|   | [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                                                       |
|--------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                               | December      31,                                                   |   | March      31,                                    |   | December      31,                                                   |   | March      31, |   | December      31, |   | March      31, |
|                                                               | 2008                                                                |   | 2008                                              |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                     | $         51,944  |   | $      83,047  |   | $         28,342  |   | $      75,920  |   | $         68,057  |   | $       97,986  |
| Investment      in Securities                                      | 120,946                                                        |   | 126,654                                      |   | 130,941                                                        |   | 126,654  |   | 181,918  |   | 177,316  |
| Receivable      - Other                                            | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 167,361  |   | -  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                                  | $       172,890             |   | $    209,701             |   | $       159,283             |   | $    202,574  |   | $       417,336  |   | $     275,302  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                                          |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                   | $       813,719             |   | $      55,456  |   | $       672,796             |   | $      53,465  |   | $       864,933  |   | $       63,632  |
| Distribution      Payable                                          | 10,821                                                         |   | -                                            |   | 3,249                                                          |   | 3,249  |   | 24,571  |   | 9,737  |
| Deferred      Gain on Sale of Project Partnerships                 | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 166,683  |   | -  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                                     | 824,540                                                        |   | 55,456                                       |   | 676,045                                                        |   | 56,714  |   | 1,056,187  |   | 73,369  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                                        |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                   | -                                                              |   | 726,103                                      |   | -                                                              |   | 594,405  |   | -  |   | 782,308  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partner Assignees - 40,000 BAC's authorized of which  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| 6,136,      5,456, and 6,915 for Series 2, 3, and 4, respectively, |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| have      been issued at December 31, 2008 and March 31, 2008      | (792,351)                                                           |   | (709,923)                                         |   | (517,333)                                                           |   | (449,798) |   | (642,748) |   | (583,401) |
| General      Partners                                              | 140,701                                                        |   | 138,065                                      |   | 571                                                            |   | 1,253  |   | 3,897  |   | 3,026  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Deficit                                       | (651,650)                                                           |   | (571,858)                                         |   | (516,762)                                                           |   | (448,545) |   | (638,851) |   | (580,375) |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                       | $       172,890             |   | $    209,701             |   | $       159,283             |   | $    202,574  |   | $       417,336  |   | $     275,302  |
|                                                               |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                              | SERIES      5                                                       |   | SERIES      6                                     |   | TOTAL      SERIES 2 - 6                                             |
|-------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                              | December      31,                                                   |   | March      31,                                    |   | December      31,                                                   |   | March      31, |   | December      31, |   | March      31, |
|                                                              | 2008                                                                |   | 2008                                              |   | 2008                                                                |   | 2008 |   | 2008 |   | 2008 |
| ASSETS                                                            |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                    | $         76,635  |   | $    258,274             |   | $         84,682  |   | $    128,416  |   | $       309,660  |   | $     643,643  |
| Investment      in Securities                                     | 49,978                                                         |   | 126,654                                      |   | 262,882                                                        |   | 303,971  |   | 746,665  |   | 861,249  |
| Receivable      - Other                                           | -                                                              |   | -                                            |   | 95,143                                                         |   | -  |   | 262,504  |   | -  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Assets                                         | 126,613                                                        |   | 384,928                                      |   | 442,707                                                        |   | 432,387  |   | 1,318,829  |   | 1,504,892  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Investments      in Project Partnerships, net                     | -                                                              |   | 21,112                                       |   | 700                                                            |   | 28,229  |   | 700  |   | 49,341  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                                 | $       126,613             |   | $    406,040             |   | $       443,407             |   | $    460,616  |   | $    1,319,529  |   | $  1,554,233  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                            |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                                         |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                  | $         78,803  |   | $      83,663  |   | $         72,128  |   | $      79,468  |   | $    2,502,379  |   | $     335,684  |
| Distribution      Payable                                         | 4                                                              |   | 179,992                                      |   | 36,738                                                         |   | 39,987  |   | 75,383  |   | 232,965  |
| Deferred      Gain on Sale of Project Partnerships                | -                                                              |   | -                                            |   | 94,409                                                         |   | -  |   | 261,092  |   | -  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                                    | 78,807                                                         |   | 263,655                                      |   | 203,275                                                        |   | 119,455  |   | 2,838,854  |   | 568,649  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                                       |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                  | 748,158                                                        |   | 690,261                                      |   | 1,108,859                                                      |   | 1,039,921  |   | 1,857,017  |   | 3,832,998  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partner Assignees - 40,000 BAC's authorized of which |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| 8,616      and 10,105 for Series 5 and 6, respectively, have      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| been      issued at December 31, 2008 and March 31, 2008          | (701,054)                                                           |   | (550,103)                                         |   | (869,017)                                                           |   | (692,755) |   | (3,522,503) |   | (2,985,980) |
| General      Partners                                             | 702                                                            |   | 2,227                                        |   | 290                                                            |   | (6,005) |   | 146,161  |   | 138,566  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Deficit                                      | (700,352)                                                           |   | (547,876)                                         |   | (868,727)                                                           |   | (698,760) |   | (3,376,342) |   | (2,847,414) |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                      | $       126,613             |   | $    406,040             |   | $       443,407             |   | $    460,616  |   | $    1,319,529  |   | $  1,554,233  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                              |   | SERIES      3                              |   | SERIES      4                                    |
|---------------------------------------------------------------------------|--------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------------|
|                                                                      | 2008                                       |   | 2007                                       |   | 2008                                             |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                                 |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Distribution      Income                                                  | $     1,569  |   | $     1,569  |   | $      1,040  |   | $     4,134  |   | $              -  |   | $        884  |
| Total      Revenues                                                       | 1,569                                 |   | 1,569                                 |   | 1,040                                       |   | 4,134  |   | -  |   | 884  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Expenses:                                                                 |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 10,842                                |   | 15,223                                |   | 9,499                                       |   | 11,212  |   | 6,800  |   | 16,534  |
| General      and Administrative:                                          |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| General      Partner                                                      | 13,046                                |   | 14,164                                |   | 11,511                                      |   | 12,467  |   | 9,254  |   | 15,858  |
| Other                                                                     | 3,133                                 |   | 3,389                                 |   | 3,466                                       |   | 3,830  |   | 3,046  |   | 4,259  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Total      Expenses                                                       | 27,021                                |   | 32,776                                |   | 24,476                                      |   | 27,509  |   | 19,100  |   | 36,651  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (25,452)                                   |   | (31,207)                                   |   | (23,436)                                         |   | (23,375) |   | (19,100) |   | (35,767) |
| Gain      on Sale of Project Partnerships                                 | 7,741                                 |   | 414,404                               |   | -                                           |   | 5,863  |   | -  |   | 209,918  |
| Interest      Income                                                      | 217                                   |   | 6,693                                 |   | 162                                         |   | 2,475  |   | 296  |   | 3,908  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Net      (Loss) Income                                                    | $      (17,494)                            |   | $      389,890                        |   | $      (23,274)                                  |   | $      (15,037) |   | $  (18,804) |   | $      178,059  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                     |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Assignees                                                                 | $      (17,319)                            |   | $      385,991                        |   | $      (23,041)                                  |   | $      (15,094) |   | $  (18,616) |   | $      175,963  |
| General      Partners                                                     | (175)                                      |   | 3,899                                 |   | (233)                                            |   | 57  |   | (188) |   | 2,096  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
|                                                                      | $      (17,494)                            |   | $      389,890                        |   | $      (23,274)                                  |   | $      (15,037) |   | $  (18,804) |   | $      178,059  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate                | $     (2.82)      |   | $     62.91  |   | $     (4.22)            |   | $     (2.77) |   | $      (2.69) |   | $     25.45  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding               | 6,136                                 |   | 6,136                                 |   | 5,456                                       |   | 5,456  |   | 6,915  |   | 6,915  |
|                                                                      |                                       |   |                                       |   |                                             |   |   |   |   |   |   |

