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

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

| Florida                                                             |   | 59-2852555                                                                 |
|---------------------------------------------------------------------|--------|----------------------------------------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (IRS      Employer Identification 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                                                              |

|                              |   | Number      of Record Holders |
|-----------------------------------|--------|-------------------------------|
| Title of Class                    |   | as of March 31, 2009          |
| Limited      Partnership Interest |   | 1,835                         |
| General      Partner Interest     |   |         2           |

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

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

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

----

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

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

----

----

----

| PARTNERSHIP                                                                                                               |   | LOCATION      OF PROPERTY      |   | #      OF UNITS |   | DATE      ACQUIRED |   | PROPERTY      COST |   | OCCUPANCY      RATE |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|-----------------|--------|--------------------|--------|--------------------|--------|---------------------|
|                                                                                                                      |   |                           |   |            |
|                                                                                                                      |   |                           |   |            |   |               |   |               |   |                |
| Laynecrest                                                                                                                |   | Medway,      OH                |   | 48              |   | 6/88               |   | 1,861,785          |   | 94%                 |
| Martindale                                                                                                                |   | Union,      OH                 |   | 30              |   | 6/88               |   | 1,226,923          |   | 90%                 |
| La      Villa Elena                                                                                                       |   | Bernalillo,      NM            |   | 54              |   | 8/88               |   | 2,203,313          |   | 94%                 |
| Rio      Abajo                                                                                                            |   | Truth      or Consequences, NM |   | 42              |   | 9/88               |   | 1,968,521          |   | 100%                |
| Fortville      II                                                                                                         |   | Fortville,      IN             |   | 24              |   | 11/88              |   | 810,389            |   | 88%                 |
| Summitville                                                                                                               |   | Summitville,      IN           |   | 24              |   | 11/88              |   | 879,994            |   | 96%                 |
| Suncrest                                                                                                                  |   | Yanceyville,      NC           |   | 40              |   | 12/88              |   | 2,177,840          |   | 100%                |
| Brandywine      III                                                                                                       |   | Millsboro,      DE             |   | 32              |   | 12/88              |   | 1,393,353          |   | 100%                |
| Concord      IV                                                                                                           |   | Perryville,      MD            |   | 32              |   | 12/88              |   | 1,436,065          |   | 94%                 |
| Dunbarton      Oaks III                                                                                                   |   | Georgetown,      DE            |   | 32              |   | 12/88              |   | 1,446,569          |   | 97%                 |
| Federal      Manor                                                                                                        |   | Federalsburg,      MD          |   | 32              |   | 12/88              |   | 1,546,040          |   | 94%                 |
| Mulberry      Hill IV                                                                                                     |   | Easton,      MD                |   | 16              |   | 12/88              |   | 759,749            |   | 94%                 |
| Madison                                                                                                                   |   | Madison,      OH               |   | 39              |   | 12/88              |   | 1,478,675          |   | 100%                |
| Hannah's      Mill                                                                                                        |   | Thomaston,      GA             |   | 50              |   | 12/88              |   | 1,812,786          |   | 100%                |
| Longleaf      Apts.                                                                                                       |   | Cairo,      GA                 |   | 36              |   | 12/88              |   | 1,218,731          |   | 100%                |
| Sylacauga      Garden                                                                                                     |   | Sylacauga,      AL             |   | 42              |   | 12/88              |   | 1,652,746          |   | 98%                 |
| Monroe      Family                                                                                                        |   | Monroe,      GA                |   | 48              |   | 12/88              |   | 1,788,673          |   | 56%                 |
| Casa      Linda                                                                                                           |   | Silver      City, NM           |   | 41              |   | 3/89               |   | 1,840,974          |   | 100%                |
| Eagle's      Bay                                                                                                          |   | Beaufort,      NC              |   | 40              |   | 6/89               |   | 1,975,445          |   | 100%                |
| Sage                                                                                                                      |   | Gallup,      NM                |   | 44              |   | 7/89               |   | 2,055,407          |   | 98%                 |
| Middleport                                                                                                                |   | Middleport,      NY            |   | 25              |   | 9/89               |   | 1,167,852          |   | 96%                 |
| Morgantown                                                                                                                |   | Morgantown,      IN            |   | 24              |   | 9/89               |   | 959,783            |   | 96%                 |
| Cuthbert      Elderly                                                                                                     |   | Cuthbert,      GA              |   | 32              |   | 9/89               |   | 1,028,295          |   | 94%                 |
| Mabank      1988                                                                                                          |   | Mabank,      TX                |   | 42              |   | 9/89               |   | 1,435,789          |   | 95%                 |
| Buena      Vista                                                                                                          |   | Buena      Vista, GA           |   | 24              |   | 9/89               |   | 814,227            |   | 92%                 |
| Woodcroft                                                                                                                 |   | Elizabethtown,      NC         |   | 32              |   | 9/89               |   | 1,497,433          |   | 100%                |
| Spring      Creek                                                                                                         |   | Quitman,      GA               |   | 18              |   | 10/89              |   | 607,608            |   | 94%                 |
| Spring      Creek                                                                                                         |   | Cherokee,      AL              |   | 24              |   | 11/89              |   | 1,042,287          |   | 96%                 |
| Milton      Elderly                                                                                                       |   | Milton,      FL                |   | 43              |   | 11/89              |   | 1,396,378          |   | 100%                |
| Stone      Arbor                                                                                                          |   | Madison,      NC               |   | 40              |   | 12/89              |   | 1,887,202          |   | 98%                 |
| Centralia      II                                                                                                         |   | Centralia,      IL             |   | 24              |   | 12/89              |   | 976,228            |   | 96%                 |
| Poteau      IV                                                                                                            |   | Poteau,      OK                |   | 32              |   | 12/89              |   | 716,016            |   | 88%                 |
| Barling                                                                                                                   |   | Barling,      AR               |   | 48              |   | 12/89              |   | 1,152,864          |   | 81%                 |
| Booneville                                                                                                                |   | Booneville,      AR            |   | 48              |   | 12/89              |   | 1,682,587          |   | 96%                 |
| Augusta                                                                                                                   |   | Augusta,      KS               |   | 66              |   | 12/89              |   | 2,381,719          |   | 88%                 |
| Mathis      Retirement                                                                                                    |   | Mathis,      TX                |   | 36              |   | 3/90               |   | 1,085,311          |   | 83%                 |
| Sabinal      Housing                                                                                                      |   | Sabinal,      TX               |   | 24              |   | 3/90               |   | 780,115            |   | 92%                 |
| Kingsland      Housing                                                                                                    |   | Kingsland,      TX             |   | 34              |   | 3/90               |   | 1,162,250          |   | 100%                |
| Poteau      Prop. III                                                                                                     |   | Poteau,      OK                |   | 19              |   | 4/90               |   | 583,005            |   | 100%                |
| Decatur      Properties                                                                                                   |   | Decatur,      AR               |   | 24              |   | 4/90               |   | 969,816            |   | 79%                 |
| Broken      Bow Prop II                                                                                                   |   | Broken      Bow, OK            |   | 46              |   | 4/90               |   | 1,957,868          |   | 89%                 |
| Turtle      Creek II                                                                                                      |   | Grove,      OK                 |   | 42              |   | 4/90               |   | 1,558,446          |   | 98%                 |
| Hartwell      Elderly                                                                                                     |   | Hartwell,      GA              |   | 24              |   | 4/90               |   | 821,329            |   | 92%                 |
|                                                                                                                      |   |                           |   |            |   |               |   |               |   |                |
| Total                                                                                                                     |   |                           |   | 1,517           |   |               |   | $      59,198,386  |   |                |
|                                                                                                                      |   |                           |   |            |   |               |   |               |   |                |
| The      average effective rental per unit for the year ended December 31, 2008 is      $4,551 per year ($379 per month). |
|                                                                                                                      |   |                           |   |            |   |               |   |               |   |                |
| The      average effective occupancy rate at December 31, 2008 was      93.6%                                             |

----

| A summary of the book value of the fixed assets of the      Project Partnerships (excluding Village Apartments of Sparta Limited      Partnership (“Sparta”) |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| for      the year ended December 31, 2006), as of December 31, 2008, 2007 and 2006      is as follows:                                                                   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                     |   |   | December      31, |   |   | December      31, |   |   | December      31, |
|                                                                                                                                                                     |   |   | 2008 |   |   | 2007 |   |   | 2006 |
|                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   | $ | 2,520,971 |   | $ | 3,379,633 |   | $ | 4,370,614 |
| Land      Improvements                                                                                                                                                   |   |   | 448,595 |   |   | 1,044,572 |   |   | 1,568,350 |
| Buildings                                                                                                                                                                |   |   | 54,310,634 |   |   | 74,155,361 |   |   | 90,212,695 |
| Furniture      and Fixtures                                                                                                                                              |   |   | 1,918,186 |   |   | 3,486,209 |   |   | 4,359,598 |
|                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| Properties,      at Cost                                                                                                                                                 |   |   | 59,198,386 |   |   | 82,065,775 |   |   | 100,511,257 |
| Less:  Accumulated      Depreciation                                                                                                                           |   | 35,291,195 |   |   | 46,432,941 |   |   | 53,702,442 |
|                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| Properties,      Net                                                                                                                                                     |   | $ | 23,907,191 |   | $ | 35,632,834 |   | $ | 46,808,815 |
|                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |

