UNITED STATES
                            SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, DC  20549

                                         FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE
SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended                  June 30, 1997 

Commission File Number              0-17711              

                       Gateway Tax Credit Fund, Ltd.         
      (Exact name of Registrant as specified in its charter) 
          
            Florida                              59-2852555 
(State or other jurisdiction of    ( I.R.S. Employer No.)
incorporation or organization)

     880 Carillon Parkway, St. Petersburg, Florida   33716  
       (Address of principal executive offices)  (Zip Code)

Registrant's Telephone Number, Including Area Code:
(813)573-3800

Indicate by check mark whether the Registrant: (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                YES     X                   NO          

                                                         Number of Units
      Title of Each Class                                 June 30, 1997
Units of Limited Partnership                                     
Interest:  $1,000 per unit                                   25,566   

                            DOCUMENTS INCORPORATED BY REFERENCE

                      Parts I and II, 1995 Form 10-K, filed with the
                    Securities and Exchange Commission on July 11, 1997
                    Parts III and IV - Form S-11 Registration Statement
                        and all amendments and supplements thereto
                                     File No. 33-18142
 <PAGE>
PART I - Financial Information
   Item 1.  Financial Statements
                                   GATEWAY TAX CREDIT FUND, LTD.
                                  (A Florida Limited Partnership)
                                      COMBINED BALANCE SHEETS

                                                   JUNE 30,        MARCH 31,
                                                     1997            1997   
                                                 -----------      ----------
                                                 (Unaudited)       (Audited)
ASSETS
Current Assets:
   Cash and Cash Equivalents                     $  467,052      $  445,969 
   Accounts Receivable                                1,238           1,426 
   Investments in Securities                        360,574         353,436 
   Prepaid Insurance                                    358             358 
   Tenant Security Deposits                           3,235           3,216 
                                                 -----------     ---------- 
     Total Current Assets                           832,457         804,405 

   Investments in Securities                      2,036,850       1,995,589 
   Investments in Project
      Partnerships, Net                           4,282,035       4,562,124 
   Replacement Reserves                               2,310          15,205 
   Rental Property at cost, Net                     718,538         714,682 
                                                 ----------      ---------- 
       Total Assets                              $7,872,190      $8,092,005 
                                                 ==========      ========== 
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
   Payable to General Partners                   $  330,537      $  335,155 
   Accrued Real Estate Taxes                         17,642          17,642 
   Tenant Security Deposits                           3,600           2,980 
   Accrued Management Fees                                0           5,177 
   Accounts Payable                                   8,904               0 
                                                 ----------      ---------- 
                                                    360,683         360,954 
Long-Term Liabilities:
   Payable to General Partners                    2,226,601       2,100,459 
   Mortgage Note Payable                            822,897         822,897 
                                                 ----------      ---------- 
       Total Liabilities                          3,410,181       3,284,310 
                                                 ----------      ---------- 
Minority Interest in Local
   Limited Partnership                              (27,540)        (27,540)
Partners' Equity:
   Limited Partners (25,566
    units outstanding at
    June 30,and March 31, 1997                    4,668,643       5,010,872 
   General Partners                                (179,094)       (175,637)
                                                 ----------      ---------- 
     Total Partners' Equity                       4,489,549       4,835,235 
                                                 ----------      ---------- 
    Total Liabilities and
          Partners' Equity                       $7,872,190      $8,092,005 
                                                 ==========      ========== 
                          See accompanying notes to financial statements.
<PAGE>
                                   GATEWAY TAX CREDIT FUND, LTD.
                                  (A Florida Limited Partnership)

                                 COMBINED STATEMENTS OF OPERATIONS
                                            (Unaudited)
                                FOR THE THREE MONTHS ENDED JUNE 30,


                                                      1997              1996   
                                                  ----------       ----------- 
Revenue:
   Rental                                 $          14,361       $          0 
   Interest Subsidy                                       0                  0 
   Interest Income                                   53,991             55,918 
   Miscellaneous                                         96                  0 
                                               -------------      ------------ 
     Total Revenue                                   68,448             55,918 

Expenses:
   Asset Management Fee-
     General Partner                                125,270            125,583 
   General and Administrative-
     General Partner                                  6,977              6,205 
   General and Administrative-
     Other                                            6,237              9,337 
   Rental Operating
     Expenses                                        16,970                  0 
   Interest                                           2,100                  0 
   Depreciation                                       9,045                  0 
   Amortization                                       7,535              8,990 
                                               -------------      ------------ 
     Total Expenses                                 174,134            150,115 

