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

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

| Florida                                                             |   | 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 |
|----------------------------------------------------------------|--------|---------------------|

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

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

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

----

----

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

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

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

|   | (Unaudited) |
|--------|-------------|

|                                                 |   | September      30,                                       |   | March      31,                         |
|------------------------------------------------------|--------|----------------------------------------------------------|--------|----------------------------------------|
|                                                 |   | 2008                                                     |   | 2008                                   |
| ASSETS                                               |   |                                                     |   |                                   |
| Current      Assets:                                 |   |                                                     |   |                                   |
| Cash      and Cash Equivalents                       |   | $       490,697  |   | $    350,280  |
| Investment      in Securities                        |   | -                                                   |   | 202,647                           |
| Receivable      - Other                              |   | 101,450                                             |   | -                                 |
| Investments      in Project Partnerships, net        |   | 131,399                                             |   | 124,138                           |
| Investment      in Project Partnership Held for Sale |   | -                                                   |   | 293,885                           |
|                                                 |   |                                                     |   |                                   |
| Total      Current Assets                            |   | 723,546                                             |   | 970,950                           |
|                                                 |   |                                                     |   |                                   |
| Total      Assets                                    |   | $       723,546  |   | $    970,950  |
|                                                 |   |                                                     |   |                                   |
| LIABILITIES      AND PARTNERS' DEFICIT               |   |                                                     |   |                                   |
| Current      Liabilities:                            |   |                                                     |   |                                   |
| Payable      to General Partners                     |   | $    5,060,498                  |   | $      4,945,524                  |
| Distribution      Payable                            |   | 3,280                                               |   | -                                 |
| Deferred      Gain on Sale of Project Partnerships   |   | 67,661                                              |   | -                                 |
| Accounts      Payable - Other                        |   | 5,435                                               |   | 6,131                             |
|                                                 |   |                                                     |   |                                   |
| Total      Current Liabilities                       |   | 5,136,874                                           |   | 4,951,655                         |
|                                                 |   |                                                     |   |                                   |
| Partners'      Equity (Deficit):                     |   |                                                     |   |                                   |
| Limited      Partners (25,566 units outstanding      |   |                                                     |   |                                   |
| at      September 30, 2008 and March 31, 2008)       |   | (5,022,921)                                              |   | (4,571,641)                            |
| General      Partners                                |   | 609,593                                             |   | 590,936                           |
|                                                 |   |                                                     |   |                                   |
| Total      Partners' Deficit                         |   | (4,413,328)                                              |   | (3,980,705)                            |
|                                                 |   |                                                     |   |                                   |
| Total      Liabilities and Partners' Deficit         |   | $       723,546  |   | $    970,950  |
|                                                 |   |                                                     |   |                                   |
|                                                 |   |                                                     |   |                                   |
| See      accompanying notes to financialstatements.  |

----

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

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

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

|   | FOR THE THREE MONTHS      ENDED SEPTEMBER 30, 2008 AND      2007 |
|--------|------------------------------------------------------------------|