----

|                              |   | Number      of Record Holders |
|-----------------------------------|--------|-------------------------------|
| Title of Class                    |   | as of March 31, 2009          |
| Limited      Partnership Interest |   | 1,835                         |
| General      Partner Interest     |   | 2                             |

|                                        | 2009                                  |   | 2008                                  |   | 2007                            |   | 2006                            |   | 2005                                   |
|---------------------------------------------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------|--------|---------------------------------|--------|----------------------------------------|
| Total      Revenues                         | $    40,941  |   | $    82,163  |   | $   72,730  |   | $   89,743  |   | $    216,372  |
| Net      Income (Loss)                      | 1,370,644                        |   | 1,048,120                        |   | (190,201)                       |   | (378,769)                       |   | (1,018,200)                            |
|                                        |                                  |   |                                  |   |                            |   |                            |   |                                   |
| Equity      in Loss of Project Partnerships | (6,808)                               |   | (32,216)                              |   | (26,727)                        |   | (107,224)                       |   | (371,209)                              |
|                                        |                                  |   |                                  |   |                            |   |                            |   |                                   |
| Total      Assets                           | 263,458                          |   | 970,950                          |   | 2,009,969                  |   | 2,054,699                  |   | 2,381,717                         |
|                                        |                                  |   |                                  |   |                            |   |                            |   |                                   |
| Investments      in Project Partnerships    | -                                |   | 418,023                          |   | 541,534                    |   | 620,184                    |   | 938,137                           |
|                                        |                                  |   |                                  |   |                            |   |                            |   |                                   |
| Per      Limited Partnership Unit: (A)      |                                  |   |                                  |   |                            |   |                            |   |                                   |
| Tax      Credits                            | .00                              |   | .00                              |   | .00                        |   | .00                        |   | .00                               |
| Portfolio      Income                       | 135.29                           |   | 68.16                            |   | (10.40)                         |   | 10.46                      |   | 13.65                             |
| Passive      Loss                           | (64.95)                               |   | (78.32)                               |   | (103.29)                        |   | (135.51)                        |   | (160.84)                               |
|                                        |                                  |   |                                  |   |                            |   |                            |   |                                   |
| Net      Income (Loss)                      | 53.08                            |   | 40.59                            |   | (16.84)                         |   | (24.07)                         |   | (39.43)                                |
|                                        |                                  |   |                                  |   |                            |   |                            |   |                                   |

----

----

----

----

----

|  TransactionMonth      / Year |   Project      Partnership      |  Net      Proceeds                     |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal            | Component      of Discontinued Operations                                                                            |
|------------------------------------|-------------------------------------------|---------------------------------------------|-----------------------------------------|---------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
| January      2009                  | Limestone      Estates                    | $     24,475  | $    0.96      | $      24,475  | $                  -  |
| November      2008                 | The      Meadows Associates               | 198,792                                | 7.78                               | 197,674                                      | -                                                                                                               |
| September      2008                | Winder      Apartments, Ltd.              | 38,160                                 | 1.49                               | 38,000                                       | -                                                                                                               |
| September      2008                | Oakwood      Apartments                   | 9,741                                  | 0.38                               | 9,741                                        | -                                                                                                               |
| September      2008                | Lakewood      Apartments                  | 19,760                                 | 0.77                               | 19,760                                       | -                                                                                                               |
| September      2008                | Sandhill      Forest, Ltd.                | -                                      | -                                  | -                                            | -                                                                                                               |
| September      2008                | Oakwood      Grove, Ltd.                  | -                                      | -                                  | -                                            | -                                                                                                               |
| September      2008                | Hastings      Manor, Ltd.                 | -                                      | -                                  | -                                            | -                                                                                                               |
| September      2008                | Crosstown      Seniors (Phase I & II) | 1,349,749                              | 52.79                              | -                                            | 1,055,863                                                                                                       |
| August      2008                   | Laurel      Apartments                    | 226,840                                | 8.87                               | 225,535                                      | -                                                                                                               |
| June      2008                     | Middlefield,      Limited                 | 117,530                                | 4.60                               | 118,321                                      | -                                                                                                               |
| June      2008                     | Pulaski      Village                      | 128,770                                | 5.03                               | 128,770                                      | -                                                                                                               |
|                               | Other,      net (see below)               | -                                      | -                                  | 6,938                                        | 240                                                                                                             |
|                               |                                      |                                        |                                    | $    769,214             | $    1,056,103                                                                              |

----

|  TransactionMonth      / Year |   Project      Partnership         |  Net      Proceeds                                                          |  Net      ProceedsPer      LP Unit                              |  Gain      (Loss)on      Disposal                                                             | Component      of Discontinued Operations |
|------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|-------------------------------------------|
| March      2008                    | Village      Apartments of Sparta            | $            -  | $          -  | $               -  | $    401,634     |
| March      2008                    | Scotts      Hill                             | -                                                                           | -                                                               | (2,000)                                                                                            | -                                    |
| January      2008                  | Teton      View Apartments (Phase I)         | 23,000                                                                      | 0.90                                                            | 21,811                                                                                        | -                                    |
| January      2008                  | Teton      View Apartments (Phase II)        | 15,000                                                                      | 0.59                                                            | 14,504                                                                                        | -                                    |
| December      2007                 | Claremont      Housing                       | 22,000                                                                      | 0.86                                                            | 23,850                                                                                        | -                                    |
| December      2007                 | Pleasant      Valley Housing                 | 31,775                                                                      | 1.24                                                            | 31,249                                                                                        | -                                    |
| December      2007                 | River      Road Apartments                   | 8,750                                                                       | 0.34                                                            | (51,411)                                                                                           | -                                    |
| December      2007                 | Kenly      Court Apartments Phase I & II | 137,444                                                                     | 5.38                                                            | 137,444                                                                                       | -                                    |
| October      2007                  | Riverside      Apartments                    | 110,056                                                                     | 4.30                                                            | 109,530                                                                                       | -                                    |
| September      2007                | Hunters      Ridge Apartments (AL)           | 27,362                                                                      | 1.07                                                            | 27,363                                                                                        | -                                    |
| August      2007                   | Greenville      Landing Apartments           | 34,306                                                                      | 1.34                                                            | 33,775                                                                                        | -                                    |
| July      2007                     | Sandridge      Apartments                    | 248,000                                                                     | 9.70                                                            | 248,798                                                                                       | -                                    |
| July      2007                     | Brookshire      Apartments                   | 248,000                                                                     | 9.70                                                            | 249,032                                                                                       | -                                    |
| May      2007                      | Laurel      Woods Apartments                 | 223,240                                                                     | 8.73                                                            | 224,347                                                                                       | -                                    |
| April      2007                    | Ashburn      Housing                         | 148,309                                                                     | 5.80                                                            | 147,778                                                                                       | -                                    |
|                               | Other,      net (see below)                  | -                                                                           | -                                                               | 645                                                                                           | -                                    |
|                               |                                         |                                                                             |                                                                 | $      1,216,715                                                                              | $   401,634           |

| Floresville      Square Apartments     | $   57,694  |
|----------------------------------------|---------------------------------|
| Albany      Village Apartments         | 29,923                     |
| Hunters      Ridge Apartments (KY)     | 29,922                     |
| Ashburn      Housing                   | 201,181                    |
|                                   |                            |
| Total      Re-syndication contribution | $      318,720             |

----

|  TransactionMonth      / Year |   Project      Partnership  |  Net      Proceeds         |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal | Component      of Discontinued Operations                                        |
|------------------------------------|---------------------------------------|---------------------------------|-----------------------------------------|----------------------------------------|----------------------------------------------------------------------------------|
| February      2007                 | Skyview      Terrace Apartments       | $   38,732  | $   1.51            | $   38,732         | $            -  |
| February      2007                 | Fairview      South Apartments        | 50,360                     | 1.97                               | 50,360                            | -                                                                           |
| February      2007                 | Southwood      Apartments             | 42,710                     | 1.67                               | 42,710                            | -                                                                           |
| February      2007                 | Robinhood      Apartments             | 40,383                     | 1.58                               | 40,383                            | -                                                                           |
| January      2007                  | Applewood      Apartments             | 105,538                    | 4.14                               | 105,538                           | -                                                                           |
| October      2006                  | Hunters      Ridge Apartments (KY)    | 47,616                     | 1.90                               | 47,616                            | -                                                                           |
| October      2006                  | Albany      Village Apartments        | 47,668                     | 1.90                               | 47,668                            | -                                                                           |
| July      2006                     | Floresville      Square Apartments II | 39,064                     | 1.54                               | 38,210                            | -                                                                           |
| April      2006                    | Village      Apartments of Divernon   | -                          | -                                  | -                                 | 151,256                                                                     |
|                               |                                  |                            |                                    | $      411,217                    | $      151,256                                                              |

| Spring      Creek Apartments, Ltd. (GA) |   |
|-----------------------------------------|--------|

| Buena      Vista Housing, Ltd., L.P.  | Hannah’s      Mill Apartments, Ltd.  |
|---------------------------------------|--------------------------------------------|
| Monroe      Family, Ltd.              | Hartwell      Elderly, Ltd., L.P.          |
| Sabinal      Housing Ltd.             | Kingsland      Housing Ltd.                |
| Mathis      Retirement Ltd.           | Eagle’s      Bay Limited Partnership |
| Stone      Arbor Limited Partnership  | Suncrest      Limited Partnership          |
| Woodcroft      Limited Partnership    | Mabank      1988 Limited                   |
| Casa      Linda Limited Partnership   | La      Villa Elena Limited Partnership    |
| Rio      Abajo                        | Sage      Limited Partnership              |
| Augusta      Properties, L.P.         | Booneville      Properties                 |
| Barling      Properties               | Poteau      Properties IV                  |
| Turtle      Creek Properties Phase II | Broken      Bow Properties II              |
| Decatur      Properties               | Poteau      Properties III                 |

----

| Cuthbert      Elderly Housing, Ltd. | Madison,      Ltd.                  |
|-------------------------------------|-------------------------------------|
| Concord      IV Limited Partnership | Middleport      Limited Partnership |
| Longleaf      Apartments, Ltd.      |                                |

|                                             |                | Payment      due by period |
|--------------------------------------------------|---------------------|----------------------------|
|  Contractual      Obligations               |  Total         | Less      than1      year  |  1-3      years |  3-5      years | More      than5      years |
|                                             |                |                       |   |   |   |
| Debt      Obligations                            |                |                       |   |   |   |
| Capital      Lease Obligations                   |                |                       |   |   |   |
| Operating      Lease Obligations                 |                |                       |   |   |   |
| Purchase      Obligations                        |                |                       |   |   |   |
| Other      Liabilities reflected on the          |                |                       |   |   |   |
| Registrant’s      Balance Sheet under GAAP | $4,955,099      (1) | 4,955,099                  | 0 | 0 | 0 |