Loss Before Equity in Losses of
 Project Partnerships                              (105,686)           (94,197)
Equity in Losses of Project
 Partnerships                                      (240,136)          (322,503)
Minority Interest in Loss of
 Combined Project
 Partnership                                            136                  0 
                                               -------------      -------------
Net Loss                                       $   (345,686)      $   (416,700)
                                               =============      =============
Allocation of Net Loss:
   Limited Partners                            $   (342,229)      $   (412,533)
   General Partners                                  (3,457)            (4,167)
                                               -------------      -------------
                                               $   (345,686)      $   (416,700)
                                               =============      =============
Net Loss Per Number of 
 Limited Partnership Units                     $     (13.39)      $     (16.14)
   
Number of Limited Partnership
 Units Outstanding                                   25,566             25,566 


                          See accompanying notes to financial statements.
<PAGE>
                                   GATEWAY TAX CREDIT FUND, LTD.
                                  (A Florida Limited Partnership)

                              COMBINED STATEMENTS OF PARTNERS' EQUITY
                                            (Unaudited)

                        FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996:


                                 Limited            General 
                                 Partners          Partners             Total  
                               -----------       -----------        -----------

Balance at
 March 31, 1996               $ 6,759,422         $(157,975)       $ 6,601,447 

Net Loss                         (412,533)           (4,167)          (416,700)
                              ------------        ----------       ------------
Balance at
 June 30, 1996                  6,346,889          (162,142)         6,184,747 
                              ============        ==========       ============


Balance at
 March 31, 1997               $ 5,010,872         $(175,637)       $ 4,835,235 

Net Loss                         (342,229)           (3,457)          (345,686)
                              ------------        ----------       ------------
Balance at
 June 30, 1997                $ 4,668,643         $(179,094)       $ 4,489,549 
                              ============        ==========       ============




                          See accompanying notes to financial statements.


<PAGE>
                                   GATEWAY TAX CREDIT FUND, LTD.
                                  (A Florida Limited Partnership)
                                     STATEMENTS OF CASH FLOWS
                                            (Unaudited)
                        FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996:
                                                      1997               1996  
                                                   ---------         --------- 
Cash Flows from Operating Activities:
   Net Loss                                     $  (345,686)       $  (416,700)
   Adjustments to Reconcile
    Net Loss to Net Cash
    Used in Operating Activities:
     Amortization                                     7,535              8,990 
     Depreciation                                     9,045                  0 
     Accreted Interest Income on
     Investments in Securities                      (48,399)           (51,198)
     Equity in Losses of
      Project Partnerships                          240,136            322,503 
     Minority Interest in Losses
      of Combined PP                                   (136)                 0 
      Changes in Operating Assets and Liabilities:
       Decrease in Accounts
         Receivable                                     188               (500)
       Increase in Accounts
         Payable                                      8,904                  0 
       Decrease in Accrued
         Management Fees                             (5,177)                 0 
       Decrease in Replacement
         Reserves                                    12,895                  0 
       Decrease in Security
         Deposits                                       602                  0 
       Increase in Payable to
         General Partners                           121,524            115,151 
                                                ------------       ------------
         Net Cash Provided by (Used in)
         Operating Activities                         1,431            (21,754)
                                                 -----------       ------------
Cash Flows from Investing Activities:
   Distributions Received from
     Project Partnerships                            32,553             41,535 
   Purchase of Equipment                            (12,901)                 0 
                                                ------------       ------------
         Net Cash Provided by
         Investing Activities                        19,652             41,535 
                                                ------------       ------------
Increase in Cash and 
 Cash Equivalents                                    21,083             19,781 
Cash and Cash Equivalents at
 Beginning of Year                                  445,969            403,542 
                                                ------------       ------------
Cash and Cash Equivalents at
 End of Year                                    $   467,052        $   423,323 
                                                ============       ============
Supplemental Cash Flow Information:
   Interest Paid                                $     2,100        $        0  
                                                ===========        =========== 
                          See accompanying notes to financial statements.
<PAGE>
                                 GATEWAY TAX CREDIT FUND, LTD.   
                                (A Florida Limited Partnership)   

