,567  | $  2.70  | $  16,567  |
|              |                              |                      |                    | $  16,567  |

| Transaction         |                        |                     | Net      Proceeds       | Gain      (Loss)                     |
|---------------------|-----------------------------|--------------------------|-------------------------|--------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds        | Per      BAC            | on      Disposal                     |
| September      2008 | Prairie      Apartments     | $  7,741  | $  1.26  | $    7,741  |
|                | Other,      net (see below) | -                   | -                  | 5,300                           |
|                |                        |                     |                    | $  13,041             |

----

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|------------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Williston      Properties    | $  43,512  | $  6.29  | $    43,512  |
| December      2008  | St.      George Properties   | 43,592               | 6.30               | 43,592                           |
| December      2008  | Jonesville      Manor        | 79,579               | 11.51              | 79,499                           |
| September      2008 | Rural      Development Group | 24,550               | 3.55               | 24,550                           |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,645                          |
|                | Other,      net (see below)  | -                    | -                  | 1,850                            |
|                |                         |                      |                    | $  313,648             |

| Transaction       |                        |                                                                 | Net      Proceeds                                        | Gain      (Loss)         |
|-------------------|-----------------------------|----------------------------------------------------------------------|----------------------------------------------------------|--------------------------|
| Month      / Year | Project      Partnership    | Net      Proceeds                                                    | Per      BAC                                             | on      Disposal         |
|              | Other,      net (see below) | $          -  | $        -  | $  3,700  |
|              |                        |                                                                 |                                                     | $  3,700  |

| Transaction         |                        |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|-----------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Newport      Village        | $  46,919  | $  4.64  | $    46,369  |
| December      2008  | Blacksburg      Terrace     | 47,490               | 4.70               | 47,410                           |
| 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                            |
|                |                        |                      |                    | $  130,444             |

----

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

| Village      Apartments of Effingham | Village      Apartments of Seymour II |
|--------------------------------------|---------------------------------------|

| Durango      C.W.W. Limited Partnership | Sylacauga      Heritage Apartments, Ltd. |
|-----------------------------------------|------------------------------------------|
| Charleston      Properties              | Sallisaw      Properties II              |
| Pocola      Properties                  |                                     |

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

----

| Stilwell      Properties II           | Westville      Properties |
|---------------------------------------|---------------------------|
| Spring      Hill Senior Housing, L.P. |                      |

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

| Parsons      Properties, L.P. |   |
|-------------------------------|--------|

| 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 |
| Woodcrest      Associates of South Boston |                                      |

----

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

----

----

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

| Date:      November 13,      2009 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President                   |

| Date:      November 13,      2009 |   | By:/s/ Toni S.      Matthews                   |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Toni      S. Matthews                          |
|                              |   | Vice      President and Chief FinancialOfficer |

| Date:      November 13,      2009 |   | By:/s/ Sandra C.      Humphreys |
|-----------------------------------|--------|---------------------------------|
|                              |   | Sandra      C. Humphreys        |
|                              |   | Secretary      and Treasurer    |