----

----

|   | GATEWAY TAX CREDIT      FUND, LTD. |
|--------|------------------------------------|

|   | (A      Florida Limited Partnership) |
|--------|--------------------------------------|

|   | CONSOLIDATED BALANCE      SHEET |
|--------|---------------------------------|

|                                                 |   | March      31,                                     |   | March      31,                                     |
|------------------------------------------------------|--------|----------------------------------------------------|--------|----------------------------------------------------|
|                                                 |   | 2009                                               |   | 2008                                               |
| ASSETS                                               |   |                                               |   |                                               |
| Current      Assets:                                 |   |                                               |   |                                               |
| Cash      and Cash Equivalents                       |   | $      263,458  |   | $      350,280  |
| Investment      in Securities                        |   | -                                             |   | 202,647                                       |
| Investments      in Project Partnerships, net        |   | -                                             |   | 124,138                                       |
| Investment      in Project Partnership Held for Sale |   | -                                             |   | 293,885                                       |
|                                                 |   |                                               |   |                                               |
| Total      Current Assets                            |   | 263,458                                       |   | 970,950                                       |
|                                                 |   |                                               |   |                                               |
| Total      Assets                                    |   | $      263,458  |   | $      970,950  |
|                                                 |   |                                               |   |                                               |
| LIABILITIES      AND PARTNERS' DEFICIT               |   |                                               |   |                                               |
| Current      Liabilities:                            |   |                                               |   |                                               |
| Payable      to General Partners                     |   | $   4,955,099                  |   | $   4,945,524                  |
| Distribution      Payable                            |   | 26,423                                        |   | -                                             |
| Accounts      Payable - Other                        |   | 5,435                                         |   | 6,131                                         |
|                                                 |   |                                               |   |                                               |
| Total      Current Liabilities                       |   | 4,986,957                                     |   | 4,951,655                                     |
|                                                 |   |                                               |   |                                               |
| Partners'      Equity (Deficit):                     |   |                                               |   |                                               |
| Limited      Partners (25,566 units outstanding      |   |                                               |   |                                               |
| at      March 31, 2009 and March 31, 2008)           |   | (5,333,453)                                        |   | (4,571,641)                                        |
| General      Partners                                |   | 609,954                                       |   | 590,936                                       |
|                                                 |   |                                               |   |                                               |
| Total      Partners' Deficit                         |   | (4,723,499)                                        |   | (3,980,705)                                        |
|                                                 |   |                                               |   |                                               |
| Total      Liabilities and Partners' Deficit         |   | $      263,458  |   | $      970,950  |
|                                                 |   |                                               |   |                                               |
|                                                 |   |                                               |   |                                               |
| See      accompanying notes to financialstatements.  |

----

|   | GATEWAY TAX CREDIT      FUND, LTD. |
|--------|------------------------------------|

|   | (A      Florida Limited Partnership) |
|--------|--------------------------------------|

|   | CONSOLIDATED      STATEMENTS OF OPERATIONS |
|--------|--------------------------------------------|

|   | FOR THE YEARS ENDED      MARCH 31, 2009, 2008 AND2007 |
|--------|-------------------------------------------------------|

|                                                                        |   | 2009                                                         |   | 2008                                                         |   | 2007                                              |
|-----------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|---------------------------------------------------|
| Revenues:                                                                   |   |                                                         |   |                                                         |   |                                              |
| Distribution      Income                                                    |   | $      40,941             |   | $      82,163             |   | $      72,730  |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Total      Revenues                                                         |   | 40,941                                                  |   | 82,163                                                  |   | 72,730                                       |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Expenses:                                                                   |   |                                                         |   |                                                         |   |                                              |
| Asset      Management Fee - General Partner                                 |   | 285,809                                                 |   | 379,409                                                 |   | 450,140                                      |
| General      and Administrative:                                            |   |                                                         |   |                                                         |   |                                              |
| General      Partner                                                        |   | -                                                       |   | 104,564                                                 |   | 223,671                                      |
| Other                                                                       |   | 100,179                                                 |   | 94,622                                                  |   | 101,732                                      |
| Impairment      Loss on Investment in Project Partnerships                  |   | 112,895                                                 |   | -                                                       |   | -                                            |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Total      Expenses                                                         |   | 498,883                                                 |   | 578,595                                                 |   | 775,543                                      |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Loss      Before Equity in Loss of Project Partnerships and Other    Income |   | (457,942)                                                    |   | (496,432)                                                    |   | (702,813)                                         |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Equity      in Loss of Project Partnerships                                 |   | (6,808)                                                      |   | (32,216)                                                     |   | (26,727)                                          |
| Gain      on Sale of Project Partnerships                                   |   | 769,214                                                 |   | 1,216,715                                               |   | 411,217                                      |
| Minority      Interest in Income of Consolidated Project Partnership        |   | -                                                       |   | (30,768)                                                     |   | (39,246)                                          |
| Interest      Income                                                        |   | 10,077                                                  |   | 38,902                                                  |   | 35,035                                       |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Net      Income (Loss) from Continuing Operations                           |   | $    314,541                        |   | $    696,201                        |   | $  (322,534)                            |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Income      from Discontinued Operations (See Notes 2 & 7)              |   | 1,056,103                                               |   | 351,919                                                 |   | 132,333                                      |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Net      Income (Loss)                                                      |   | $      1,370,644                                        |   | $      1,048,120                                        |   | $  (190,201)                            |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Allocation      of Net Income (Loss):                                       |   |                                                         |   |                                                         |   |                                              |
| Limited      Partners                                                       |   | $      1,356,938                                        |   | $      1,037,639                                        |   | $  (430,524)                            |
| General      Partners                                                       |   | 13,706                                                  |   | 10,481                                                  |   | 240,323                                      |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
|                                                                        |   | $      1,370,644                                        |   | $      1,048,120                                        |   | $  (190,201)                            |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Net      Income (Loss) Per Limited Partnership Unit                         |   | $        53.08  |   | $        40.59  |   | $      (16.84)      |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| Number      of Limited Partnership Units Outstanding                        |   | 25,566                                                  |   | 25,566                                                  |   | 25,566                                       |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
|                                                                        |   |                                                         |   |                                                         |   |                                              |
| See      accompanying notes to financialstatements.                         |

----

|   | GATEWAY TAX CREDIT      FUND, LTD. |
|--------|------------------------------------|

|   | (A      Florida Limited Partnership) |
|--------|--------------------------------------|

|   | CONSOLIDATED      STATEMENTS OF PARTNERS’ EQUITY(DEFICIT) |
|--------|-----------------------------------------------------------------|

|   | FOR THE YEARS ENDED      MARCH 31, 2009, 2008 AND2007 |
|--------|-------------------------------------------------------|

|                                                | Limited                              |   | General                                                       |   |                     |
|-----------------------------------------------------|--------------------------------------|--------|---------------------------------------------------------------|--------|--------------------------|
|                                                | Partners'                            |   | Partners'                                                     |   |                     |
|                                                | Deficit                              |   | Equity                                                        |   | Total                    |
|                                                |                                 |   |                                                          |   |                     |
| Balance      at March 31, 2006                      | $    (3,168,987) |   | $        21,412  |   | $  (3,147,575) |
|                                                |                                 |   |                                                          |   |                     |
| Net      (Loss) Income                              | (430,524)                            |   | 240,323                                                  |   | (190,201)                |
|                                                |                                 |   |                                                          |   |                     |
| Distributions                                       | (414,681)                            |   | -                                                        |   | (414,681)                |
|                                                |                                 |   |                                                          |   |                     |
| Balance      at March 31, 2007                      | (4,014,192)                          |   | 261,735                                                  |   | (3,752,457)              |
|                                                |                                 |   |                                                          |   |                     |
| Capital      Contributions                          | -                               |   | 318,720                                                  |   | 318,720             |
|                                                |                                 |   |                                                          |   |                     |
| Net      Income                                     | 1,037,639                       |   | 10,481                                                   |   | 1,048,120           |
|                                                |                                 |   |                                                          |   |                     |
| Distributions                                       | (1,595,088)                          |   | -                                                        |   | (1,595,088)              |
|                                                |                                 |   |                                                          |   |                     |
| Balance      at March 31, 2008                      | (4,571,641)                          |   | 590,936                                                  |   | (3,980,705)              |
|                                                |                                 |   |                                                          |   |                     |
| Capital      Contributions                          | -                               |   | 5,312                                                    |   | 5,312               |
|                                                |                                 |   |                                                          |   |                     |
| Net      Income                                     | 1,356,938                       |   | 13,706                                                   |   | 1,370,644           |
|                                                |                                 |   |                                                          |   |                     |
| Distributions                                       | (2,118,750)                          |   | -                                                        |   | (2,118,750)              |
|                                                |                                 |   |                                                          |   |                     |
| Balance      at March 31, 2009                      | $    (5,333,453) |   | $      609,954             |   | $  (4,723,499) |
|                                                |                                 |   |                                                          |   |                     |
|                                                |                                 |   |                                                          |   |                     |
| See      accompanying notes to financialstatements. |

----

|   | GATEWAY TAX CREDIT      FUND, LTD. |
|--------|------------------------------------|

|   | (A      Florida Limited Partnership) |
|--------|--------------------------------------|

|   | CONSOLIDATED      STATEMENTS OF CASH FLOWS |
|--------|--------------------------------------------|

|   | FOR THE YEARS ENDED      MARCH 31, 2009, 2008 AND2007 |
|--------|-------------------------------------------------------|