|   | (Unaudited) |
|--------|-------------|

|                                                               |   | 2008                                             |   | 2007                                             |
|--------------------------------------------------------------------|--------|--------------------------------------------------|--------|--------------------------------------------------|
| Revenues:                                                          |   |                                             |   |                                             |
| Distribution      Income                                           |   | $    15,973             |   | $      4,663  |
|                                                               |   |                                             |   |                                             |
| Total      Revenues                                                |   | 15,973                                      |   | 4,663                                       |
|                                                               |   |                                             |   |                                             |
| Expenses:                                                          |   |                                             |   |                                             |
| Asset      Management Fee - General Partner                        |   | 78,727                                      |   | 99,115                                      |
| General      and Administrative:                                   |   |                                             |   |                                             |
| General      Partner                                               |   | -                                           |   | 52,772                                      |
| Other                                                              |   | 43,086                                      |   | 39,011                                      |
|                                                               |   |                                             |   |                                             |
| Total      Expenses                                                |   | 121,813                                     |   | 190,898                                     |
|                                                               |   |                                             |   |                                             |
| Loss      Before Equity in Income of Project                       |   |                                             |   |                                             |
| Partnerships      and Other Income                                 |   | (105,840)                                        |   | (186,235)                                        |
|                                                               |   |                                             |   |                                             |
| Equity      in Income of Project Partnerships                      |   | 8,090                                       |   | 30,025                                      |
| Gain      on Sale of Project Partnerships                          |   | 230,135                                     |   | 681,369                                     |
| Minority      Interest in Loss of Consolidated Project Partnership |   | -                                           |   | 57                                          |
| Interest      Income                                               |   | 4,152                                       |   | 11,540                                      |
|                                                               |   |                                             |   |                                             |
| Net      Income from Continuing Operations                         |   | $  136,537                        |   | $  536,756                        |
|                                                               |   |                                             |   |                                             |
| Income      from Discontinued Operations (See Notes 2 & 6)     |   | 1,060,468                                   |   | 3,384                                       |
|                                                               |   |                                             |   |                                             |
| Net      Income                                                    |   | $1,197,005                                  |   | $  540,140                        |
|                                                               |   |                                             |   |                                             |
| Allocation      of Net Income:                                     |   |                                             |   |                                             |
| Limited      Partners                                              |   | $1,185,035                                  |   | $  534,738                        |
| General      Partners                                              |   | 11,970                                      |   | 5,402                                       |
|                                                               |   |                                             |   |                                             |
|                                                               |   | $1,197,005                                  |   | $  540,140                        |
|                                                               |   |                                             |   |                                             |
| Net      Income Per Limited Partnership Unit                       |   | $      46.35  |   | $      20.92  |
|                                                               |   |                                             |   |                                             |
| Number      of Limited Partnership Units Outstanding               |   | 25,566                                      |   | 25,566                                      |
|                                                               |   |                                             |   |                                             |
|                                                               |   |                                             |   |                                             |
| See      accompanying notes to financialstatements.                |

----

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

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

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

|   | FOR THE SIX MONTHS ENDED      SEPTEMBER 30, 2008 AND      2007 |
|--------|----------------------------------------------------------------|

|   | (Unaudited) |
|--------|-------------|

|                                                                  |   | 2008                                                         |   | 2007                                                                     |
|-----------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------------------|
| Revenues:                                                             |   |                                                         |   |                                                                     |
| Distribution      Income                                              |   | $    31,627                         |   | $    43,346                                     |
|                                                                  |   |                                                         |   |                                                                     |
| Total      Revenues                                                   |   | 31,627                                                  |   | 43,346                                                              |
|                                                                  |   |                                                         |   |                                                                     |
| Expenses:                                                             |   |                                                         |   |                                                                     |
| Asset      Management Fee - General Partner                           |   | 160,832                                                 |   | 201,252                                                             |
| General      and Administrative:                                      |   |                                                         |   |                                                                     |
| General      Partner                                                  |   | -                                                       |   | 104,564                                                             |
| Other                                                                 |   | 61,194                                                  |   | 49,798                                                              |
|                                                                  |   |                                                         |   |                                                                     |
| Total      Expenses                                                   |   | 222,026                                                 |   | 355,614                                                             |
|                                                                  |   |                                                         |   |                                                                     |
| Loss      Before Equity in Income of Project                          |   |                                                         |   |                                                                     |
| Partnerships      and Other Income                                    |   | (190,399)                                                    |   | (312,268)                                                                |
|                                                                  |   |                                                         |   |                                                                     |
| Equity      in Income of Project Partnerships                         |   | 9,116                                                   |   | 28,207                                                              |
| Gain      on Sale of Project Partnerships                             |   | 476,435                                                 |   | 904,374                                                             |
| Minority      Interest in Loss of Consolidated Project Partnership    |   | -                                                       |   | 114                                                                 |
| Interest      Income                                                  |   | 8,231                                                   |   | 22,851                                                              |
|                                                                  |   |                                                         |   |                                                                     |
| Net      Income from Continuing Operations                            |   | $    303,383                        |   | $      643,278                        |
|                                                                  |   |                                                         |   |                                                                     |
| Income      (Loss) from Discontinued Operations (See Notes 2 & 6) |   | 1,031,135                                               |   | (2,808)                                                                  |
|                                                                  |   |                                                         |   |                                                                     |
| Net      Income                                                       |   | $      1,334,518                                        |   | $      640,470                        |
|                                                                  |   |                                                         |   |                                                                     |
| Allocation      of Net Income:                                        |   |                                                         |   |                                                                     |
| Limited      Partners                                                 |   | $      1,321,173                                        |   | $      634,065                        |
| General      Partners                                                 |   | 13,345                                                  |   | 6,405                                                               |
|                                                                  |   |                                                         |   |                                                                     |
|                                                                  |   | $      1,334,518                                        |   | $      640,470                        |
|                                                                  |   |                                                         |   |                                                                     |
| Net      Income Per Limited Partnership Unit                          |   | $        51.68  |   | $          24.80  |
|                                                                  |   |                                                         |   |                                                                     |
| Number      of Limited Partnership Units Outstanding                  |   | 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 SIX MONTHS ENDED      SEPTEMBER 30, 2008 AND      2007 |
|--------|----------------------------------------------------------------|