----

|                                                             | SERIES      5                                    |   | SERIES      6                              |   | TOTAL      SERIES 2 - 6                                          |
|------------------------------------------------------------------|--------------------------------------------------|--------|--------------------------------------------|--------|------------------------------------------------------------------|
|                                                             | 2008                                             |   | 2007                                       |   | 2008                                                             |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                        |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Distribution      Income                                         | $      3,594  |   | $     1,554  |   | $         982  |   | $      3,702  |   | $        7,185  |   | $    11,843  |
| Total      Revenues                                              | 3,594                                       |   | 1,554                                 |   | 982                                                         |   | 3,702  |   | 7,185  |   | 11,843  |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Expenses:                                                        |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 19,299                                      |   | 21,011                                |   | 19,786                                                      |   | 25,141  |   | 66,226  |   | 89,121  |
| General      and Administrative:                                 |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| General      Partner                                             | 21,487                                      |   | 19,725                                |   | 23,307                                                      |   | 26,399  |   | 78,605  |   | 88,613  |
| Other                                                            | 4,179                                       |   | 4,993                                 |   | 4,086                                                       |   | 2,805  |   | 17,910  |   | 19,276  |
| Amortization                                                     | -                                           |   | -                                     |   | -                                                           |   | 4,385  |   | -  |   | 4,385  |
| Impairment      Loss on Investment in Project Partnerships       | -                                           |   | -                                     |   | 22,839                                                      |   | -  |   | 22,839  |   | -  |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Total      Expenses                                              | 44,965                                      |   | 45,729                                |   | 70,018                                                      |   | 58,730  |   | 185,580  |   | 201,395  |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| and      Other Income                                            | (41,371)                                         |   | (44,175)                                   |   | (69,036)                                                         |   | (55,028) |   | (178,395) |   | (189,552) |
| Equity      in (Loss) Income of Project Partnerships             | (3,197)                                          |   | (17,596)                                   |   | (11,967)                                                         |   | 10,780  |   | (15,164) |   | (6,816) |
| Gain      (Loss) on Sale of Project Partnerships                 | -                                           |   | 228,591                               |   | 36,665                                                      |   | (12,271) |   | 44,406  |   | 846,505  |
| Interest      Income                                             | 272                                         |   | 4,271                                 |   | 387                                                         |   | 5,250  |   | 1,334  |   | 22,597  |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Net      (Loss) Income                                           | $  (44,296)                            |   | $      171,091                        |   | $  (43,951)                                            |   | $      (51,269) |   | $  (147,819) |   | $  672,734  |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Assignees                                                        | $  (43,853)                            |   | $      163,952                        |   | $  (51,140)                                            |   | $      (50,756) |   | $  (153,969) |   | $  660,056  |
| General      Partners                                            | (443)                                            |   | 7,139                                 |   | 7,189                                                       |   | (513) |   | 6,150  |   | 12,678  |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
|                                                             | $  (44,296)                            |   | $      171,091                        |   | $  (43,951)                                            |   | $      (51,269) |   | $  (147,819) |   | $  672,734  |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate       | $      (5.09)      |   | $     19.03  |   | $      (5.06)                      |   | $     (5.02) |   |   |   |   |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding      | 8,616                                       |   | 8,616                                 |   | 10,105                                                      |   | 10,105  |   |   |   |   |
|                                                             |                                             |   |                                       |   |                                                             |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                              |   | SERIES      3                              |   | SERIES      4                         |
|---------------------------------------------------------------------------|--------------------------------------------|--------|--------------------------------------------|--------|---------------------------------------|
|                                                                      | 2008                                       |   | 2007                                       |   | 2008                                  |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                                 |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Distribution      Income                                                  | $     8,919  |   | $     5,362  |   | $    10,457  |   | $   15,767  |   | $    10,990  |   | $    12,192  |
| Total      Revenues                                                       | 8,919                                 |   | 5,362                                 |   | 10,457                           |   | 15,767  |   | 10,990  |   | 12,192  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Expenses:                                                                 |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 35,355                                |   | 47,226                                |   | 28,497                           |   | 33,635  |   | 25,730  |   | 49,603  |
| General      and Administrative:                                          |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| General      Partner                                                      | 41,406                                |   | 47,515                                |   | 35,270                           |   | 39,540  |   | 31,848  |   | 54,798  |
| Other                                                                     | 15,476                                |   | 17,720                                |   | 18,419                           |   | 14,166  |   | 17,267  |   | 17,308  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Total      Expenses                                                       | 92,237                                |   | 112,461                               |   | 82,186                           |   | 87,341  |   | 74,845  |   | 121,709  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (83,318)                                   |   | (107,099)                                  |   | (71,729)                              |   | (71,574) |   | (63,855) |   | (109,517) |
| Gain      on Sale of Project Partnerships                                 | 7,741                                 |   | 653,254                               |   | -                                |   | 49,898  |   | 145,527  |   | 294,118  |
| Interest      Income                                                      | 3,527                                 |   | 14,285                                |   | 3,512                            |   | 10,575  |   | 5,379  |   | 12,332  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Net      (Loss) Income                                                    | $      (72,050)                            |   | $      560,440                        |   | $      (68,217)                       |   | $      (11,101) |   | $    87,051  |   | $  196,933  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                     |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Assignees                                                                 | $      (71,329)                            |   | $      554,836                        |   | $      (67,535)                       |   | $      (11,594) |   | $    86,180  |   | $  194,002  |
| General      Partners                                                     | (721)                                      |   | 5,604                                 |   | (682)                                 |   | 493  |   | 871  |   | 2,931  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
|                                                                      | $      (72,050)                            |   | $      560,440                        |   | $      (68,217)                       |   | $      (11,101) |   | $    87,051  |   | $  196,933  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate                | $   (11.62)                 |   | $     90.42  |   | $   (12.38)            |   | $     (2.13) |   | $      12.46  |   | $      28.06  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding               | 6,136                                 |   | 6,136                                 |   | 5,456                            |   | 5,456  |   | 6,915  |   | 6,915  |
|                                                                      |                                       |   |                                       |   |                                  |   |   |   |   |   |   |