|                                                                                           |   | 2009                                                                                                     |   | 2008                                                                                                     |   | 2007                                                                                                           |
|------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
| Cash      Flows from Operating Activities:                                                     |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Net      Income (Loss)                                                                         |   | $      1,370,644                                                                                    |   | $      1,048,120                                                                                    |   | $   (190,201)                                                                                   |
| Adjustments      to Reconcile Net Income (Loss) to Net Cash Used in Operating      Activities: |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Impairment      Loss on Investment in Project Partnerships                                     |   | 112,895                                                                                             |   | -                                                                                                   |   | -                                                                                                         |
| Premium      on Investment in Securities                                                       |   | 70                                                                                                  |   | 195                                                                                                 |   | -                                                                                                         |
| Equity      in Loss of Project Partnerships                                                    |   | 6,808                                                                                               |   | 32,216                                                                                              |   | 26,727                                                                                                    |
| Gain      on Sale of Project Partnerships                                                      |   | (769,214)                                                                                                |   | (1,216,715)                                                                                              |   | (411,217)                                                                                                      |
| Discontinued      Operations                                                                   |   | (1,056,103)                                                                                              |   | (351,919)                                                                                                |   | (132,333)                                                                                                      |
| Minority      Interest in Income of Consolidated Project Partnership                           |   | -                                                                                                   |   | 30,768                                                                                              |   | 39,246                                                                                                    |
| Net      Change in Assets and Liabilities of Consolidated                                      |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Project      Partnership Held for Sale                                                         |   | -                                                                                                   |   | -                                                                                                   |   | 1,428                                                                                                     |
| Distribution      Income                                                                       |   | (40,941)                                                                                                 |   | (82,163)                                                                                                 |   | (72,730)                                                                                                       |
| Changes      in Operating Assets and Liabilities:                                              |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Decrease      in Accounts Receivable                                                           |   | -                                                                                                   |   | 1,294                                                                                               |   | 1,619                                                                                                     |
| Decrease      (Increase) in Interest Receivable                                                |   | 2,577                                                                                               |   | (2,577)                                                                                                  |   | -                                                                                                         |
| (Decrease)      Increase in Accounts Payable - Other                                           |   | (696)                                                                                                    |   | 696                                                                                                 |   | (21,027)                                                                                                       |
| Increase      in Payable to General Partners                                                   |   | 7,523                                                                                               |   | 263,491                                                                                             |   | 676,216                                                                                                        |
| Net      Cash Used in Operating Activities                                                     |   | (366,437)                                                                                                |   | (276,594)                                                                                                |   | (82,272)                                                                                                       |
|                                                                                           |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Cash      Flows from Investing Activities:                                                     |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Distributions      Received from Project Partnerships                                          |   | 45,376                                                                                              |   | 92,198                                                                                              |   | 87,232                                                                                                    |
| Net      Proceeds from Sale of Project Partnerships                                            |   | 2,119,202                                                                                           |   | 1,276,538                                                                                           |   | 408,239                                                                                                   |
| Redemption      of Investment Securities                                                       |   | 200,000                                                                                             |   | -                                                                                                   |   | -                                                                                                         |
| Purchase      of Investment Securities                                                         |   | -                                                                                                   |   | (200,266)                                                                                                |   | -                                                                                                         |
| Cash      Related to Property Held for Sale                                                    |   | -                                                                                                   |   | -                                                                                                   |   | (19,979)                                                                                                       |
| Net      Cash Provided by Investing Activities                                                 |   | 2,364,578                                                                                           |   | 1,168,470                                                                                           |   | 475,492                                                                                                   |
|                                                                                           |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Cash      Flows from Financing Activities:                                                     |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Capital      Contributions                                                                     |   | 5,312                                                                                               |   | 318,720                                                                                             |   | -                                                                                                         |
| Distributions      to Limited Partners                                                         |   | (2,090,275)                                                                                              |   | (1,875,266)                                                                                              |   | (136,779)                                                                                                      |
| Net      Cash Used in Financing Activities                                                     |   | (2,084,963)                                                                                              |   | (1,556,546)                                                                                              |   | (136,779)                                                                                                      |
|                                                                                           |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| (Decrease)      Increase in Cash and Cash Equivalents                                          |   | (86,822)                                                                                                 |   | (664,670)                                                                                                |   | 256,441                                                                                                   |
| Cash      and Cash Equivalents at Beginning of Year                                            |   | 350,280                                                                                             |   | 1,014,950                                                                                           |   | 758,509                                                                                                   |
|                                                                                           |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Cash      and Cash Equivalents at End of Year                                                  |   | $    263,458                                                                    |   | $    350,280                                                                    |   | $   1,014,950                                                                              |
|                                                                                           |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Supplemental      Cash Flow Information:                                                       |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Interest      Paid                                                                             |   | $                -  |   | $      17,874                                                         |   | $        19,632                                                   |
|                                                                                           |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Supplemental      disclosure of non-cash activities:                                           |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| Increase      in Distribution Payable                                                          |   | $      24,475                                                         |   | $        2,052                                              |   | $      277,902                                                              |
| Distribution      to Limited Partners                                                          |   | (24,475)                                                                                                 |   | -                                                                                                   |   | (277,902)                                                                                                      |
| Decrease      in Payable to General Partners                                                   |   | -                                                                                                   |   | (2,052)                                                                                                  |   | -                                                                                                         |
| Increase      in Investment in Project Partnership Held for Sale                               |   | -                                                                                                   |   | (293,885)                                                                                                |   | -                                                                                                         |
| Decrease      in Investments in Project Partnerships                                           |   | -                                                                                                   |   | 293,885                                                                                             |   | -                                                                                                         |
|                                                                                           |   | $                -  |   | $                -  |   | $                 -  |
|                                                                                           |   |                                                                                                     |   |                                                                                                     |   |                                                                                                           |
| See      accompanying notes to financialstatements.                                            |

----

----

----

|                                             | 2009                                                                                                     |   | 2008                       |   | 2007                       |
|--------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|----------------------------|
| Rental      Revenue                              | $                -  |   | $  109,586  |   | $  109,342  |
| Miscellaneous      Income                        | -                                                                                                   |   | 2,646                 |   | 3,695                 |
| Rental      Operating Expenses                   | -                                                                                                   |   | (105,550)                  |   | (74,651)                   |
| Interest      Expense                            | -                                                                                                   |   | (49,295)                   |   | (49,638)                   |
| Depreciation      Expense                        | -                                                                                                   |   | (38,714)                   |   | (39,382)                   |
| Gain      on Disposition of Project Partnerships | 1,056,103                                                                                           |   | 401,634               |   | 151,256               |
| Interest      Subsidy                            | -                                                                                                   |   | 31,421                |   | 31,440                |
| Interest      Income                             | -                                                                                                   |   | 191                   |   | 271                   |
| Total      Discontinued Operations Income (Loss) | $      1,056,103                                                                                    |   | $  351,919  |   | $  132,333  |

----

----

|                       | March      31, 2009                                                                                                                    |   | March      31, 2008                                                  |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
| Amortized      Cost        | $                     -  |   | $         202,647  |
| Gross      Unrealized Loss | -                                                                                                                                 |   | (803)                                                                |
|                       |                                                                                                                                   |   |                                                                 |
| Fair      Value            | $                     -  |   | $         201,844  |

----

|                                                                 | 2009                                                                                                           |   | 2008                                                                                                                 |   | 2007                                                                                                                 |
|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
| Net      Income (Loss) per Financial Statements                      | $   1,370,644                                                                              |   | $   1,048,120                                                                                    |   | $   (190,201)                                                                                         |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Equity      in Loss of Project Partnerships for tax purposes         |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| in      excess of losses for financial statement purposes            | (292,437)                                                                                                      |   | (274,659)                                                                                                            |   | (114,857)                                                                                                            |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Losses      suspended for financial reporting purposes               | (1,070,084)                                                                                                    |   | (1,262,292)                                                                                                          |   | (1,730,651)                                                                                                          |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Adjustments      to convert March 31, fiscal year end                |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| to      December 31, taxable year end                                | (1,006)                                                                                                        |   | (47,007)                                                                                                             |   | (219,518)                                                                                                            |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Additional      Gain on Sale of Project Partnerships for taxpurposes | 6,240,954                                                                                                 |   | 2,897,681                                                                                                       |   | 526,598                                                                                                         |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Items      Expensed for Financial Statement purposes                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| not      expensed for Tax purposes:                                  |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Asset      Management Fee                                            | 309,894                                                                                                   |   | 403,468                                                                                                         |   | 455,354                                                                                                         |
| Amortization      Expense                                            | -                                                                                                         |   | -                                                                                                               |   | 172,343                                                                                                         |
| Impairment      Expense                                              | 112,895                                                                                                   |   | -                                                                                                               |   | -                                                                                                               |
| Miscellaneous      Income                                            | (59,156)                                                                                                       |   | (90,840)                                                                                                             |   | (58,505)                                                                                                             |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Items      Expensed for Tax purposes not expensed for                |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Financial      Statement purposes:                                   |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Administrative      Expense                                          | -                                                                                                         |   | -                                                                                                               |   | (224)                                                                                                                |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Gateway      income (loss) for tax purposes as of December 31        | $   6,611,704                                                                              |   | $   2,674,471                                                                                    |   | $   (1,159,661)                                                                                       |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
|                                                                 | December      31,                                                                                              |   | December      31,                                                                                                    |   | December      31,                                                                                                    |
|                                                                 | 2008                                                                                                           |   | 2007                                                                                                                 |   | 2006                                                                                                                 |
|                                                                 |                                                                                                           |   |                                                                                                                 |   |                                                                                                                 |
| Federal      Low Income Housing Tax Credits (Unaudited)              | $                 -  |   | $                  -  |   | $                  -  |

|                              | Financial                                                                                                      |   | Tax                                                            |   |                                           |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|------------------------------------------------|
|                              | Reporting                                                                                                      |   | Reporting                                                      |   |                                           |
|                              | Purposes                                                                                                       |   | Purposes                                                       |   | Differences                                    |
| Investments      in Local Limited |                                                                                                           |   |                                                           |   |                                           |
| Partnerships                      | $                      -  |   | $  (19,262,095)                                      |   | $  19,262,095                   |
|                              |                                                                                                           |   |                                                           |   |                                           |
| Other      Assets                 | $     263,458                                                                    |   | $        429,109  |   | $      (165,651) |
|                              |                                                                                                           |   |                                                           |   |                                           |
| Liabilities                       | $  4,986,957                                                                                    |   | $        212,213  |   | $    4,774,744        |