|   | (Unaudited) |
|--------|-------------|

|                                                | Limited            |   | General                                |   |               |
|-----------------------------------------------------|--------------------|--------|----------------------------------------|--------|--------------------|
|                                                | Partners'          |   | Partners'                              |   |               |
|                                                | Deficit            |   | Equity                                 |   | Total              |
|                                                |               |   |                                   |   |               |
| Balance      at March 31, 2007                      | $      (4,014,192) |   | $    261,735  |   | $      (3,752,457) |
|                                                |               |   |                                   |   |               |
| Capital      Contributions                          | -             |   | 318,720                           |   | 318,720       |
|                                                |               |   |                                   |   |               |
| Net      Income                                     | 634,065       |   | 6,405                             |   | 640,470       |
|                                                |               |   |                                   |   |               |
| Distributions                                       | (1,222,924)        |   | -                                 |   | (1,222,924)        |
|                                                |               |   |                                   |   |               |
| Balance      at September 30, 2007                  | $      (4,603,051) |   | $    586,860  |   | $      (4,016,191) |
|                                                |               |   |                                   |   |               |
|                                                |               |   |                                   |   |               |
| Balance      at March 31, 2008                      | $      (4,571,641) |   | $    590,936  |   | $      (3,980,705) |
|                                                |               |   |                                   |   |               |
| Capital      Contributions                          | -             |   | 5,312                             |   | 5,312         |
|                                                |               |   |                                   |   |               |
| Net      Income                                     | 1,321,173     |   | 13,345                            |   | 1,334,518     |
|                                                |               |   |                                   |   |               |
| Distributions                                       | (1,772,453)        |   | -                                 |   | (1,772,453)        |
|                                                |               |   |                                   |   |               |
| Balance      at September 30, 2008                  | $      (5,022,921) |   | $    609,593  |   | $      (4,413,328) |
|                                                |               |   |                                   |   |               |
|                                                |               |   |                                   |   |               |
| See      accompanying notes to financialstatements. |

----

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

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

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

|   | FOR THE SIX MONTHS ENDED      SEPTEMBER 30, 2008 AND      2007 |
|--------|----------------------------------------------------------------|