----

|                                                             | SERIES      5                                     |   | SERIES      6                                         |   | TOTAL      SERIES 2 - 6                           |
|------------------------------------------------------------------|---------------------------------------------------|--------|-------------------------------------------------------|--------|---------------------------------------------------|
|                                                             | 2008                                              |   | 2007                                                  |   | 2008                                              |   | 2007 |   | 2008 |   | 2007 |
| Revenues:                                                        |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                         | $      11,239  |   | $   21,180                        |   | $      19,934  |   | $      20,966  |   | $      61,539  |   | $    75,467  |
| Total      Revenues                                              | 11,239                                       |   | 21,180                                           |   | 19,934                                       |   | 20,966  |   | 61,539  |   | 75,467  |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Expenses:                                                        |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                      | 57,897                                       |   | 67,009                                           |   | 68,938                                       |   | 75,929  |   | 216,417  |   | 273,402  |
| General      and Administrative:                                 |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| General      Partner                                             | 65,838                                       |   | 70,820                                           |   | 78,142                                       |   | 81,190  |   | 252,504  |   | 293,863  |
| Other                                                            | 24,434                                       |   | 19,605                                           |   | 22,938                                       |   | 20,362  |   | 98,534  |   | 89,161  |
| Amortization                                                     | -                                            |   | -                                                |   | -                                            |   | 13,157  |   | -  |   | 13,157  |
| Impairment      Loss on Investment in Project Partnerships       | -                                            |   | -                                                |   | 22,839                                       |   | -  |   | 22,839  |   | -  |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                              | 148,169                                      |   | 157,434                                          |   | 192,857                                      |   | 190,638  |   | 590,294  |   | 669,583  |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in (Loss) Income of Project Partnerships |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| and      Other Income                                            | (136,930)                                         |   | (136,254)                                             |   | (172,923)                                         |   | (169,672) |   | (528,755) |   | (594,116) |
| Equity      in (Loss) Income of Project Partnerships             | (18,638)                                          |   | (19,168)                                              |   | (4,692)                                           |   | 11,736  |   | (23,330) |   | (7,432) |
| Gain      (Loss) on Sale of Project Partnerships                 | -                                            |   | 228,591                                          |   | 36,665                                       |   | (76,071) |   | 189,933  |   | 1,149,790  |
| Interest      Income                                             | 3,092                                        |   | 10,638                                           |   | 7,648                                        |   | 16,547  |   | 23,158  |   | 64,377  |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Net      (Loss) Income                                           | $      (152,476)                                  |   | $   83,807                        |   | $      (133,302)                                  |   | $  (217,460) |   | $  (338,994) |   | $  612,619  |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                            |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Assignees                                                        | $      (150,951)                                  |   | $   77,541                        |   | $      (139,597)                                  |   | $  (215,285) |   | $  (343,232) |   | $  599,500  |
| General      Partners                                            | (1,525)                                           |   | 6,266                                            |   | 6,295                                        |   | (2,175) |   | 4,238  |   | 13,119  |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
|                                                             | $      (152,476)                                  |   | $   83,807                        |   | $      (133,302)                                  |   | $  (217,460) |   | $  (338,994) |   | $  612,619  |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate       | $     (17.52)            |   | $       9.00  |   | $     (13.81)            |   | $      (21.30) |   |   |   |   |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding      | 8,616                                        |   | 8,616                                            |   | 10,105                                       |   | 10,105  |   |   |   |   |
|                                                             |                                              |   |                                                  |   |                                              |   |   |   |   |   |   |

----

|                              | SERIES      2                      |   | SERIES      3                          |
|-----------------------------------|------------------------------------|--------|----------------------------------------|
|                              |                               |   | General                                |   |   |   |   |   | General |   |   |
|                              | Assignees                          |   | Partners                               |   | Total |   | Assignees |   | Partners |   | Total |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007    | $    (399,531) |   | $    (58,378)      |   | $    (457,909) |   | $  (365,257) |   | $               -  |   | $    (365,257) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Capital      Contributions        | -                             |   | 191,053                           |   | 191,053  |   | -  |   | -  |   | -  |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Net      Income (Loss)            | 554,836                       |   | 5,604                             |   | 560,440  |   | (11,594) |   | 493  |   | (11,101) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (844,307)                          |   | -                                 |   | (844,307) |   | (49,867) |   | -  |   | (49,867) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2007 | $    (689,002) |   | $    138,279  |   | $    (550,723) |   | $  (426,718) |   | $          493  |   | $    (426,225) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| 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                     | (71,329)                           |   | (721)                                  |   | (72,050) |   | (67,535) |   | (682) |   | (68,217) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (11,099)                           |   | -                                 |   | (11,099) |   | -  |   | -  |   | -  |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $    (792,351) |   | $    140,701  |   | $    (651,650) |   | $  (517,333) |   | $          571  |   | $    (516,762) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |

----

|                              | SERIES      4                      |   | SERIES      5                                                                                            |
|-----------------------------------|------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
|                              |                               |   | General                                                                                                  |   |   |   |   |   | General |   |   |
|                              | Assignees                          |   | Partners                                                                                                 |   | Total |   | Assignees |   | Partners |   | Total |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007    | $    (459,820) |   | $                -  |   | $    (459,820) |   | $      (275,580) |   | $     (4,035) |   | $    (279,615) |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Net      Income                   | 194,002                       |   | 2,931                                                                                               |   | 196,933  |   | 77,541  |   | 6,266  |   | 83,807  |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (294,114)                          |   | -                                                                                                   |   | (294,114) |   | (307,079) |   | -  |   | (307,079) |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2007 | $    (559,932) |   | $        2,931                                              |   | $    (557,001) |   | $      (505,118) |   | $        2,231  |   | $    (502,887) |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008    | $    (583,401) |   | $        3,026                                              |   | $    (580,375) |   | $      (550,103) |   | $        2,227  |   | $    (547,876) |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Net      Income (Loss)            | 86,180                        |   | 871                                                                                                 |   | 87,051  |   | (150,951) |   | (1,525) |   | (152,476) |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (145,527)                          |   | -                                                                                                   |   | (145,527) |   | -  |   | -  |   | -  |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $    (642,748) |   | $        3,897                                              |   | $    (638,851) |   | $      (701,054) |   | $           702  |   | $    (700,352) |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                                                                     |   |   |   |   |   |   |   |   |