----

|  As      of March 31, 2009, Gateway holds a 99% interest in the profits, losses,      and Tax Credits as a limited partner in 43 Project Partnerships holding 45      properties 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 total Investments in Project Partnerships at      March 31, 2008 includes both the Investments in Project Partnerships and      Investment in Project Partnership Held for Sale on the consolidated      balance sheet. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

|                                                             |   | March      31,                                                                                                                   |   | March      31,                                                 |   |
|------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|
|                                                             |   | 2009                                                                                                                             |   | 2008                                                           |   |
| Capital      Contributions to Project Partnerships               |   |                                                                                                                             |   |                                                           |   |
| and      purchase price paid for limited partner                 |   |                                                                                                                             |   |                                                           |   |
| interests      in Project Partnerships                           |   | $     9,304,507                                                                                    |   | $   12,794,791                             |   |
|                                                             |   |                                                                                                                             |   |                                                           |   |
| Cumulative      equity in losses of Project Partnerships (1)     |   | (9,606,978)                                                                                                                      |   | (12,793,161)                                                   |   |
|                                                             |   |                                                                                                                             |   |                                                           |   |
| Cumulative      distributions received from Project Partnerships |   | (360,043)                                                                                                                        |   | (605,078)                                                      |   |
|                                                             |   |                                                                                                                             |   |                                                           |   |
| Investment      in Project Partnerships before Adjustment        |   | (662,514)                                                                                                                        |   | (603,448)                                                      |   |
|                                                             |   |                                                                                                                             |   |                                                           |   |
| Excess      of investment cost over the underlying               |   |                                                                                                                             |   |                                                           |   |
| assets      acquired:                                            |   |                                                                                                                             |   |                                                           |   |
| Acquisition      fees and expenses                               |   | 1,160,581                                                                                                                   |   | 1,617,977                                                 |   |
| Accumulated      amortization of acquisition                     |   |                                                                                                                             |   |                                                           |   |
| fees      and expenses                                           |   | (385,172)                                                                                                                        |   | (596,506)                                                      |   |
|                                                             |   |                                                                                                                             |   |                                                           |   |
| Reserve      for Impairment of Investment in                     |   |                                                                                                                             |   |                                                           |   |
| Project      Partnerships                                        |   | (112,895)                                                                                                                        |   | -                                                         |   |
|                                                             |   |                                                                                                                             |   |                                                           |   |
| Investments      in Project Partnerships                         |   | $                    -  |   | $        418,023  |   |
|                                                             |   |                                                                                                                             |   |                                                           |   |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of      $14,227,196 for the year ended March 31, 2009 and cumulative suspended      losses of $17,461,710 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, excluding Sparta for the fiscal year ended      March 31, 2007, on a three month lag, below is the summarized balance      sheets for the Project Partnerships as of December 31 and the summarized      statements of operations for the year ended December 31 of each      year: |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2008 |   | 2007 |   | 2006 |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                                          |   | $     5,337,539  |   | $     7,261,688  |   | $   8,441,716  |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                                              |   | 23,907,191  |   | 35,632,834  |   | 46,808,815  |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                            |   | 147,032  |   | 449,635  |   | 876,557  |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                            |   | $   29,391,762  |   | $   43,344,157  |   | $      56,127,088  |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                                     |   | $     1,884,668  |   | $     3,488,506  |   | $   4,140,571  |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                                          |   | 44,067,897  |   | 60,465,838  |   | 74,864,944  |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                       |   | 45,952,565  |   | 63,954,344  |   | 79,005,515  |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Partners'      deficit                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                                         |   | (15,715,208) |   | (19,091,714) |   | (20,692,359) |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                                        |   | (845,595) |   | (1,518,473) |   | (2,186,068) |
| Total      Partners' deficit                                                                                                                                                                                                                                                                                                                                                                                 |   | (16,560,803) |   | (20,610,187) |   | (22,878,427) |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                                                 |   | $   29,391,762  |   | $   43,344,157  |   | $      56,127,088  |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                     |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                                 |   | $     9,620,622  |   | $   13,642,751  |   | $      16,218,199  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                                      |   | 5,457,558  |   | 7,523,441  |   | 8,922,830  |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                                        |   | 3,452,165  |   | 4,949,038  |   | 6,019,721  |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                                           |   | 1,792,343  |   | 2,477,856  |   | 3,051,054  |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                                          |   | 10,702,066  |   | 14,950,335  |   | 17,993,605  |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                                |   | $        (1,081,444) |   | $        (1,307,584) |   | $      (1,775,406) |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                                       |   | $               (4,552) |   | $             (13,076) |   | $      (18,028) |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                                             |   | $        (1,076,892) |   | $        (1,294,508) |   | $      (1,757,378) |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                                        |   | 1,070,084  |   | 1,262,292  |   | 1,730,651  |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                                         |   | $          (6,808) |   | $            2,951  |   | $      (41,863) |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships - Held for Sale                                                                                                                                                                                                                                                                                                                                         |   | $                   -  |   | $             (35,167) |   | $        15,136  |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Gateway's      deficit as reflected by the Project Partnerships of $(15,715,208) differs      from Gateway's Investments in Project Partnerships before acquisition fees      and expenses, amortization, and the impairment reserve of $(656,252)      primarily because of suspended losses on Gateway's  books.                                                                                           |

----

|  TransactionMonth      / Year |   Project      Partnership      |  Net      Proceeds                     |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal            | Component      of Discontinued Operations                                                                            |
|------------------------------------|-------------------------------------------|---------------------------------------------|-----------------------------------------|---------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
| January      2009                  | Limestone      Estates                    | $     24,475  | $    0.96      | $      24,475  | $                  -  |
| November      2008                 | The      Meadows Associates               | 198,792                                | 7.78                               | 197,674                                      | -                                                                                                               |
| September      2008                | Winder      Apartments, Ltd.              | 38,160                                 | 1.49                               | 38,000                                       | -                                                                                                               |
| September      2008                | Oakwood      Apartments                   | 9,741                                  | 0.38                               | 9,741                                        | -                                                                                                               |
| September      2008                | Lakewood      Apartments                  | 19,760                                 | 0.77                               | 19,760                                       | -                                                                                                               |
| September      2008                | Sandhill      Forest, Ltd.                | -                                      | -                                  | -                                            | -                                                                                                               |
| September      2008                | Oakwood      Grove, Ltd.                  | -                                      | -                                  | -                                            | -                                                                                                               |
| September      2008                | Hastings      Manor, Ltd.                 | -                                      | -                                  | -                                            | -                                                                                                               |
| September      2008                | Crosstown      Seniors (Phase I & II) | 1,349,749                              | 52.79                              | -                                            | 1,055,863                                                                                                       |
| August      2008                   | Laurel      Apartments                    | 226,840                                | 8.87                               | 225,535                                      | -                                                                                                               |
| June      2008                     | Middlefield,      Limited                 | 117,530                                | 4.60                               | 118,321                                      | -                                                                                                               |
| June      2008                     | Pulaski      Village                      | 128,770                                | 5.03                               | 128,770                                      | -                                                                                                               |
|                               | Other,      net (see below)               | -                                      | -                                  | 6,938                                        | 240                                                                                                             |
|                               |                                      |                                        |                                    | $    769,214             | $    1,056,103                                                                              |

----

|  TransactionMonth      / Year |   Project      Partnership         |  Net      Proceeds                                                          |  Net      ProceedsPer      LP Unit                              |  Gain      (Loss)on      Disposal                                                             | Component      of Discontinued Operations |
|------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|-------------------------------------------|
| March      2008                    | Village      Apartments of Sparta            | $            -  | $          -  | $               -  | $    401,634     |
| March      2008                    | Scotts      Hill                             | -                                                                           | -                                                               | (2,000)                                                                                            | -                                    |
| January      2008                  | Teton      View Apartments (Phase I)         | 23,000                                                                      | 0.90                                                            | 21,811                                                                                        | -                                    |
| January      2008                  | Teton      View Apartments (Phase II)        | 15,000                                                                      | 0.59                                                            | 14,504                                                                                        | -                                    |
| December      2007                 | Claremont      Housing                       | 22,000                                                                      | 0.86                                                            | 23,850                                                                                        | -                                    |
| December      2007                 | Pleasant      Valley Housing                 | 31,775                                                                      | 1.24                                                            | 31,249                                                                                        | -                                    |
| December      2007                 | River      Road Apartments                   | 8,750                                                                       | 0.34                                                            | (51,411)                                                                                           | -                                    |
| December      2007                 | Kenly      Court Apartments Phase I & II | 137,444                                                                     | 5.38                                                            | 137,444                                                                                       | -                                    |
| October      2007                  | Riverside      Apartments                    | 110,056                                                                     | 4.30                                                            | 109,530                                                                                       | -                                    |
| September      2007                | Hunters      Ridge Apartments (AL)           | 27,362                                                                      | 1.07                                                            | 27,363                                                                                        | -                                    |
| August      2007                   | Greenville      Landing Apartments           | 34,306                                                                      | 1.34                                                            | 33,775                                                                                        | -                                    |
| July      2007                     | Sandridge      Apartments                    | 248,000                                                                     | 9.70                                                            | 248,798                                                                                       | -                                    |
| July      2007                     | Brookshire      Apartments                   | 248,000                                                                     | 9.70                                                            | 249,032                                                                                       | -                                    |
| May      2007                      | Laurel      Woods Apartments                 | 223,240                                                                     | 8.73                                                            | 224,347                                                                                       | -                                    |
| April      2007                    | Ashburn      Housing                         | 148,309                                                                     | 5.80                                                            | 147,778                                                                                       | -                                    |
|                               | Other,      net (see below)                  | -                                                                           | -                                                               | 645                                                                                           | -                                    |
|                               |                                         |                                                                             |                                                                 | $      1,216,715                                                                              | $   401,634           |

| Floresville      Square Apartments     | $   57,694  |
|----------------------------------------|---------------------------------|
| Albany      Village Apartments         | 29,923                     |
| Hunters      Ridge Apartments (KY)     | 29,922                     |
| Ashburn      Housing                   | 201,181                    |
|                                   |                            |
| Total      Re-syndication contribution | $      318,720             |

----

|  TransactionMonth      / Year |   Project      Partnership  |  Net      Proceeds         |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal | Component      of Discontinued Operations                                        |
|------------------------------------|---------------------------------------|---------------------------------|-----------------------------------------|----------------------------------------|----------------------------------------------------------------------------------|
| February      2007                 | Skyview      Terrace Apartments       | $   38,732  | $   1.51            | $   38,732         | $            -  |
| February      2007                 | Fairview      South Apartments        | 50,360                     | 1.97                               | 50,360                            | -                                                                           |
| February      2007                 | Southwood      Apartments             | 42,710                     | 1.67                               | 42,710                            | -                                                                           |
| February      2007                 | Robinhood      Apartments             | 40,383                     | 1.58                               | 40,383                            | -                                                                           |
| January      2007                  | Applewood      Apartments             | 105,538                    | 4.14                               | 105,538                           | -                                                                           |
| October      2006                  | Hunters      Ridge Apartments (KY)    | 47,616                     | 1.90                               | 47,616                            | -                                                                           |
| October      2006                  | Albany      Village Apartments        | 47,668                     | 1.90                               | 47,668                            | -                                                                           |
| July      2006                     | Floresville      Square Apartments II | 39,064                     | 1.54                               | 38,210                            | -                                                                           |
| April      2006                    | Village      Apartments of Divernon   | -                          | -                                  | -                                 | 151,256                                                                     |
|                               |                                  |                            |                                    | $      411,217                    | $      151,256                                                              |