|   | (Unaudited) |
|--------|-------------|

|                                                                                                             |   | 2008                                                                                                     |   | 2007                                                                                                     |
|------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
| Cash      Flows from Operating Activities:                                                                       |   |                                                                                                     |   |                                                                                                     |
| Net      Income                                                                                                  |   | $1,334,518                                                                                          |   | $  640,470                                                                                |
| Adjustments      to Reconcile Net Income to                                                                      |   |                                                                                                     |   |                                                                                                     |
|              Net Cash Used in Operating Activities                            |   |                                                                                                     |   |                                                                                                     |
|          Premium on Investment in Securities                                                           |   | 70                                                                                                  |   | 53                                                                                                  |
|          Equity in Income of Project Partnerships                                                 |   | (9,116)                                                                                                  |   | (28,207)                                                                                                 |
|          Gain on Sale of Project Partnerships                                                     |   | (476,435)                                                                                                |   | (904,374)                                                                                                |
|          Discontinued Operations                                                                  |   | (1,031,135)                                                                                              |   | 2,808                                                                                               |
|          Minority Interest in Loss of Consolidated Project      Partnership                            |   | -                                                                                                   |   | (114)                                                                                                    |
|          Distribution Income                                                                      |   | (31,627)                                                                                                 |   | (43,346)                                                                                                 |
|              Changes in Operating Assets and Liabilities:                     |   |                                                                                                     |   |                                                                                                     |
|                  Decrease in Accounts Receivable          |   | -                                                                                                   |   | 1,294                                                                                               |
|                  Decrease (Increase) in Interest    Receivable |   | 2,577                                                                                               |   | (2,577)                                                                                                  |
|                  Decrease in Accounts Payable - Other          |   | (696)                                                                                                    |   | -                                                                                                   |
|                  Increase in Payable to General Partners       |   | 118,234                                                                                             |   | 190,860                                                                                             |
|          Net Cash Used in Operating Activities                                                    |   | (93,610)                                                                                                 |   | (143,133)                                                                                                |
|                                                                                                             |   |                                                                                                     |   |                                                                                                     |
| Cash      Flows from Investing Activities:                                                                       |   |                                                                                                     |   |                                                                                                     |
| Distributions      Received from Project Partnerships                                                            |   | 33,482                                                                                              |   | 50,483                                                                                              |
| Net      Proceeds from Sale of Project Partnerships                                                              |   | 1,767,666                                                                                           |   | 903,737                                                                                             |
| Redemption      of Investment Securities                                                                         |   | 200,000                                                                                             |   | -                                                                                                   |
| Purchase      of Investment Securities                                                                           |   | -                                                                                                   |   | (200,266)                                                                                                |
| Net      Cash Provided by Investing Activities                                                                   |   | 2,001,148                                                                                           |   | 753,954                                                                                             |
|                                                                                                             |   |                                                                                                     |   |                                                                                                     |
| Cash      Flows from Financing Activities:                                                                       |   |                                                                                                     |   |                                                                                                     |
| Distributions      to Limited Partners                                                                           |   | (1,767,121)                                                                                              |   | (994,772)                                                                                                |
| Net      Cash Used in Financing Activities                                                                       |   | (1,767,121)                                                                                              |   | (994,772)                                                                                                |
|                                                                                                             |   |                                                                                                     |   |                                                                                                     |
| Increase      (Decrease) in Cash and Cash Equivalents                                                            |   | 140,417                                                                                             |   | (383,951)                                                                                                |
| Cash      and Cash Equivalents at Beginning of Year                                                              |   | 350,280                                                                                             |   | 1,014,950                                                                                           |
|                                                                                                             |   |                                                                                                     |   |                                                                                                     |
| Cash      and Cash Equivalents at End of Period                                                                  |   | $    490,697                                                                    |   | $    630,999                                                                    |
|                                                                                                             |   |                                                                                                     |   |                                                                                                     |
| Supplemental      disclosure of non-cash activities:                                                             |   |                                                                                                     |   |                                                                                                     |
|          Increase in Distribution Payable                                                         |   | $        5,312                                              |   | $    501,335                                                                    |
|          Distribution to Limited Partners                                                         |   | (5,312)                                                                                                  |   | (501,335)                                                                                                |
|          Increase in Receivable - Other                                                           |   | (101,450)                                                                                                |   | (28,000)                                                                                                 |
|          Increase in Deferred Gain on Sale of Project Partnerships                                |   | 67,661                                                                                              |   | 27,362                                                                                              |
|          Increase in Payable to General Partners                                                  |   | 5,239                                                                                               |   | 638                                                                                                 |
|          Net Proceeds from Sale of Project Partnerships                                           |   | 28,550                                                                                              |   | -                                                                                                   |
|          Decrease in Payable to General Partners                                                  |   | (5,312)                                                                                                  |   | (318,720)                                                                                                |
|          Capital Contributions                                                                    |   | 5,312                                                                                               |   | 318,720                                                                                             |
|                                                                                                             |   | $                -  |   | $                -  |
|                                                                                                             |   |                                                                                                     |   |                                                                                                     |
|                                                                                                             |   |                                                                                                     |   |                                                                                                     |
| See      accompanying notes to financialstatements.                                                              |

----

----

|                                                  | 2008                                                                                                     |   | 2007                            |
|-------------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|---------------------------------|
| Rental      Revenue                                   | $                -  |   | $   54,671  |
| Rental      Operating Expenses                        | -                                                                                                   |   | (37,326)                        |
| Interest      Expense                                 | -                                                                                                   |   | (9,099)                         |
| Depreciation      Expense                             | -                                                                                                   |   | (19,692)                        |
| Equity      in Income of Project Partnerships         | -                                                                                                   |   | 8,570                      |
| Gain      on Sale of Project Partnerships             | 1,031,135                                                                                           |   | -                          |
| Interest      Income                                  | -                                                                                                   |   | 68                         |
| Total      Income (Loss) from Discontinued Operations |  $      1,031,135                                                                              |   | $        (2,808)           |