----

|                              | SERIES      6                      |   | TOTAL      SERIES 2 - 6                                                      |
|-----------------------------------|------------------------------------|--------|------------------------------------------------------------------------------|
|                              |                               |   | General                                                                      |   |   |   |   |   | General |   |   |
|                              | Assignees                          |   | Partners                                                                     |   | Total |   | Assignees |   | Partners |   | Total |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2007    | $    (327,179) |   | $      (3,327)                                 |   | $    (330,506) |   | $  (1,827,367) |   | $   (65,740) |   | $  (1,893,107) |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Capital      Contributions        | -                             |   | -                                                                       |   | -  |   | -  |   | 191,053  |   | 191,053  |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Net      (Loss) Income            | (215,285)                          |   | (2,175)                                                                      |   | (217,460) |   | 599,500  |   | 13,119  |   | 612,619  |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (99,034)                           |   | -                                                                       |   | (99,034) |   | (1,594,401) |   | -  |   | (1,594,401) |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2007 | $    (641,498) |   | $      (5,502)                                 |   | $    (647,000) |   | $  (2,822,268) |   | $  138,432  |   | $  (2,683,836) |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| 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) Income            | (139,597)                          |   | 6,295                                                                   |   | (133,302) |   | (343,232) |   | 4,238  |   | (338,994) |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (36,665)                           |   | -                                                                       |   | (36,665) |   | (193,291) |   | -  |   | (193,291) |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $    (869,017) |   | $           290  |   | $    (868,727) |   | $  (3,522,503) |   | $  146,161  |   | $  (3,376,342) |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                                         |   |   |   |   |   |   |   |   |