                              NOTES TO COMBINED FINANCIAL STATEMENTS

                                           JUNE 30, 1997

NOTE 1 - ORGANIZATION:

   Gateway Tax Credit Fund, Ltd. ("Gateway"), a Florida Limited
Partnership, was formed October 27, 1987 under the laws of Florida. 
Operations commenced on June 30, 1988.  Gateway invests, as a
limited partner, in other limited partnerships ("Project
Partnerships"), each of which owns and operates apartment complexes
expected to qualify for Low-Income Housing Tax Credits.  Gateway
will terminate on December 31, 2040 or sooner, in accordance with
the terms of the Limited Partnership Agreement.  Gateway closed the
offering on March 1, 1990 after receiving Limited and General
Partner capital contributions of $25,566,000 and $1,000,
respectively.  The fiscal year of Gateway for reporting purposes
ends on March 31.

   Raymond James Partners, Inc. and Raymond James Tax Credit Funds,
Inc., wholly-owned subsidiaries of Raymond James Financial, Inc.,
are the General Partner and Managing General Partner, respectively. 
The Managing General Partner manages and controls the business of
Gateway.

   Operating profits and losses, cash distributions from operations
and tax credits are allocated 99% to the Limited Partners and 1% to
the General Partners.  Profit or loss and cash distributions from
sales of properties will be allocated as formulated in the Limited
Partnership Agreement.


NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

   Combined Statements

   The accompanying statements include, on a combined basis, the
accounts of Gateway and Village Apartments of Sparta Limited
Partnership ("Combined Entity"), a Project Partnership in which
Gateway has invested.  As of October 1, 1996, an affiliate of
Gateway's Managing General Partner, Value Partners, Inc. became the
general partner of the Combined Entity.  Since the general partner
of the Combined Entity is now an affiliate of Gateway, these
combined financial statements include the financial activity of the
Combined Entity for the three months ended June 30, 1997.  All
significant intercompany balances and transactions have been
eliminated.  Gateway has elected to report the results of
operations of the Combined Entity on a 3-month lag basis,
consistent with the presentation of financial information of all
Project Partnerships.

   Basis of Accounting

   Gateway utilizes the accrual basis of accounting whereby revenues
are recognized when earned and expenses are recognized when
obligations are incurred.

   Gateway accounts for its investments as the sole limited partner
in Project Partnerships ("Investments in Project Partnerships"),
with the exception of the Combined Entity, using the equity method
of accounting and reports the equity in losses of the Project
Partnerships on a 3-month lag in the Statements of Operations. 
Under the equity method, the Investments in Project Partnerships
initially include:

   1)  Gateway's capital contribution,
   2)  Acquisition fees paid to the General Partner for services
   rendered in selecting properties for acquisition, and
   3)  Acquisition expenses including legal fees, travel and other
   miscellaneous costs relating to acquiring properties.

Quarterly the Investments in Project Partnerships are increased or
decreased as follows:

   1)  Increased for equity in income or decreased for equity in
   losses of the Project Partnerships,
   2)  Decreased for cash distributions received from the Project
   Partnerships,
   3)  Decreased for the amortization of the acquisition fees and
   expenses,
   4)  In certain Project Partnerships, where Gateway's investment
   was greater than Gateway's pro-rata share of the book value of
   the underlying assets, decreased for the amortization of the
   difference; and
   5)  In certain Project Partnerships, where Gateway's investment
   was less than Gateway's pro-rata share of the book value of the
   underlying assets, increased for the accretion of the
   difference.

   Amortization and accretion are calculated on a straight-line
basis over 35 years, as this is the average estimated useful life
of the underlying assets.  The net amortization and accretion are
shown as amortization expense on the Statements of Operations.
   
   Pursuant to the limited partnership agreements for the Project
Partnerships, cash losses generated by the Project Partnerships are
allocated to the general partners of those partnerships.  In
subsequent years, cash profits, if any, are first allocated to the
general partners to the extent of the allocation of prior years'
cash losses.

   Since Gateway invests as a limited partner, and therefore is not
obligated to fund losses or make additional capital contributions,
it does not recognize losses from individual Project Partnerships
to the extent that these losses would reduce the investment in
those Project Partnerships below zero.  The suspended losses will
be used to offset future income from the individual Project
Partnerships.

   Cash and Cash Equivalents

   It is Gateway's policy to include short-term investments with an
original maturity of three months or less in Cash and Cash
Equivalents.  Short-term investments are comprised of money market
mutual funds.