|                     | Quarter      1                                                          |   | Quarter      2                                                                 |   | Quarter      3                                                               |   | Quarter      4                                                |
|--------------------------|-------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|---------------------------------------------------------------|
|                     | 6/30/2008                                                               |   | 9/30/2008                                                                      |   | 12/31/2008                                                                   |   | 3/31/2009                                                     |
| Year 2009                |                                                                    |   |                                                                           |   |                                                                         |   |                                                          |
|                     |                                                                    |   |                                                                           |   |                                                                         |   |                                                          |
| Total      Revenues      | $      15,654                        |   | $         15,973             |   | $           733  |   | $        8,581   |
|                     |                                                                    |   |                                                                           |   |                                                                         |   |                                                          |
| Net      Income (Loss)   | $    137,513                                   |   | $    1,197,005                                        |   | $      85,478                             |   | $     (49,352)                       |
|                     |                                                                    |   |                                                                           |   |                                                                         |   |                                                          |
| Income      (Loss) Per   |                                                                    |   |                                                                           |   |                                                                         |   |                                                          |
| Weighted      Average    |                                                                    |   |                                                                           |   |                                                                         |   |                                                          |
| Limited      Partnership |                                                                    |   |                                                                           |   |                                                                         |   |                                                          |
| Units      Outstanding   | $          5.32  |   | $           46.35  |   | $          3.31       |   | $         (1.90) |

|                     | Quarter      1                                                          |   | Quarter      2                                               |   | Quarter      3                                                          |   | Quarter      4                                                          |
|--------------------------|-------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|-------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|
|                     | 6/30/2007                                                               |   | 9/30/2007                                                    |   | 12/31/2007                                                              |   | 3/31/2008                                                               |
| Year 2008                |                                                                    |   |                                                         |   |                                                                    |   |                                                                    |
|                     |                                                                    |   |                                                         |   |                                                                    |   |                                                                    |
| Total      Revenues      | $      38,683                        |   | $        4,663  |   | $      12,021                        |   | $      26,796                        |
|                     |                                                                    |   |                                                         |   |                                                                    |   |                                                                    |
| Net      Income          | $    100,330                                   |   | $    540,140                        |   | $    246,291                                   |   | $    161,359                                   |
|                     |                                                                    |   |                                                         |   |                                                                    |   |                                                                    |
| Income      Per Weighted |                                                                    |   |                                                         |   |                                                                    |   |                                                                    |
| Average      Limited     |                                                                    |   |                                                         |   |                                                                    |   |                                                                    |
| Partnership      Units   |                                                                    |   |                                                         |   |                                                                    |   |                                                                    |
| Outstanding              | $          3.89  |   | $        20.92  |   | $          9.54  |   | $          6.24  |

----

----

----

----

----

----

|   3.1 | Amended      Certificate of Limited Partnership of Gateway Tax Credit Fund, Ltd. (Filed      as an Exhibit to Registration Statement on Form S-11, File No. 33-18142,      and incorporated herein byreference.) |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   4.1 | The      form of Partnership Agreement of the Partnership (included as Exhibit “A”      to the Prospectus, File No. 33-18142, and incorporated herein by      reference.) |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   31.1 | Certification      required by Rule 15d-14(a).(Filedherewith.) |
|------------------|----------------------------------------------------------------|

|   31.2 | Certification      required by Rule 15d-14(a).(Filedherewith.) |
|------------------|----------------------------------------------------------------|

|   32 | Certification      required by Rule 15d-14(b).(Filedherewith.) |
|----------------|----------------------------------------------------------------|

|   99.1 | Financial      statements of Crosstown Seniors Limited Dividend Housing Association      Limited Partnership for the years ended December 31, 2007 and      2006 |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Apartment      Properties |                           |      |   |                                                       |
|---------------------------|--------------------------------|-----------|--------|------------------------------------------------------------|
|                      |                           | #      of |   | Mortgage      Loan                                         |
| Partnership               | Location                       | Units     |   | Balance                                                    |
|                      |                           |      |   |                                                       |
| Laynecrest                | Medway,      OH                | 48        |   | $        1,416,930 |
| Martindale                | Union,      OH                 | 30        |   | 902,029                                                    |
| La      Villa Elena       | Bernalillo,      NM            | 54        |   | 1,409,213                                                  |
| Rio      Abajo            | Truth      or Consequences, NM | 42        |   | 1,343,230                                                  |
| Fortville      II         | Fortville,      IN             | 24        |   | 645,435                                                    |
| Summitville               | Summitville,      IN           | 24        |   | 705,572                                                    |
| Suncrest                  | Yanceyville,      NC           | 40        |   | 1,418,295                                                  |
| Brandywine      III       | Millsboro,      DE             | 32        |   | 1,042,263                                                  |
| Concord      IV           | Perryville,      MD            | 32        |   | 1,043,171                                                  |
| Dunbarton      Oaks III   | Georgetown,      DE            | 32        |   | 1,047,597                                                  |
| Federal      Manor        | Federalsburg,      MD          | 32        |   | 1,112,176                                                  |
| Mulberry      Hill IV     | Easton,      MD                | 16        |   | 583,605                                                    |
| Madison                   | Madison,      OH               | 39        |   | 1,267,594                                                  |
| Hannah's      Mill        | Thomaston,      GA             | 50        |   | 1,419,281                                                  |
| Longleaf      Apts.       | Cairo,      GA                 | 36        |   | 934,567                                                    |
| Sylacauga      Garden     | Sylacauga,      AL             | 42        |   | 1,355,276                                                  |
| Monroe      Family        | Monroe,      GA                | 48        |   | 1,409,335                                                  |
| Casa      Linda           | Silver      City, NM           | 41        |   | 1,330,018                                                  |
| Eagle's      Bay          | Beaufort,      NC              | 40        |   | 1,426,035                                                  |
| Sage                      | Gallup,      NM                | 44        |   | 1,418,573                                                  |
| Middleport                | Middleport,      NY            | 25        |   | 914,086                                                    |
| Morgantown                | Morgantown,      IN            | 24        |   | 763,753                                                    |
| Cuthbert      Elderly     | Cuthbert,      GA              | 32        |   | 791,518                                                    |
| Mabank      1988          | Mabank,      TX                | 42        |   | 1,073,458                                                  |
| Buena      Vista          | Buena      Vista, GA           | 24        |   | 634,731                                                    |
| Woodcroft                 | Elizabethtown,      NC         | 32        |   | 1,115,526                                                  |
| Spring      Creek         | Quitman,      GA               | 18        |   | 474,573                                                    |
| Spring      Creek         | Cherokee,      AL              | 24        |   | 842,394                                                    |
| Milton      Elderly       | Milton,      FL                | 43        |   | 1,046,041                                                  |
| Stone      Arbor          | Madison,      NC               | 40        |   | 1,440,066                                                  |
| Centralia      II         | Centralia,      IL             | 24        |   | 772,406                                                    |
| Poteau      IV            | Poteau,      OK                | 32        |   | 539,252                                                    |
| Barling                   | Barling,      AR               | 48        |   | 833,428                                                    |
| Booneville                | Booneville,      AR            | 48        |   | 1,288,946                                                  |
| Augusta                   | Augusta,      KS               | 66        |   | 1,852,452                                                  |
| Mathis      Retirement    | Mathis,      TX                | 36        |   | 844,662                                                    |
| Sabinal      Housing      | Sabinal,      TX               | 24        |   | 583,170                                                    |
| Kingsland      Housing    | Kingsland,      TX             | 34        |   | 814,991                                                    |
| Poteau      Prop. III     | Poteau,      OK                | 19        |   | 447,164                                                    |
| Decatur      Properties   | Decatur,      AR               | 24        |   | 746,697                                                    |
| Broken      Bow Prop II   | Broken      Bow, OK            | 46        |   | 1,433,379                                                  |
| Turtle      Creek II      | Grove,      OK                 | 42        |   | 1,203,810                                                  |
| Hartwell      Elderly     | Hartwell,      GA              | 24        |   | 646,959                                                    |
|                      |                           |      |   |                                                       |
| Total                     |                           | 1,517     |   | $      44,333,657            |