----

|                                                                                           | SERIES      2                                                                                                        |   | SERIES      3                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2008                                                                                                                 |   | 2007                                                                                                                 |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      (Loss) Income                                                                         | $      (72,050)                                                                        |   | $       560,440                                                              |   | $      (68,217) |   | $         (11,101) |
| Adjustments      to Reconcile Net (Loss) Income to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                                      | (1,144)                                                                                                              |   | (436)                                                                                                                |   | (1,242) |   | (436) |
| Gain      on Sale of Project Partnerships                                                      | (7,741)                                                                                                              |   | (653,254)                                                                                                            |   | -  |   | (49,898) |
| Distribution      Income                                                                       | (8,919)                                                                                                              |   | (5,362)                                                                                                              |   | (10,457) |   | (15,767) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | 1,610                                                                                                           |   | 1,136                                                                                                           |   | 1,610  |   | 1,136  |
| Increase      in Payable to General Partners                                                   | 31,883                                                                                                          |   | 50,306                                                                                                          |   | 24,926  |   | 31,282  |
| Net      Cash Used in Operating Activities                                                     | (56,361)                                                                                                             |   | (47,170)                                                                                                             |   | (53,380) |   | (44,784) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Receivable - Other                                                            | -                                                                                                               |   | -                                                                                                               |   | -  |   | 44,000  |
| Distributions      Received from Project Partnerships                                          | 8,918                                                                                                           |   | 5,362                                                                                                           |   | 10,457  |   | 15,767  |
| Net      Proceeds from Sale of Project Partnerships                                            | 7,741                                                                                                           |   | 653,254                                                                                                         |   | -  |   | 4,048  |
| Redemption      of Investment Securities                                                       | 125,000                                                                                                         |   | 127,000                                                                                                         |   | 125,000  |   | 127,000  |
| Purchase      of Investment Securities                                                         | (119,758)                                                                                                            |   | (125,166)                                                                                                            |   | (129,655) |   | (125,166) |
| Net      Cash Provided by Investing Activities                                                 | 21,901                                                                                                          |   | 660,450                                                                                                         |   | 5,802  |   | 65,649  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Capital      Contributions                                                                     | 3,357                                                                                                           |   | 191,053                                                                                                         |   | -  |   | -  |
| Distributions      Paid to Assignees                                                           | -                                                                                                               |   | (429,888)                                                                                                            |   | -  |   | (357,096) |
| Net      Cash Provided by (Used in) Financing Activities                                       | 3,357                                                                                                           |   | (238,835)                                                                                                            |   | -  |   | (357,096) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                          | (31,103)                                                                                                             |   | 374,445                                                                                                         |   | (47,578) |   | (336,231) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 83,047                                                                                                          |   | 129,724                                                                                                         |   | 75,920  |   | 426,791  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $         51,944                                                   |   | $       504,169                                                              |   | $         28,342  |   | $            90,560  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $         11,099                                                   |   | $       414,620                                                              |   | $                   -  |   | $              6,000  |
| Distribution      to Assignees                                                                 | (11,099)                                                                                                             |   | (414,620)                                                                                                            |   | -  |   | (6,000) |
| Increase      in Receivable - Other                                                            | -                                                                                                               |   | -                                                                                                               |   | -  |   | (75,000) |
| Increase      in Deferred Gain on Sale of Project Partnerships                                 | -                                                                                                               |   | -                                                                                                               |   | -  |   | 73,000  |
| Increase      in Payable to General Partners                                                   | -                                                                                                               |   | -                                                                                                               |   | -  |   | 2,000  |
|                                                                                           | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                           | SERIES      4                                                                                                        |   | SERIES      5                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2008                                                                                                                 |   | 2007                                                                                                                 |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Income (Loss)                                                                         | $         87,051                                                   |   | $       196,933                                                              |   | $    (152,476) |   | $            83,807  |
| Adjustments      to Reconcile Net Income (Loss) to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                                      | (1,724)                                                                                                              |   | (612)                                                                                                                |   | (447) |   | (330) |
| Equity      in Loss of Project Partnerships                                                    | -                                                                                                               |   | -                                                                                                               |   | 18,638  |   | 19,168  |
| Gain      on Sale of Project Partnerships                                                      | (145,527)                                                                                                            |   | (294,118)                                                                                                            |   | -  |   | (228,591) |
| Distribution      Income                                                                       | (10,990)                                                                                                             |   | (12,192)                                                                                                             |   | (11,239) |   | (21,180) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | 2,254                                                                                                           |   | 1,593                                                                                                           |   | 1,610  |   | 900  |
| Increase      in Payable to General Partners                                                   | 18,315                                                                                                          |   | 58,168                                                                                                          |   | 53,037  |   | 65,705  |
| Net      Cash Used in Operating Activities                                                     | (50,621)                                                                                                             |   | (50,228)                                                                                                             |   | (90,877) |   | (80,521) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Receivable - Other                                                            | -                                                                                                               |   | 84,500                                                                                                          |   | -  |   | -  |
| Distributions      Received from Project Partnerships                                          | 10,990                                                                                                          |   | 12,192                                                                                                          |   | 13,713  |   | 21,180  |
| Net      Proceeds from Sale of Project Partnerships                                            | 145,527                                                                                                         |   | 209,918                                                                                                         |   | -  |   | 307,079  |
| Redemption      of Investment Securities                                                       | 175,000                                                                                                         |   | 178,000                                                                                                         |   | 125,000  |   | 101,000  |
| Purchase      of Investment Securities                                                         | (180,132)                                                                                                            |   | (175,232)                                                                                                            |   | (49,487) |   | (125,166) |
| Net      Cash Provided by Investing Activities                                                 | 151,385                                                                                                         |   | 309,378                                                                                                         |   | 89,226  |   | 304,093  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                           | (130,693)                                                                                                            |   | (146,944)                                                                                                            |   | (179,988) |   | (127,087) |
| Net      Cash Used in Financing Activities                                                     | (130,693)                                                                                                            |   | (146,944)                                                                                                            |   | (179,988) |   | (127,087) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                          | (29,929)                                                                                                             |   | 112,206                                                                                                         |   | (181,639) |   | 96,485  |
| Cash      and Cash Equivalents at Beginning of Year                                            | 97,986                                                                                                          |   | 206,516                                                                                                         |   | 258,274  |   | 175,920  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $         68,057                                                   |   | $       318,722                                                              |   | $         76,635  |   | $          272,405  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $         24,550                                                   |   | $       210,079                                                              |   | $                   -  |   | $          180,282  |
| Distribution      to Assignees                                                                 | (24,550)                                                                                                             |   | (210,079)                                                                                                            |   | -  |   | (180,282) |
| Increase      in Receivable - Other                                                            | (167,361)                                                                                                            |   | -                                                                                                               |   | -  |   | -  |
| Increase      in Deferred Gain on Sale of Project Partnerships                                 | 166,683                                                                                                         |   | -                                                                                                               |   | -  |   | -  |
| Increase      in Payable to General Partners                                                   | 678                                                                                                             |   | -                                                                                                               |   | -  |   | -  |
|                                                                                           | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                           | SERIES      6                                                                                                        |   | TOTAL      SERIES 2 - 6                                                                                              |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2008                                                                                                                 |   | 2007                                                                                                                 |   | 2008 |   | 2007 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      (Loss) Income                                                                         | $    (133,302)                                                                                   |   | $    (217,460)                                                                                   |   | $    (338,994) |   | $          612,619  |
| Adjustments      to Reconcile Net (Loss) Income to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Amortization                                                                                   | -                                                                                                               |   | 13,157                                                                                                          |   | -  |   | 13,157  |
| Impairment      Loss on Investment in Project Partnerships                                     | 22,839                                                                                                          |   | -                                                                                                               |   | 22,839  |   | -  |
| Discount      on Investment in Securities                                                      | (2,477)                                                                                                              |   | (943)                                                                                                                |   | (7,034) |   | (2,757) |
| Equity      in Loss (Income) of Project Partnerships                                           | 4,692                                                                                                           |   | (11,736)                                                                                                             |   | 23,330  |   | 7,432  |
| (Gain)      Loss on Sale of Project Partnerships                                               | (36,665)                                                                                                             |   | 76,071                                                                                                          |   | (189,933) |   | (1,149,790) |
| Distribution      Income                                                                       | (19,934)                                                                                                             |   | (20,966)                                                                                                             |   | (61,539) |   | (75,467) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | 3,865                                                                                                           |   | 2,493                                                                                                           |   | 10,949  |   | 7,258  |
| Increase      in Payable to General Partners                                                   | 60,864                                                                                                          |   | 76,194                                                                                                          |   | 189,025  |   | 281,655  |
| Net      Cash Used in Operating Activities                                                     | (100,118)                                                                                                            |   | (83,190)                                                                                                             |   | (351,357) |   | (305,893) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Receivable - Other                                                            | -                                                                                                               |   | -                                                                                                               |   | -  |   | 128,500  |
| Distributions      Received from Project Partnerships                                          | 19,934                                                                                                          |   | 20,966                                                                                                          |   | 64,012  |   | 75,467  |
| Net      Proceeds from Sale of Project Partnerships                                            | 36,665                                                                                                          |   | 99,035                                                                                                          |   | 189,933  |   | 1,273,334  |
| Redemption      of Investment Securities                                                       | 300,000                                                                                                         |   | 279,000                                                                                                         |   | 850,000  |   | 812,000  |
| Purchase      of Investment Securities                                                         | (260,300)                                                                                                            |   | (300,398)                                                                                                            |   | (739,332) |   | (851,128) |
| Net      Cash Provided by Investing Activities                                                 | 96,299                                                                                                          |   | 98,603                                                                                                          |   | 364,613  |   | 1,438,173  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Capital      Contributions                                                                     | -                                                                                                               |   | -                                                                                                               |   | 3,357  |   | 191,053  |
| Distributions      Paid to Assignees                                                           | (39,915)                                                                                                             |   | (60,529)                                                                                                             |   | (350,596) |   | (1,121,544) |
| Net      Cash Used in Financing Activities                                                     | (39,915)                                                                                                             |   | (60,529)                                                                                                             |   | (347,239) |   | (930,491) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                          | (43,734)                                                                                                             |   | (45,116)                                                                                                             |   | (333,983) |   | 201,789  |
| Cash      and Cash Equivalents at Beginning of Year                                            | 128,416                                                                                                         |   | 193,964                                                                                                         |   | 643,643  |   | 1,132,915  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $         84,682                                                   |   | $       148,848                                                              |   | $       309,660  |   | $       1,334,704  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $         36,665                                                   |   | $         39,837                                                   |   | $         72,314  |   | $          850,818  |
| Distribution      to Assignees                                                                 | (36,665)                                                                                                             |   | (39,837)                                                                                                             |   | (72,314) |   | (850,818) |
| Increase      in Receivable - Other                                                            | (95,143)                                                                                                             |   | -                                                                                                               |   | (262,504) |   | (75,000) |
| Increase      in Deferred Gain on Sale of Project Partnerships                                 | 94,409                                                                                                          |   | -                                                                                                               |   | 261,092  |   | 73,000  |
| Increase      in Payable to General Partners                                                   | 734                                                                                                             |   | -                                                                                                               |   | 1,412  |   | 2,000  |
|                                                                                           | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