   Capitalization and Depreciation

   Land, buildings and improvements are recorded at cost and
provides for depreciation using the modified accelerated cost
recovery system method for financial and tax reporting purposes in
amounts adequate to amortize costs over the lives of the applicable
assets as follows:

   Buildings                  27-1/2 years
   Equipment                       7 years                  

   Expenditures for maintenance and repairs are charged to expense
as incurred.  Upon disposal of depreciable property, the
appropriate property accounts are reduced by the related costs and
accumulated depreciation.  The resulting gains and losses are
reflected in the statement of income.

   Rental Income

   Rental income, principally from short-term leases on the Combined
Entity's apartment units, is recognized as income under the accrual
method as the rents become due.

   Concentrations of Credit Risk

   Financial instruments which potentially subject Gateway to
concentrations of credit risk consist of cash investments in a
money market mutual fund that is a wholly-owned subsidiary of
Raymond James Financial, Inc.

   Use of Estimates in the Preparation of Financial Statements

   The preparation of financial statements in conformity with
generally accepted accounting principles requires the use of
estimates that affect certain reported amounts and disclosures. 
These estimates are based on management's knowledge and experience. 
Accordingly, actual results could differ from these estimates.

   Investment in Securities

   Effective April 1, 1995, Gateway adopted Statement of Financial
Accounting Standards No. 115, Accounting for Certain Investments in
Debt and Equity Securities ("FAS 115").  Under FAS 115, Gateway is
required to categorize its debt securities as held-to-maturity,
available-for-sale or trading securities, dependent upon Gateway's
intent in holding the securities.  Gateway's intent is to hold all
of its debt securities (U. S. Treasury Security Strips) until
maturity and to use these reserves to fund Gateway's ongoing
operations.  Interest income is recognized ratably on the U.S.
Treasury Strips using the effective yield to maturity.

   Offering and Commission Costs

   Offering and commission costs were charged against Limited
Partners' Equity upon the admission of Limited Partners.

   Income Taxes

   No provision for income taxes has been made in these financial
statements, as income taxes are a liability of the partners rather
than of Gateway.

   Reclassifications

   For comparability, the 1996 and 1995 figures have been
reclassified, where appropriate, to conform with the financial
statement presentation used in 1997.

Basis of Preparation

   The unaudited financial statements presented herein have been
prepared in accordance with the instructions to Form 10-Q and do
not include all of the information and note disclosures required by
generally accepted accounting principles.  These statements should
be read in conjunction with the financial statements and notes
thereto included with the Partnership's Form 10-K for the year
ended March 31, 1997.  In the opinion of management these financial
statements include adjustments, consisting only of normal recurring
adjustments, necessary to fairly summarize the Partnership's
financial position and results of operations.  The results of
operations for the periods may not be indicative of the results to
be expected for the year.


NOTE 3 - INVESTMENT IN SECURITIES:

   The June 30, 1997 Balance Sheet includes Investments in
Securities equal to $2,397,424 ($360,574 and $2,036,850).  These
investments consist of U. S. Treasury Security Strips at their
cost, plus accreted interest income of $984,974.  The estimated
market value at June 30, 1997 of these debt securities is
$2,561,490 resulting in a gross unrealized gain of $164,066. 

  As of June 30, 1997, the cost and accreted interest by
contractual maturities is as follows:

    Due within 1 year                                             $  360,574
    After 1 year through 5 years                                   1,344,252
    After 5 years through 10 years                                   692,598
                                                                  ----------
    Total Amount Carried on Balance Sheet                         $2,397,424
                                                                  ==========

NOTE 4 - RELATED PARTY TRANSACTIONS:

  The Payable to General Partners primarily represents the asset
management fees owed to the General Partners at the end of the
period.  It is unsecured, due on demand and, in accordance with the
limited partnership agreement, non-interest bearing.  Within the
next 12 months, the Managing General Partner does not intend to
demand payment on the portion of Asset Management Fees payable
classified as long-term on the Balance Sheet.