----

|                      |   |  Cost      at Acquisition Date          |   |                                                 |
|---------------------------|--------|----------------------------------------------|--------|------------------------------------------------------|
| Apartment      Properties |   |                                         |   |                                                 |   | Net      Improvements |
|                      |   |                                         |   | Buildings                                            |   | Capitalized |
|                      |   |                                         |   | Improvements                                         |   | Subsequent      to |
| Partnership               |   | Land                                         |   | & Equipment                                      |   | Acquisition |
|                      |   |                                         |   |                                                 |   |   |
| Laynecrest                |   | $      310,264 |   | $       1,533,433 |   | $                 18,088  |
| Martindale                |   | 243,665                                      |   | 928,824                                              |   | 54,434  |
| La      Villa Elena       |   | 128,000                                      |   | 1,672,703                                            |   | 402,610  |
| Rio      Abajo            |   | 88,500                                       |   | 1,610,884                                            |   | 269,137  |
| Fortville      II         |   | 25,000                                       |   | 780,355                                              |   | 5,034  |
| Summitville               |   | 30,000                                       |   | 849,511                                              |   | 483  |
| Suncrest                  |   | 331,988                                      |   | 1,788,595                                            |   | 57,257  |
| Brandywine      III       |   | 105,508                                      |   | 1,154,434                                            |   | 133,411  |
| Concord      IV           |   | 120,440                                      |   | 1,198,338                                            |   | 117,287  |
| Dunbarton      Oaks III   |   | 123,135                                      |   | 1,205,530                                            |   | 117,904  |
| Federal      Manor        |   | 142,632                                      |   | 1,252,927                                            |   | 150,481  |
| Mulberry      Hill IV     |   | 55,379                                       |   | 652,234                                              |   | 52,136  |
| Madison                   |   | 60,000                                       |   | 1,378,177                                            |   | 40,498  |
| Hannah's      Mill        |   | 60,000                                       |   | 1,754,918                                            |   | (2,132) |
| Longleaf      Apts.       |   | 54,700                                       |   | 1,135,966                                            |   | 28,065  |
| Sylacauga      Garden     |   | 70,000                                       |   | 1,521,755                                            |   | 60,991  |
| Monroe      Family        |   | 110,000                                      |   | 1,678,673                                            |   | 0  |
| Casa      Linda           |   | 153,730                                      |   | 1,518,228                                            |   | 169,016  |
| Eagle's      Bay          |   | 175,735                                      |   | 1,752,762                                            |   | 46,948  |
| Sage                      |   | 196,207                                      |   | 1,616,554                                            |   | 242,646  |
| Middleport                |   | 18,000                                       |   | 1,132,502                                            |   | 17,350  |
| Morgantown                |   | 15,000                                       |   | 940,191                                              |   | 4,592  |
| Cuthbert      Elderly     |   | 22,550                                       |   | 1,006,889                                            |   | (1,144) |
| Mabank      1988          |   | 57,200                                       |   | 1,210,248                                            |   | 168,341  |
| Buena      Vista          |   | 11,390                                       |   | 804,816                                              |   | (1,979) |
| Woodcroft                 |   | 82,500                                       |   | 1,402,798                                            |   | 12,135  |
| Spring      Creek         |   | 33,330                                       |   | 575,656                                              |   | (1,378) |
| Spring      Creek         |   | 20,000                                       |   | 589,739                                              |   | 432,548  |
| Milton      Elderly       |   | 50,000                                       |   | 1,292,395                                            |   | 53,983  |
| Stone      Arbor          |   | 57,280                                       |   | 1,813,230                                            |   | 16,692  |
| Centralia      II         |   | 36,450                                       |   | 954,070                                              |   | (14,292) |
| Poteau      IV            |   | 33,000                                       |   | 683,016                                              |   | 0  |
| Barling                   |   | 62,500                                       |   | 1,049,173                                            |   | 41,191  |
| Booneville                |   | 32,500                                       |   | 1,650,087                                            |   | 0  |
| Augusta                   |   | 101,300                                      |   | 2,280,419                                            |   | 0  |
| Mathis      Retirement    |   | 37,127                                       |   | 1,041,038                                            |   | 7,146  |
| Sabinal      Housing      |   | 18,000                                       |   | 752,263                                              |   | 9,852  |
| Kingsland      Housing    |   | 30,000                                       |   | 894,081                                              |   | 238,169  |
| Poteau      Prop. III     |   | 18,350                                       |   | 564,655                                              |   | 0  |
| Decatur      Properties   |   | 24,300                                       |   | 945,516                                              |   | 0  |
| Broken      Bow Prop II   |   | 70,000                                       |   | 1,887,868                                            |   | 0  |
| Turtle      Creek II      |   | 45,000                                       |   | 1,513,446                                            |   | 0  |
| Hartwell      Elderly     |   | 49,800                                       |   | 771,529                                              |   | 0  |
|                      |   |                                         |   |                                                 |   |   |
| Total                     |   | $   3,510,460                 |   | $     52,740,426            |   | $            2,947,500  |

----

| Apartment      Properties |   | Gross      Amount At Which Carried At December 31, 2008                   |
|---------------------------|--------|---------------------------------------------------------------------------|
|                      |   |                                                                      |   | Buildings, |   |   |
|                      |   |                                                                      |   | Improvements |   |   |
| Partnership               |   | Land                                                                      |   | & Equipment |   | Total |
|                      |   |                                                                      |   |   |   |   |
| Laynecrest                |   |  $          41,817 |   |  $                1,819,968 |   |  $        1,861,785 |
| Martindale                |   | 40,500                                                                    |   | 1,186,423 |   | 1,226,923 |
| La      Villa Elena       |   | 187,734                                                                   |   | 2,015,579 |   | 2,203,313 |
| Rio      Abajo            |   | 107,245                                                                   |   | 1,861,276 |   | 1,968,521 |
| Fortville      II         |   | 25,000                                                                    |   | 785,389 |   | 810,389 |
| Summitville               |   | 30,000                                                                    |   | 849,994 |   | 879,994 |
| Suncrest                  |   | 349,456                                                                   |   | 1,828,384 |   | 2,177,840 |
| Brandywine      III       |   | 30,382                                                                    |   | 1,362,971 |   | 1,393,353 |
| Concord      IV           |   | 35,899                                                                    |   | 1,400,166 |   | 1,436,065 |
| Dunbarton      Oaks III   |   | 27,853                                                                    |   | 1,418,716 |   | 1,446,569 |
| Federal      Manor        |   | 86,281                                                                    |   | 1,459,759 |   | 1,546,040 |
| Mulberry      Hill IV     |   | 20,761                                                                    |   | 738,988 |   | 759,749 |
| Madison                   |   | 60,000                                                                    |   | 1,418,675 |   | 1,478,675 |
| Hannah's      Mill        |   | 60,000                                                                    |   | 1,752,786 |   | 1,812,786 |
| Longleaf      Apts.       |   | 80,485                                                                    |   | 1,138,246 |   | 1,218,731 |
| Sylacauga      Garden     |   | 74,725                                                                    |   | 1,578,021 |   | 1,652,746 |
| Monroe      Family        |   | 110,000                                                                   |   | 1,678,673 |   | 1,788,673 |
| Casa      Linda           |   | 161,550                                                                   |   | 1,679,424 |   | 1,840,974 |
| Eagle's      Bay          |   | 181,070                                                                   |   | 1,794,375 |   | 1,975,445 |
| Sage                      |   | 276,506                                                                   |   | 1,778,901 |   | 2,055,407 |
| Middleport                |   | 18,000                                                                    |   | 1,149,852 |   | 1,167,852 |
| Morgantown                |   | 15,000                                                                    |   | 944,783 |   | 959,783 |
| Cuthbert      Elderly     |   | 22,550                                                                    |   | 1,005,745 |   | 1,028,295 |
| Mabank      1988          |   | 112,306                                                                   |   | 1,323,483 |   | 1,435,789 |
| Buena      Vista          |   | 11,390                                                                    |   | 802,837 |   | 814,227 |
| Woodcroft                 |   | 82,500                                                                    |   | 1,414,933 |   | 1,497,433 |
| Spring      Creek         |   | 33,330                                                                    |   | 574,278 |   | 607,608 |
| Spring      Creek         |   | 21,619                                                                    |   | 1,020,668 |   | 1,042,287 |
| Milton      Elderly       |   | 50,000                                                                    |   | 1,346,378 |   | 1,396,378 |
| Stone      Arbor          |   | 57,280                                                                    |   | 1,829,922 |   | 1,887,202 |
| Centralia      II         |   | 36,450                                                                    |   | 939,778 |   | 976,228 |
| Poteau      IV            |   | 33,000                                                                    |   | 683,016 |   | 716,016 |
| Barling                   |   | 62,500                                                                    |   | 1,090,364 |   | 1,152,864 |
| Booneville                |   | 32,500                                                                    |   | 1,650,087 |   | 1,682,587 |
| Augusta                   |   | 101,300                                                                   |   | 2,280,419 |   | 2,381,719 |
| Mathis      Retirement    |   | 37,127                                                                    |   | 1,048,184 |   | 1,085,311 |
| Sabinal      Housing      |   | 18,000                                                                    |   | 762,115 |   | 780,115 |
| Kingsland      Housing    |   | 30,000                                                                    |   | 1,132,250 |   | 1,162,250 |
| Poteau      Prop. III     |   | 18,350                                                                    |   | 564,655 |   | 583,005 |
| Decatur      Properties   |   | 24,300                                                                    |   | 945,516 |   | 969,816 |
| Broken      Bow Prop II   |   | 70,000                                                                    |   | 1,887,868 |   | 1,957,868 |
| Turtle      Creek II      |   | 45,000                                                                    |   | 1,513,446 |   | 1,558,446 |
| Hartwell      Elderly     |   | 49,800                                                                    |   | 771,529 |   | 821,329 |
|                      |   |                                                                      |   |   |   |   |
| Total                     |   | $     2,969,566                                  |   | $              56,228,820 |   | $      59,198,386 |

----

| Apartment      Properties |   |                                                 |   |             |
|---------------------------|--------|------------------------------------------------------|--------|------------------|
|                      |   | Accumulated                                          |   | Depreciable Life |
| Partnership               |   | Depreciation                                         |   |
|                      |   |                                                 |   |             |   |
| Laynecrest                |   | $       1,450,303 |   | 5.0              | -      27.5 |
| Martindale                |   | 851,180                                              |   | 5.0              | -      27.5 |
| La      Villa Elena       |   | 1,050,187                                            |   | 5.0              | -      40.0 |
| Rio      Abajo            |   | 933,953                                              |   | 5.0              | -      40.0 |
| Fortville      II         |   | 578,908                                              |   | 5.0              | -      27.5 |
| Summitville               |   | 629,531                                              |   | 5.0              | -      27.5 |
| Suncrest                  |   | 868,289                                              |   | 5.0              | -      40.0 |
| Brandywine      III       |   | 1,021,934                                            |   | 5.0              | -      27.5 |
| Concord      IV           |   | 1,085,147                                            |   | 5.0              | -      27.5 |
| Dunbarton      Oaks III   |   | 1,089,486                                            |   | 5.0              | -      27.5 |
| Federal      Manor        |   | 1,115,770                                            |   | 5.0              | -      27.5 |
| Mulberry      Hill IV     |   | 566,367                                              |   | 5.0              | -      27.5 |
| Madison                   |   | 869,864                                              |   | 5.0              | -      33.0 |
| Hannah's      Mill        |   | 1,170,060                                            |   | 5.0              | -      30.0 |
| Longleaf      Apts.       |   | 773,856                                              |   | 5.0              | -      30.0 |
| Sylacauga      Garden     |   | 1,284,495                                            |   | 5.0              | -      27.5 |
| Monroe      Family        |   | 1,196,889                                            |   | 5.0              | -      27.5 |
| Casa      Linda           |   | 840,154                                              |   | 5.0              | -      40.0 |
| Eagle's      Bay          |   | 771,191                                              |   | 5.0              | -      50.0 |
| Sage                      |   | 900,281                                              |   | 5.0              | -      40.0 |
| Middleport                |   | 549,783                                              |   | 5.0              | -      27.5 |
| Morgantown                |   | 640,105                                              |   | 5.0              | -      27.5 |
| Cuthbert      Elderly     |   | 644,362                                              |   | 5.0              | -      30.0 |
| Mabank      1988          |   | 868,443                                              |   | 5.0              | -      35.0 |
| Buena      Vista          |   | 505,760                                              |   | 5.0              | -      30.0 |
| Woodcroft                 |   | 580,672                                              |   | 5.0              | -      50.0 |
| Spring      Creek         |   | 361,942                                              |   | 5.0              | -      40.0 |
| Spring      Creek         |   | 374,131                                              |   | 5.0              | -      30.0 |
| Milton      Elderly       |   | 829,489                                              |   | 5.0              | -      30.0 |
| Stone      Arbor          |   | 735,661                                              |   | 5.0              | -      50.0 |
| Centralia      II         |   | 646,169                                              |   | 5.0              | -      27.5 |
| Poteau      IV            |   | 518,079                                              |   | 5.0              | -      25.0 |
| Barling                   |   | 839,023                                              |   | 5.0              | -      25.0 |
| Booneville                |   | 1,271,142                                            |   | 5.0              | -      25.0 |
| Augusta                   |   | 1,747,513                                            |   | 5.0              | -      25.0 |
| Mathis      Retirement    |   | 411,656                                              |   | 5.0              | -      50.0 |
| Sabinal      Housing      |   | 300,391                                              |   | 5.0              | -      50.0 |
| Kingsland      Housing    |   | 411,748                                              |   | 5.0              | -      50.0 |
| Poteau      Prop. III     |   | 428,423                                              |   | 5.0              | -      25.0 |
| Decatur      Properties   |   | 704,766                                              |   | 5.0              | -      25.0 |
| Broken      Bow Prop II   |   | 1,234,003                                            |   | 5.0              | -      25.0 |
| Turtle      Creek II      |   | 1,128,270                                            |   | 5.0              | -      25.0 |
| Hartwell      Elderly     |   | 511,819                                              |   | 5.0              | -      27.5 |
|                      |   |                                                 |   |             |   |
| Total                     |   | $     35,291,195            |   |             |   |