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

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

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

----

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

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

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

----

----

----

|                              | Series      2                                                              |   | Series      3                                                        |
|-----------------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                              | December      31, 2008                                                     |   | March      31, 2008                                                  |   | December      31, 2008 |   | March      31, 2008 |
| Amortized      Cost               | $          120,946  |   | $         126,654  |   | $          130,941  |   | $         126,654  |
| Gross      Unrealized Gain (Loss) | 54                                                                    |   | (501)                                                                |   | 59  |   | (501) |
|                              |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value                   | $          121,000  |   | $         126,153  |   | $          131,000  |   | $         126,153  |

|                              | Series      4                                                              |   | Series      5                                                        |
|-----------------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                              | December      31, 2008                                                     |   | March      31, 2008                                                  |   | December      31, 2008 |   | March      31, 2008 |
| Amortized      Cost               | $          181,918  |   | $         177,316  |   | $            49,978  |   | $         126,654  |
| Gross      Unrealized Gain (Loss) | 82                                                                    |   | (702)                                                                |   | 22  |   | (501) |
|                              |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value                   | $          182,000  |   | $         176,614  |   | $            50,000  |   | $         126,153  |

|                              | Series      6                                                              |   | Total      Series 2 – 6                                        |
|-----------------------------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                              | December      31, 2008                                                     |   | March      31, 2008                                                  |   | December      31, 2008 |   | March      31, 2008 |
| Amortized      Cost               | $          262,882  |   | $         303,971  |   | $          746,665  |   | $         861,249  |
| Gross      Unrealized Gain (Loss) | 118                                                                   |   | (1,205)                                                              |   | 335  |   | (3,410) |
|                              |                                                                       |   |                                                                 |   |   |   |   |
| Fair      Value                   | $          263,000  |   | $         302,766  |   | $          747,000  |   | $         857,839  |

|                                       | Series      2              |   | Series      3              |   | Series      4              |
|--------------------------------------------|----------------------------|--------|----------------------------|--------|----------------------------|
| Due      within 1 year                     | $  120,946  |   | $  130,941  |   | $  181,918  |
| After      1 year through 5 years          | -                     |   | -                     |   | -                     |
| Total      Amount Carried on Balance Sheet | $  120,946  |   | $  130,941  |   | $  181,918  |

|                                       | Series      5                         |   | Series      6              |   | Total                      |
|--------------------------------------------|---------------------------------------|--------|----------------------------|--------|----------------------------|
| Due      within 1 year                     | $    49,978  |   | $  262,882  |   | $  746,665  |
| After      1 year through 5 years          | -                                |   | -                     |   | -                     |
| Total      Amount Carried on Balance Sheet | $    49,978  |   | $  262,882  |   | $  746,665  |

----

|          | 2008                            |   | 2007                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    35,355 |   | $    47,226 |
| Series      3 | 28,497                          |   | 33,635                          |
| Series      4 | 25,730                          |   | 49,603                          |
| Series      5 | 57,897                          |   | 67,009                          |
| Series      6 | 68,938                          |   | 75,929                          |
| Total         | $  216,417            |   | $  273,402            |

|          | 2008                            |   | 2007                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    41,406 |   | $    47,515 |
| Series      3 | 35,270                          |   | 39,540                          |
| Series      4 | 31,848                          |   | 54,798                          |
| Series      5 | 65,838                          |   | 70,820                          |
| Series      6 | 78,142                          |   | 81,190                          |
| Total         | $  252,504            |   | $  293,863            |

----

|  As      of December 31, 2008, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 2 - 17, Series 3 - 15, and Series 4 - 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                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               | December      31,                                                                                                                |   | March      31,                                                                                           |   | December      31,                                                                                                                |   | March      31, |   | December      31, |   | March      31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2008                                                                                                                             |   | 2008                                                                                                     |   | 2008                                                                                                                             |   | 2008 |   | 2008 |   | 2008 |
| Capital      Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| and      purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| interests      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                             | $     3,159,579                                                                                    |   | $      3,351,639                                                                                    |   | $     2,494,974                                                                                    |   | $   2,494,974  |   | $     1,556,420  |   | $   2,563,233  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Partnerships      (1)                                                                                                                                                                                                                                                                                                                                                                                                                                              | (3,298,001)                                                                                                                      |   | (3,497,278)                                                                                              |   | (2,675,808)                                                                                                                      |   | (2,675,808) |   | (1,645,185) |   | (2,722,332) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Project      Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                          | (59,212)                                                                                                                         |   | (69,851)                                                                                                 |   | (93,673)                                                                                                                         |   | (93,673) |   | (45,823) |   | (73,322) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Investment      in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (197,634)                                                                                                                        |   | (215,490)                                                                                                |   | (274,507)                                                                                                                        |   | (274,507) |   | (134,588) |   | (232,421) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Excess      of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| assets      acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Acquisition      fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                 | 254,188                                                                                                                     |   | 278,463                                                                                             |   | 318,739                                                                                                                     |   | 318,739  |   | 164,485  |   | 280,277  |
| Accumulated      amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| fees      and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                             | (56,554)                                                                                                                         |   | (62,973)                                                                                                 |   | (44,232)                                                                                                                         |   | (44,232) |   | (29,897) |   | (47,856) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| Investments      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                           | $                    -  |   | $                -  |   | $                    -  |   | $                  -  |   | $                    -  |   | $                  -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                             |   |                                                                                                     |   |                                                                                                                             |   |   |   |   |   |   |
| (1)      In accordance with Gateway's accounting policy to not carry investments in      Project Partnerships below zero, cumulative suspended losses of $5,038,407      in Series 2, $5,807,589 in Series 3, and $2,926,222 in Series 4 for the      period ended December 31, 2008; and cumulative suspended losses of      $4,816,357 in Series 2, $5,485,807 in Series 3, and $4,400,783 in Series 4      for the year ended March 31, 2008 are not  included. |