  The General Partners and affiliates are entitled to compensation
and reimbursement for costs and expenses as follows:

                                              1996                   1995   
                                            ---------              ---------
Asset Management Fee                         $125,270               $125,583
General and
 Administrative Expenses                        6,977                  6,205


NOTE 5 - PROPERTY, PLANT AND EQUIPMENT
  
  A summary of the property, plant and equipment is as follows at
June 30, 1997:
                                                 Accumulated            Book   
                                     Cost       Depreciation            Value  
                               -----------       -----------        -----------

Land                           $   32,000        $        0         $   32,000 
Buildings                         945,188           259,047            686,141 
Furniture and Appliances           18,608            18,211                397 
                               -----------       ----------         ---------- 
Net Book Value                 $  995,796        $  277,258         $  718,538 
                               ===========       ==========         ========== 

NOTE 6 - MORTGAGE NOTE PAYABLE 

   The mortgage note payable is the balance due on the note dated
May 10, 1989 in the amount of $829,545.  The loan is at a stated
interest rate of 9.5% for a period of 50 years, the loan also
contains a provision for an interest subsidy which reduces the
effective interest rate to 2.4%.  At December 31, 1996 the
development was in financial trouble and RHS ("Rural Housing
Services") had adjusted loan payments to $700 per month for 24
months beginning October 1, 1996 through September 30, 1998.  These
payments are expected to pay the interest due during this period
and no reduction to principal will occur.  If the development is in
compliance with the terms of the subsidy agreement the monthly
payments are expected to be $1,760 beginning October 1, 1998.

   Expected maturities of the mortgage note payable are as follows:

   Year Ending                      Amount
   -----------                      ------
   12/31/97                    $         0
   12/31/98                            342
   12/31/99                          1,391
   12/31/00                          1,424
   12/31/01                          1,459
   Thereafter                      818,281
                               -----------
   Total                       $   822,897
                               ===========
<PAGE>
NOTE 7 - INVESTMENTS IN PROJECT PARTNERSHIPS:

   As of June 30, 1997, the Partnership owned a 99% limited partner
ownership interest in 81 Project Partnerships, excluding the
Combined Entity at March 31, 1997,  which own and operate
government assisted multi-family housing complexes.

   The following is a summary of Investments in Project
Partnerships, excluding the Combined Entity at June 30, 1997:

                                                    June 30,          March 31,
                                                      1997              1997   
                                                   ---------          ---------
Capital Contributions to Project
Partnerships (purchase price paid
for limited partner interests in
Project Partnerships)                          $ 18,061,129       $ 18,061,129 

Accumulated amortization of excess
of purchase price of Project
Partnerships over book value
of underlying assets (1)                            (63,904)           (64,627)

Cumulative equity in losses of
Project Partnerships (2)                        (14,981,419)       (14,741,418)

Cumulative distributions received
from Project Partnerships                          (529,839)          (497,286)

Acquisition fees and expenses                     2,254,715          2,254,715 

Accumulated amortization of
acquisition fees and expenses                      (458,647)          (450,389)
                                               -------------      -------------

Investments in
 Project Partnerships                          $  4,282,035       $  4,562,124 
                                               ============       =============

(1) Includes amounts representing the excess of purchase price over
the book value of the underlying assets of the Project
Partnerships.  At June 30, 1997 and March 31, 1997 these excess
costs were $566,298.
(2) In accordance with the Partnership's accounting policy to not
carry Investments in Project Partnerships below zero, cumulative
suspended losses of $3,130,264 for the period ended June 30, 1997
and cumulative suspended losses of $2,821,826 for the year ended
March 31, 1997 are not included.
<PAGE>
NOTE 8 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

   In accordance with the Partnership's policy of presenting the
financial information of the Project Partnerships, excluding the
Combined Entity beginning on the date of combination, on a three
month lag, below is the summarized financial information for the
Series' Project Partnerships as of March 31 of each year:

                                                     1997              1996    
SUMMARIZED BALANCE SHEETS                         ----------     --------------
Assets:
   Current assets                              $  8,692,993       $  8,267,826 
   Investment properties,
      net                                        85,286,982         89,274,402 
   Other assets                                     313,291            319,025 
                                               -------------      -------------
     Total assets                              $ 94,293,266       $ 97,861,253 
                                               =============      =============
Liabilities and Partners' Equity
   Current liabilities                         $  2,833,206       $  2,804,734 
   Long-term debt                                93,149,571         94,257,096 
                                               -------------      -------------
     Total liabilities                           95,982,777         97,061,830 

