|   | 1.      I have reviewed this Third Amended Annual Report on Form 10-K/A-3 of      Gateway Tax Credit Fund III, Ltd.; |
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|   | 2.      Based on my knowledge, this report does not contain any untrue statement      of a material fact or omit to state a material fact necessary to make the      statements made, in light of the circumstances under which such statements      were made, not misleading with respect to the period covered by this      report; |
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|   | 3.      Based on my knowledge, the financial statements, and other financial      information included in this report, fairly present in all material      respects the financial condition, results of operations and cash flows of      the registrant as of, and for, the periods presented in this      report; |
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|   | 4.      The registrant's other certifying officer and I are responsible for      establishing and maintaining disclosure controls and procedures (as      defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal      control over financial reporting (as defined in Exchange Act Rules      13a–15(f) and 15d–15(f)) for the registrant and  have: |
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|   | (a) Designed      such disclosure controls and procedures, or caused such disclosure      controls  and procedures to be designed under our supervision, to      ensure that material  information relating to the registrant,      including its consolidated subsidiaries is  made known to us by      others within those entities, particularly during the period in       which this report is beingprepared; |
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|   | (b) Designed      such internal control over financial reporting, or caused such internal       control over financial reporting to be designed under our      supervision, to provide  reasonable assurance regarding the      reliability of financial reporting and the  preparation of financial      statements for external purposes in accordance with  generally      accepted accounting principles; |
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|   | (c) Evaluated      the effectiveness of the registrant's disclosure controls and procedures       and presented in this report our conclusions about the effectiveness      of the  disclosure controls and procedures, as of the end of the      period covered by this  report based on such evaluation;      and |
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|   | (d) Disclosed      in this report any change in the registrant's internal control over       financial reporting that occurred during the registrant's most      recent fiscal quarter  (the registrant's fourth fiscal quarter in the      case of an annual report) that has  materially affected, or is      reasonably likely to materially affect, the registrant's  internal      control over financial reporting;and |
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|   | 5.      The registrant's other certifying officer and I have disclosed, based on      our most recent evaluation of internal control over financial reporting,      to the registrant's auditors and the audit committee of the registrant's      board of directors (or persons performing the equivalent      functions): |
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|   | (a) All      significant deficiencies and material weaknesses in the design or      operation of  internal control over financial reporting which are      reasonably likely to adversely  affect the registrant's ability to      record, process, summarize and report financial  information;      and |
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|   | (b) Any      fraud, whether or not material, that involves management or other      employees who  have a significant role in the registrant's internal      control over financial reporting. |
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| Date:      January 20,      2009                |
|-------------------------------------------------|
|                                            |   |
| By:/s/ Jonathan      Oorlog                     |   |
| Vice      President and Chief Financial Officer |   |
| Raymond      James Tax Credit Funds, Inc.       |   |
| (the      Managing General Partner)             |   |