----

|  As      of December 31, 2008, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 5 - 28 and Series 6 - 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                                                                              |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|
|                                               | December      31,                                                                                                                |   | March      31,                                    |   | December      31,                                                                                    |   | March      31, |   | December      31, |   | March      31, |
|                                               | 2008                                                                                                                             |   | 2008                                              |   | 2008                                                                                                 |   | 2008 |   | 2008 |   | 2008 |
| Capital      Contributions to Project Partnerships |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     5,097,323                                                                                    |   | $      5,097,323                             |   | $     5,424,795                                                        |   | $   6,511,934  |   | $   17,733,091  |   | $      20,019,103  |
|                                               |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Partnerships      (1)                              | (5,329,389)                                                                                                                      |   | (5,310,751)                                       |   | (5,590,369)                                                                                          |   | (6,715,160) |   | (18,538,752) |   | (20,921,329) |
|                                               |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | (160,153)                                                                                                                        |   | (157,679)                                         |   | (190,805)                                                                                            |   | (228,408) |   | (549,666) |   | (622,933) |
|                                               |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Adjustment                                         | (392,219)                                                                                                                        |   | (371,107)                                         |   | (356,379)                                                                                            |   | (431,634) |   | (1,355,327) |   | (1,525,159) |
|                                               |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 531,092                                                                                                                     |   | 531,092                                      |   | 557,032                                                                                         |   | 667,412  |   | 1,825,536  |   | 2,075,983  |
| Accumulated      amortization of acquisition       |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| fees      and expenses                             | (138,873)                                                                                                                        |   | (138,873)                                         |   | (177,114)                                                                                            |   | (207,549) |   | (446,670) |   | (501,483) |
|                                               |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in       |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | -                                                                                                                           |   | -                                            |   | (22,839)                                                                                             |   | -  |   | (22,839) |   | -  |
|                                               |                                                                                                                             |   |                                              |   |                                                                                                 |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $                    -  |   | $      21,112  |   | $               700  |   | $        28,229  |   | $               700  |   | $        49,341  |

| (1)      In accordance with Gateway's accounting policy to not carry investments in      Project Partnerships below zero, cumulative suspended losses of $7,751,882      in Series 5 and $4,924,971 in Series 6 for the period ended December 31,      2008; and cumulative suspended losses of $7,150,202 in Series 5 and      $5,326,842 in Series 6 for the year ended March 31, 2008 are not      included. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 2 and Series 3 as of      September 30 and the respective summarized statements of operations for      the nine months ended September 30 of each year: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                     | SERIES      2 |   | SERIES      3 |
|                                                                                                                                                                                                                                                                                                                                                                                     | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                      | $        1,778,708  |   | $        1,676,580  |   | $        1,699,623  |   | $        1,580,205  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                          | 8,794,652  |   | 10,127,587  |   | 5,107,438  |   | 5,707,761  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                        | 27,428  |   | 22,670  |   | 46,100  |   | 40,484  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                        | $      10,600,788  |   | $      11,826,837  |   | $        6,853,161  |   | $        7,328,450  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                 | $           643,122  |   | $           325,543  |   | $           329,995  |   | $             54,671  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                      | 15,397,880  |   | 16,501,560  |   | 12,743,481  |   | 12,924,278  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                   | 16,041,002  |   | 16,827,103  |   | 13,073,476  |   | 12,978,949  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                     | (5,296,295) |   | (4,890,824) |   | (6,439,981) |   | (5,821,303) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                    | (143,919) |   | (109,442) |   | 219,666  |   | 170,804  |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                             | (5,440,214) |   | (5,000,266) |   | (6,220,315) |   | (5,650,499) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                             | $      10,600,788  |   | $      11,826,837  |   | $        6,853,161  |   | $        7,328,450  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                             | $        1,678,125  |   | $        1,727,834  |   | $        1,571,970  |   | $        1,496,251  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                  | 1,316,616  |   | 1,103,382  |   | 1,221,377  |   | 957,597  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                    | 250,212  |   | 279,608  |   | 190,122  |   | 197,635  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                       | 453,006  |   | 490,794  |   | 485,503  |   | 483,147  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                      | 2,019,834  |   | 1,873,784  |   | 1,897,002  |   | 1,638,379  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                            | $         (341,709) |   | $         (145,950) |   | $         (325,032) |   | $         (142,128) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                   | $             (3,417) |   | $             (1,460) |   | $             (3,250) |   | $             (1,421) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                         | $         (338,292) |   | $         (144,490) |   | $         (321,782) |   | $         (140,707) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                    | 338,292  |   | 144,490  |   | 321,782  |   | 140,707  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Equity      in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                              | $                       -  |   | $                       -  |   | $                       -  |   | $                       -  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 4 and Series 5 as of      September 30 and the respective summarized statements of operations for      the nine months ended September 30 of each year: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                     | SERIES      4 |   | SERIES      5 |
|                                                                                                                                                                                                                                                                                                                                                                                     | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                      | $        1,005,445  |   | $        1,662,227  |   | $        3,062,634  |   | $        3,052,355  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                          | 4,404,575  |   | 8,058,821  |   | 15,019,478  |   | 16,014,784  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                        | 10,711  |   | 41,564  |   | 21,251  |   | 8,809  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                        | $        5,420,731  |   | $        9,762,612  |   | $      18,103,363  |   | $      19,075,948  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                 | $           233,769  |   | $           359,685  |   | $           706,593  |   | $           295,096  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                      | 8,148,148  |   | 14,375,925  |   | 25,895,934  |   | 26,184,820  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                   | 8,381,917  |   | 14,735,610  |   | 26,602,527  |   | 26,479,916  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Partners'      equity (deficit)                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                     | (3,100,842) |   | (4,948,124) |   | (8,242,851) |   | (7,125,690) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                    | 139,656  |   | (24,874) |   | (256,313) |   | (278,278) |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                             | (2,961,186) |   | (4,972,998) |   | (8,499,164) |   | (7,403,968) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                             | $        5,420,731  |   | $        9,762,612  |   | $      18,103,363  |   | $      19,075,948  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                             | $           978,424  |   | $        1,601,604  |   | $        3,013,964  |   | $        2,911,745  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                  | 807,917  |   | 1,081,672  |   | 2,422,631  |   | 1,893,607  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                    | 133,462  |   | 235,382  |   | 418,326  |   | 427,447  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                       | 263,702  |   | 463,056  |   | 799,591  |   | 796,476  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                      | 1,205,081  |   | 1,780,110  |   | 3,640,548  |   | 3,117,530  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                            | $         (226,657) |   | $         (178,506) |   | $         (626,584) |   | $         (205,785) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                   | $             (3,014) |   | $             (1,919) |   | $             (6,266) |   | $             (2,058) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                         | $         (223,643) |   | $         (176,587) |   | $         (620,318) |   | $         (203,727) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                    | 223,643  |   | 176,587  |   | 601,680  |   | 184,559  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Equity      in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                              | $                       -  |   | $                       -  |   | $           (18,638) |   | $           (19,168) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships of Series 6 and Total Series 2      - 6 as of September 30 and the respective summarized statements of      operations for the nine months ended September 30 of each      year: |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                    | SERIES      6 |   | TOTAL      SERIES 2 - 6 |
|                                                                                                                                                                                                                                                                                                                                                                                                    | 2008 |   | 2007 |   | 2008 |   | 2007 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                                     | $       3,786,421  |   | $       4,498,444  |   | $     11,332,831  |   | $     12,469,811  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                                         | 18,284,212  |   | 22,950,672  |   | 51,610,355  |   | 62,859,625  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                       | 39,912  |   | 65,389  |   | 145,402  |   | 178,916  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                       | $     22,110,545  |   | $     27,514,505  |   | $     63,088,588  |   | $     75,508,352  |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                                | $          631,148  |   | $          414,631  |   | $       2,544,627  |   | $       1,449,626  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                                     | 27,409,226  |   | 33,309,712  |   | 89,594,669  |   | 103,296,295  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                  | 28,040,374  |   | 33,724,343  |   | 92,139,296  |   | 104,745,921  |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Partners'      deficit                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                                    | (5,404,521) |   | (5,643,647) |   | (28,484,490) |   | (28,429,588) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                                   | (525,308) |   | (566,191) |   | (566,218) |   | (807,981) |
| Total      partners' deficit                                                                                                                                                                                                                                                                                                                                                                            | (5,929,829) |   | (6,209,838) |   | (29,050,708) |   | (29,237,569) |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                                            | $     22,110,545  |   | $     27,514,505  |   | $     63,088,588  |   | $     75,508,352  |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                            | $       3,022,806  |   | $       3,633,442  |   | $     10,265,289  |   | $     11,370,876  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                                 | 2,246,764  |   | 2,359,854  |   | 8,015,305  |   | 7,396,112  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                                   | 429,699  |   | 522,574  |   | 1,421,821  |   | 1,662,646  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                                      | 819,258  |   | 951,061  |   | 2,821,060  |   | 3,184,534  |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                                     | 3,495,721  |   | 3,833,489  |   | 12,258,186  |   | 12,243,292  |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                           | $       (472,915) |   | $       (200,047) |   | $    (1,992,897) |   | $       (872,416) |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                                  | $           (6,088) |   | $           (3,433) |   | $         (22,035) |   | $         (10,291) |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                                        | $       (466,827) |   | $       (196,614) |   | $    (1,970,862) |   | $       (862,125) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                                   | 462,135  |   | 208,350  |   | 1,947,532  |   | 854,693  |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                                    | $           (4,692) |   | $            11,736  |   | $         (23,330) |   | $           (7,432) |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |

----

| 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      |
|                |                     |              |              | $7,741      |

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)                                                           | Deferred      Gain        |
|---------------------|------------------------------|---------------------------|-------------------------|----------------------------------------------------------------------------|---------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal                                                           | 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              | -                                                                     | 79,579               |
| September      2008 | Rural      Development Group | 24,550               | 3.55               | 24,550                                                                | -                    |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,977                                                               | -                    |
|                |                         |                      |                    | $145,527                                                              | $166,683             |

----

| Transaction         |                        |              | Net      Proceeds | Gain      (Loss)                                               | Deferred      Gain |
|---------------------|-----------------------------|-------------------|-------------------|----------------------------------------------------------------|--------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds | Per      BAC      | on      Disposal                                               | on      Disposal   |
| December      2008  | Newport      Village        | $46,919      | $4.64        | $         -  | $46,919       |
| December      2008  | Blacksburg      Terrace     | 47,490       | 4.70         | -                                                         | 47,490        |
| September      2008 | Spruce      Apartments      | 9,442        | 0.93         | 9,442                                                     | -             |
| September      2008 | Shannon      Apartments     | 7,741        | 0.77         | 7,741                                                     | -             |
| September      2008 | Cornell      Apartments     | 9,741        | 0.96         | 9,741                                                     | -             |
| September      2008 | Winter      Park Apartments | 9,741        | 0.96         | 9,741                                                     | -             |
|                |                        |              |              | $36,665                                                   | $94,409       |

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

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

----

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

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

----

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

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

----

----

----

----

----

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

----

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)                                                           | Deferred      Gain        |
|---------------------|------------------------------|---------------------------|-------------------------|----------------------------------------------------------------------------|---------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal                                                           | 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              | -                                                                     | 79,579               |
| September      2008 | Rural      Development Group | 24,550               | 3.55               | 24,550                                                                | -                    |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,977                                                               | -                    |
|                |                         |                      |                    | $145,527                                                              | $166,683             |

| Transaction         |                        |              | Net      Proceeds | Gain      (Loss)                                               | Deferred      Gain |
|---------------------|-----------------------------|-------------------|-------------------|----------------------------------------------------------------|--------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds | Per      BAC      | on      Disposal                                               | on      Disposal   |
| December      2008  | Newport      Village        | $46,919      | $4.64        | $         -  | $46,919       |
| December      2008  | Blacksburg      Terrace     | 47,490       | 4.70         | -                                                         | 47,490        |
| September      2008 | Spruce      Apartments      | 9,442        | 0.93         | 9,442                                                     | -             |
| September      2008 | Shannon      Apartments     | 7,741        | 0.77         | 7,741                                                     | -             |
| September      2008 | Cornell      Apartments     | 9,741        | 0.96         | 9,741                                                     | -             |
| September      2008 | Winter      Park Apartments | 9,741        | 0.96         | 9,741                                                     | -             |
|                |                        |              |              | $36,665                                                   | $94,409       |

----

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

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

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

----

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

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

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

----

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

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

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

----

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

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

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

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

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

----

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

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

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

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

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

----

----

----

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

| Date:      February 19,      2009 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President                   |

| Date:      February 19,      2009 |   | By:/s/ Jonathan      Oorlog                    |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Jonathan      Oorlog                           |
|                              |   | Vice      President and Chief FinancialOfficer |

| Date:      February 19,      2009 |   | By:/s/ Sandra C.      Humphreys |
|-----------------------------------|--------|---------------------------------|
|                              |   | Sandra      C. Humphreys        |
|                              |   | Secretary      and Treasurer    |