Partners' Equity
   Limited Partner                                 (660,442)         1,804,361 
   General Partners                              (1,029,069)        (1,004,938)
                                               -------------      -------------
                                                 (1,689,511)           799,423 
     Total liabilities and
     partners' equity                          $ 94,293,266       $ 97,861,253 
                                               =============      =============
SUMMARIZED STATEMENTS OF OPERATIONS:
Rental and other income                        $  2,964,737       $  2,949,083 
Expenses:
   Operating expenses                             1,884,198          1,809,094 
   Interest expense                                 720,626            731,415 
   Depreciation and
     amortization                                   914,028            937,532 
                                               -------------      -------------
     Total expenses                               3,518,852          3,478,041 

       Net loss                                $   (554,115)      $   (528,958)
                                               =============      =============
   Other partners' share
    of net loss                                $     (5,541)      $     (5,290)
   Partnership's share
    of net loss                                $   (548,574)      $   (523,668)
     Suspended loss                                 308,438            201,165 
   Equity in Loss of                           -------------      -------------
      Project Partnerships                     $   (240,136)      $   (322,503)
                                               =============      =============

<PAGE>
Item 7.  Management's Discussion and Analysis of Financial
Condition and Results of Operations

Results of Operations -

   As disclosed on the Statements of Operations, interest income was
comparable for the three months ended June 30, 1997 and 1996. 
Total expense for the three months ended June 30, 1997 increased to
$174,134 as compared to $150,115 for the three months ended June
30, 1996 primarily as a result of combining the operating expenses
of Sparta.

   Equity in Losses of Project Partnerships for the three months
ended June 30, 1997 decreased from $322,503 for the three months
ended June 30, 1996 to $240,136 as a result of not including losses
of $308,438 in 1997 as compared to $201,165 in 1996, as these
losses would reduce the investment in certain Project Partnerships
below zero.  In general, it is common in the real estate industry
to experience losses for financial and tax reporting purposes
because of the non-cash expenses of depreciation and amortization. 
As a result, management expects Gateway will continue to report its
equity in Project Partnerships as a loss for tax and financial
reporting purposes.

   In total, the Partnership had a net loss of $345,686 for the
three months ended June 30, 1997.  However, after adjusting for
amortization, accreted interest income, interest income from the
redemption in securities, payment of Asset Management Fees, the
changes in operating assets and liabilities, and the equity in
losses of Project Partnerships, net cash provided by operating
activities was $1,431.  The net cash provided by investing
activities was $19,652 consisting of $32,553 in cash distributions
received from Project Partnerships reduced by $12,901 for the
purchase of equipment.


Liquidity and Capital Resources -

   Gateway's capital resources are used to pay General and
Administrative operating costs including personnel, supplies, data
processing, travel, and legal and accounting associated with the
administration and monitoring of Gateway and the Project
Partnerships.  The capital resources are also used to pay the Asset
Management Fee due the Managing General Partner, but only to the
extent that Gateway's remaining resources are sufficient to fund
Gateway's ongoing needs.  (Payment of any Asset Management Fee due
but unpaid at the time Gateway sells its interests in the Project
Partnerships is subordinated to the investors return of their
original capital contribution.)

   The sources of funds to pay the operating costs are short term
investments and interest earned thereon, the maturity of U.S.
Treasury Security Strips ("Zero Coupon Treasuries") which were
purchased with funds set aside for this purpose, and cash
distributed to Gateway from the operations of the Project
Partnerships.  At June 30, 1997, Gateway had $467,052 of short term
investments (Cash and Cash Equivalents).  It also had $2,397,424 in
Zero Coupon Treasuries with maturities providing $397,000 in fiscal
year 1999 increasing to $514,000 in fiscal year 2004.  Management
believes these sources of funds are sufficient to meet Gateway's
current and ongoing operating costs for the foreseeable future, and
to pay part of the Asset Management Fee.
 

<PAGE>
                                            SIGNATURES


   Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.


                                          GATEWAY TAX CREDIT FUND, LTD.
                                          (A Florida Limited Partnership)
                                          By:  Raymond James Tax Credit
                                          Funds,Inc.
                                          Raymond James Tax Credit Funds, Inc.





Date:  September 3, 1997                  By:/s/ Ronald M. Diner 
                                          Ronald M. Diner
                                          President



Date:  September 3, 1997                  By:/s/ Sandra L. Furey  
                                          Sandra L. Furey
                                          Secretary and Treasurer
<PAGE>