----

----

|                       | September      30, 2008                                                                                                                |   | March      31, 2008                                                  |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
| Amortized      Cost        | $                     -  |   | $         202,647  |
| Gross      Unrealized Loss | -                                                                                                                                 |   | (803)                                                                |
|                       |                                                                                                                                   |   |                                                                 |
| Fair      Value            | $                    -        |   | $         201,844  |

----

|  As      of September 30, 2008, Gateway holds a 99% interest in the profits,      losses, and Tax Credits as a limited partner in 45 Project Partnerships      holding 47 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:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | September      30, |   | March      31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2008 |   | 2008 |   |
| Capital      Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| and      purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| interests      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $     9,782,402  |   | $   12,794,791  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| Cumulative      equity in losses of Project Partnerships (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (10,111,188) |   | (12,793,161) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| Cumulative      distributions received from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (367,490) |   | (605,078) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| Investment      in Project Partnerships before Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (696,276) |   | (603,448) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| Excess      of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| assets      acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |
| Acquisition      fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 1,221,318  |   | 1,617,977  |   |
| Accumulated      amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| fees      and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (393,643) |   | (596,506) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| Investments      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $        131,399  |   | $        418,023  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of      $14,516,611 for the period ended September 30, 2008 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 period ended September      30, 2007, on a three month lag, below is the summarized balance sheets for      the Project Partnerships as of June 30 and the summarized statements of      operations for the six months ended June 30 of each  year: |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   | 2008 |   | 2007 |   |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                               |   | $       5,539,175  |   | $       7,939,952  |   |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                                   |   | 25,582,177  |   | 41,057,452  |   |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                 |   | 64,406  |   | 905,333  |   |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                 |   | $     31,185,758  |   | $     49,902,737  |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                          |   | $       1,378,669  |   | $       3,240,364  |   |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                               |   | 46,723,243  |   | 67,554,368  |   |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                            |   | 48,101,912  |   | 70,794,732  |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
|  Partners'      deficit                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                              |   | (16,024,470) |   | (18,839,584) |   |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                             |   | (891,684) |   | (2,052,411) |   |
| Total      Partners' deficit                                                                                                                                                                                                                                                                                                                                                                      |   | (16,916,154) |   | (20,891,995) |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                                      |   | $     31,185,758  |   | $     49,902,737  |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                          |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                      |   | $       3,722,799  |   | $       5,777,275  |   |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                           |   | 2,553,721  |   | 3,909,166  |   |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                             |   | 510,155  |   | 781,904  |   |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                                |   | 942,483  |   | 1,373,140  |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                               |   | 4,006,359  |   | 6,064,210  |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                     |   | $         (283,560) |   | $         (286,935) |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                            |   | $             (2,835) |   | $             (2,869) |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                                  |   | $         (280,725) |   | $         (284,066) |   |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                             |   | 289,841  |   | 320,843  |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Equity      in Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                                     |   | $              9,116  |   | $            28,207  |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Equity      in Income of Project Partnerships - Held for Sale                                                                                                                                                                                                                                                                                                                                     |   | $                      -  |   | $              8,570  |   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Gateway's deficit      as reflected by the Project Partnerships of $(16,024,470) differs from      Gateway's Investments in Project Partnerships before acquisition fees and      expenses and amortization of $(696,276) 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                                                                            |  Deferred      Gainon      Disposal    |
|------------------------------------|-------------------------------------------|---------------------------------------|-----------------------------------------|----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|---------------------------------------------|
| September      2008                | Winder      Apartments, Ltd.              | $    38,160  | $    1.49      | $                -  | $                  -  | $     38,160  |
| 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) | 1,296,230                        | 50.70                              | -                                                                                                   | 1,030,895                                                                                                       | -                                      |
| August      2008                   | Laurel      Apartments                    | 226,840                          | 8.87                               | 226,840                                                                                             | -                                                                                                               | -                                      |
| June      2008                     | Middlefield,      Limited                 | 117,530                          | 4.60                               | 117,530                                                                                             | -                                                                                                               | -                                      |
| June      2008                     | Pulaski      Village                      | 128,770                          | 5.03                               | 128,770                                                                                             | -                                                                                                               | -                                      |
|                               | Other,      net (see below)               | -                                | -                                  | 3,295                                                                                               | 240                                                                                                             | -                                      |
|                               |                                      |                                  |                                    | $    476,435                                                                    | $    1,031,135                                                                              | $     67,661  |

| Riverside      Apartments              | $   5,312  |
|----------------------------------------|--------------------------------|
|                                   |                           |
| Total      Re-syndication contribution | $   5,312  |