----

| Reconciliation      of Land, Building & Improvements current year changes: |                                            |          |
|--------------------------------------------------------------------------------|-------------------------------------------------|---------------|
| Balance      at beginning of period - December 31, 2007                        |                                            |          | $      82,065,775  |
| Additions      during period:                                                  |                                            |          |   |
|                                                                           | Acquisitions      through foreclosure           | 0        |   |   |
|                                                                           | Other      acquisitions                         | 201,946  |   |   |
|                                                                           | Improvements,      etc.                         | 0        |   |   |
|                                                                           | Other                                           | 0        |   |   |
|                                                                           |                                            |          |   | 201,946  |
| Deductions      during period:                                                 |                                            |          |   |
|                                                                           | Cost      of retired assets                     | (23,069,335)  |   |   |
|                                                                           | Other                                           | 0        |   |   |
|                                                                           |                                            |          |   | (23,069,335) |
|                                                                           |                                            |          |   |   |
| Balance      at end of period - December 31, 2008                              |                                            |          | $      59,198,386  |
|                                                                           |                                            |          |   |   |
|                                                                           |                                            |          |   |   |
| Reconciliation      of Accumulated Depreciation current year changes:          |                                            |          |
| Balance      at beginning of period - December 31, 2007                        |                                            |          | $      46,432,941  |
|                                                                           | Adjustment      to prior year's depreciation    |          |   | (5,862) |
|                                                                           | Accumulated      depreciation of retired assets |          |   | (12,926,516) |
|                                                                           | Current      year expense                       |          |   | 1,790,632  |
|                                                                           |                                            |          |   |   |
| Balance      at end of period - December 31, 2008                              |                                            |          | $      35,291,195  |
|                                                                           |                                            |          |   |   |

----

| PARTNERSHIP             |   | #      OF UNITS |   | BALANCE                                                          |   | INTEREST      RATE |   | MONTHLY      DEBT SERVICE |   | TERM      (YEARS) |
|-------------------------|--------|-----------------|--------|------------------------------------------------------------------|--------|--------------------|--------|---------------------------|--------|-------------------|
|                    |   |            |   |                                                             |
|                    |   |            |   |                                                             |
|                    |   |            |   |                                                             |   |               |   |                      |   |              |
| Laynecrest              |   | 48              |   | $         1,416,930 |   | 10.63%             |   | 13,193                    |   | 50                |
| Martindale              |   | 30              |   | 902,029                                                          |   | 9.50%              |   | 7,591                     |   | 50                |
| La      Villa Elena     |   | 54              |   | 1,409,213                                                        |   | 9.00%              |   | 11,397                    |   | 50                |
| Rio      Abajo          |   | 42              |   | 1,343,230                                                        |   | 9.50%              |   | 11,306                    |   | 50                |
| Fortville      II       |   | 24              |   | 645,435                                                          |   | 9.00%              |   | 5,214                     |   | 50                |
| Summitville             |   | 24              |   | 705,572                                                          |   | 9.00%              |   | 5,691                     |   | 50                |
| Suncrest                |   | 40              |   | 1,418,295                                                        |   | 9.00%              |   | 11,372                    |   | 50                |
| Brandywine      III     |   | 32              |   | 1,042,263                                                        |   | 9.00%              |   | 8,429                     |   | 50                |
| Concord      IV         |   | 32              |   | 1,043,171                                                        |   | 9.50%              |   | 8,822                     |   | 50                |
| Dunbarton      Oaks III |   | 32              |   | 1,047,597                                                        |   | 9.00%              |   | 8,270                     |   | 50                |
| Federal      Manor      |   | 32              |   | 1,112,176                                                        |   | 9.00%              |   | 8,994                     |   | 50                |
| Mulberry      Hill IV   |   | 16              |   | 583,605                                                          |   | 9.50%              |   | 4,822                     |   | 50                |
| Madison                 |   | 39              |   | 1,267,594                                                        |   | 9.50%              |   | 9,604                     |   | 50                |
| Hannah's      Mill      |   | 50              |   | 1,419,281                                                        |   | 9.50%              |   | 11,920                    |   | 50                |
| Longleaf      Apts.     |   | 36              |   | 934,567                                                          |   | 9.50%              |   | 7,852                     |   | 50                |
| Sylacauga      Garden   |   | 42              |   | 1,355,276                                                        |   | 9.00%              |   | 10,941                    |   | 50                |
| Monroe      Family      |   | 48              |   | 1,409,335                                                        |   | 9.00%              |   | 11,294                    |   | 50                |
| Casa      Linda         |   | 41              |   | 1,330,018                                                        |   | 9.50%              |   | 11,167                    |   | 50                |
| Eagle's      Bay        |   | 40              |   | 1,426,035                                                        |   | 8.75%              |   | 11,153                    |   | 50                |
| Sage                    |   | 44              |   | 1,418,573                                                        |   | 8.75%              |   | 11,087                    |   | 50                |
| Middleport              |   | 25              |   | 914,086                                                          |   | 8.75%              |   | 7,144                     |   | 50                |
| Morgantown              |   | 24              |   | 763,753                                                          |   | 9.25%              |   | 6,226                     |   | 50                |
| Cuthbert      Elderly   |   | 32              |   | 791,518                                                          |   | 8.75%              |   | 6,189                     |   | 50                |
| Mabank 1988             |   | 42              |   | 1,073,458                                                        |   | 8.75%              |   | 8,345                     |   | 50                |
| Buena      Vista        |   | 24              |   | 634,731                                                          |   | 9.25%              |   | 5,187                     |   | 50                |
| Woodcroft               |   | 32              |   | 1,115,526                                                        |   | 9.00%              |   | 8,912                     |   | 50                |
| Spring      Creek       |   | 18              |   | 474,573                                                          |   | 9.00%              |   | 4,591                     |   | 50                |
| Spring      Creek       |   | 24              |   | 842,394                                                          |   | 11.50%             |   | 5,223                     |   | 50                |
| Milton      Elderly     |   | 43              |   | 1,046,041                                                        |   | 9.25%              |   | 8,547                     |   | 50                |
| Stone      Arbor        |   | 40              |   | 1,440,066                                                        |   | 9.25%              |   | 11,759                    |   | 50                |
| Centralia      II       |   | 24              |   | 772,406                                                          |   | 8.75%              |   | 6,031                     |   | 50                |
| Poteau      IV          |   | 32              |   | 539,252                                                          |   | 9.00%              |   | 4,777                     |   | 50                |
| Barling                 |   | 48              |   | 833,428                                                          |   | 9.00%              |   | 7,382                     |   | 50                |
| Booneville              |   | 48              |   | 1,288,946                                                        |   | 8.25%              |   | 10,250                    |   | 50                |
| Augusta                 |   | 66              |   | 1,852,452                                                        |   | 8.75%              |   | 14,465                    |   | 50                |
| Mathis      Retirement  |   | 36              |   | 844,662                                                          |   | 9.50%              |   | 7,082                     |   | 50                |
| Sabinal      Housing    |   | 24              |   | 583,170                                                          |   | 9.00%              |   | 4,674                     |   | 50                |
| Kingsland      Housing  |   | 34              |   | 814,991                                                          |   | 9.00%              |   | 6,554                     |   | 50                |
| Poteau      Prop. III   |   | 19              |   | 447,164                                                          |   | 9.00%              |   | 3,569                     |   | 50                |
| Decatur      Properties |   | 24              |   | 746,697                                                          |   | 8.75%              |   | 5,801                     |   | 50                |
| Broken      Bow Prop II |   | 46              |   | 1,433,379                                                        |   | 8.75%              |   | 11,110                    |   | 50                |
| Turtle      Creek II    |   | 42              |   | 1,203,810                                                        |   | 9.00%              |   | 9,818                     |   | 50                |
| Hartwell      Elderly   |   | 24              |   | 646,959                                                          |   | 8.75%              |   | 5,045                     |   | 50                |
|                    |   |            |   |                                                             |   |               |   |                      |   |              |
| TOTAL                   |   | 1,517           |   | $       44,333,657            |   |               |   |                      |   |              |

----

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

| Date:      June 29,      2009 | By:/s/ Ronald M.      DinerRonald      M. Diner               |
|-------------------------------|---------------------------------------------------------------|
|                          | President                                                     |
|                          |                                                          |
|                          |                                                          |
| Date:      June 29,      2009 | By:/s/ J. Davenport Mosby      IIIJ.      Davenport Mosby III |
|                          | Director                                                      |
|                          |                                                          |
|                          |                                                          |
| Date:      June 29,      2009 | By:/s/ Jonathan      OorlogJonathan      Oorlog               |
|                          | Vice      President and Chief Financial Officer               |
|                          |                                                          |
|                          |                                                          |
| Date:      June 29,      2009 | By:/s/ Sandra C.      HumphreysSandra      C. Humphreys       |
|                          | Secretary      andTreasurer                                   |