----

|  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             |

----

|                                            | September      30, 2008                                                                    |   | September      30, 2007                                                                    |
|-------------------------------------------------|--------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|
| Total      Revenue                              | $            31,627       |   | $            43,346       |
| Net      Income from Continuing Operations      | 303,383                                                                               |   | 643,278                                                                               |
| Income      (Loss) from Discontinued Operations | 240                                                                                   |   | (11,378)                                                                                   |
| Net      Income                                 | 303,623                                                                               |   | 631,900                                                                               |
| Net      Income Per Limited Partnership Unit    | $             11.76  |   | $             24.47  |

----

----

----

|  TransactionMonth      / Year |   Project      Partnership      |  Net  Proceeds         |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal                                                                   | Component      of Discontinued Operations                                                                            |  Deferred      Gainon      Disposal    |
|------------------------------------|-------------------------------------------|---------------------------------------|-----------------------------------------|----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|---------------------------------------------|
| September      2008                | Winder      Apartments, Ltd.              | $    38,160  | $    1.49      | $                -  | $                  -  | $     38,160  |
| 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) | 1,296,230                        | 50.70                              | -                                                                                                   | 1,030,895                                                                                                       | -                                      |
| August      2008                   | Laurel      Apartments                    | 226,840                          | 8.87                               | 226,840                                                                                             | -                                                                                                               | -                                      |
| June      2008                     | Middlefield,      Limited                 | 117,530                          | 4.60                               | 117,530                                                                                             | -                                                                                                               | -                                      |
| June      2008                     | Pulaski      Village                      | 128,770                          | 5.03                               | 128,770                                                                                             | -                                                                                                               | -                                      |
|                               | Other,      net (see below)               | -                                | -                                  | 3,295                                                                                               | 240                                                                                                             | -                                      |
|                               |                                      |                                  |                                    | $    476,435                                                                    | $    1,031,135                                                                              | $     67,661  |

| Riverside      Apartments              | $   5,312  |
|----------------------------------------|--------------------------------|
|                                   |                           |
| Total      Re-syndication contribution | $   5,312  |

----

|  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             |

----

| The      Meadows Associates |   |
|-----------------------------|--------|

| Buena      Vista Housing, Ltd., L.P.    | Hannah’s      Mill Apartments, Ltd. |
|-----------------------------------------|-------------------------------------------|
| Mabank      1988 Limited                | Casa      Linda Limited Partnership       |
| La      Villa Elena Limited Partnership | Rio      Abajo                            |
| Sage      Limited Partnership           | Limestone      Estates                    |
| 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. | Spring      Creek Apartments, Ltd. (GA) |
|-------------------------------------|-----------------------------------------|
| Madison,      Ltd.                  | Middleport      Limited Partnership     |
| Longleaf      Apartments, Ltd.      |                                    |

| Sylacauga      Garden Apartments III, Ltd.                   | Spring      Creek Apartments, Ltd. (AL)       |
|--------------------------------------------------------------|-----------------------------------------------|
| Monroe      Family, Ltd.                                     | Hartwell      Elderly, Ltd., L.P.             |
| Eagle’s      Bay Limited Partnership                   | Stone      Arbor Limited Partnership          |
| Suncrest      Limited Partnership                            | Woodcroft      Limited Partnership            |
| Laynecrest      Associates Limited Partnership               | Martindale      Limited Partnership           |
| Village      Apartments of Centralia II, Limited Partnership | Village      Apartments of Fortville II, L.P. |
| Village      Apartments of Morgantown, Limited Partnership   | Village      Apartments of Summitville, L.P.  |

----

----

----

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

| Date:      November      14,      2008 | By:/s/ Ronald M.      DinerRonald      M. Diner         |
|----------------------------------------|---------------------------------------------------------|
|                                   | President                                               |
|                                   |                                                    |
|                                   |                                                    |
| Date:      November      14,      2008 | By:/s/ Jonathan      OorlogJonathan      Oorlog         |
|                                   | Vice      President and Chief Financial Officer         |
|                                   |                                                    |
|                                   |                                                    |
| Date:      November      14,      2008 | By:/s/ Sandra C.      HumphreysSandra      C. Humphreys |
|                                   | Secretary      and Treasurer                            |