GTWY
                                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        September 30, 2000

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:        (727)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                       September 30, 2000
Units of Limited Partnership
Interest:  $1,000 per unit                          25,566

                     DOCUMENTS INCORPORATED BY REFERENCE
               Parts I and II, 1999 Form 10-K, filed with the
             Securities and Exchange Commission on July 12, 2000
             Parts III and IV - Form S-11 Registration Statement
                 and all amendments and supplements thereto
                              File No. 33-18142

PART I - Financial Information
  Item 1.  Financial Statements
                       GATEWAY TAX CREDIT FUND, LTD.
                       (A Florida Limited Partnership)
                           COMBINED BALANCE SHEETS
                                               September 30,      March 31,
                                                   2000             2000
                                                -----------      -----------
                                               (Unaudited)       (Audited)
ASSETS
Current Assets:
 Cash and Cash Equivalents                     $   628,195     $   823,494
 Accounts Receivable                                17,728           2,786
 Investments in Securities                         430,073         414,814
 Prepaid Insurance                                      84             389
 Tenant Security Deposits                           18,848           5,413
                                               -----------    ------------
  Total Current Assets                           1,094,928       1,246,896

 Investments in Securities                       1,211,652       1,272,923
 Investments in Project Partnerships, Net        2,232,486       2,500,833
 Replacement Reserves                               13,709           7,795
 Rental Property at Cost, Net                      924,327         952,107
                                              ------------    ------------
    Total Assets                               $ 5,477,102    $  5,980,554
                                              ============    ============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners                   $   334,994     $   341,758
 Accounts Payable                                   17,463           1,025
 Accrued Real Estate Taxes                          22,663          22,663
 Tenant Security Deposits                            6,857           6,500
                                              ------------   -------------
  Total Current Liabilities                        381,977         371,946
                                              ------------   -------------
Long-Term Liabilities:
 Payable to General Partners                     2,603,278       2,663,740
 Mortgage Notes Payable                          1,247,442       1,247,442
                                              ------------   -------------
  Total Long Term Liabilities                    3,850,720       3,911,182
                                              ------------   -------------
Minority Interest in Local Limited
Partnerships                                      (17,150)        (16,713)
Partners' Equity (Deficit):                   ------------    ------------
 Limited Partners (25,566 units
 Outstanding at September 30 and
 March 31, 2000)                                 1,472,929       1,920,987
 General Partners                                (211,374)       (206,848)
                                              ------------    ------------
  Total Partners' Equity                         1,261,555       1,714,139
                                              ------------    ------------
    Total Liabilities and Partners'
    Equity                                     $ 5,477,102     $ 5,980,554
                                              ============    ============
               See accompanying notes to financial statements.

                        GATEWAY TAX CREDIT FUND, LTD.
                       (A Florida Limited Partnership)

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

                                                     2000            1999
                                                     ----            ----
Revenues:
 Rental                                        $    31,169     $    30,248
 Interest Subsidy                                        0               0
 Interest Income                                    46,439          47,105
 Miscellaneous                                         932             853
                                               -----------     -----------
  Total Revenues                                    78,540          78,206
                                               -----------     -----------
Expenses:
 Asset Management Fee-General Partner              124,170         124,573
 General and Administrative:
  General Partner                                   14,801          18,568
  Other                                             18,541          21,267
 Rental Operating Expenses                          25,428          27,085
 Interest                                           13,527          22,193
 Depreciation                                       13,890          13,617
 Amortization                                        4,171           5,525
                                              ------------    ------------
  Total Expenses                                   214,528         232,828
                                              ------------    ------------
Loss Before Equity in Losses of Project
Partnerships                                      (135,988)       (154,622)
Equity in Losses of Project Partnerships          (119,636)       (211,225)
Minority Interest in Loss of Combined
Project Partnership                                    207             317
                                               ------------    ------------
Net Loss                                       $  (255,417)    $  (365,530)
                                               ============    ============
Allocation of Net Loss:
 Limited Partners                              $  (252,863)    $  (361,875)
 General Partners                                   (2,554)         (3,655)
                                               ------------    ------------
                                               $  (255,417)    $  (365,530)
                                               ============    ============
Net Loss Per Number of Limited
Partnership Units                              $     (9.90)    $    (14.15)
Number of Limited Partnership Units            ============    ============
Outstanding                                         25,566          25,566
                                               ============    ============

               See accompanying notes to financial statements.

                        GATEWAY TAX CREDIT FUND, LTD.
                       (A Florida Limited Partnership)

                      COMBINED STATEMENTS OF OPERATIONS
                   FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)

                                                     2000            1999
                                                     ----            ----
Revenues:
 Rental                                        $    61,143     $    59,225
 Interest Subsidy                                        0               0
 Interest Income                                    93,100          94,985
 Miscellaneous                                       1,881           2,057
                                               -----------     -----------
  Total Revenues                                   156,124         156,267
                                               -----------     -----------
Expenses:
 Asset Management Fee-General Partner              248,340         249,146
 General and Administrative:
  General Partner                                   21,809          25,265
  Other                                             27,694          31,511
 Rental Operating Expenses                          51,108          42,817
 Interest                                           28,056          28,321
 Depreciation                                       27,780          27,234
 Amortization                                        8,342          11,050
                                              ------------    ------------
  Total Expenses                                   413,129         415,344
                                              ------------    ------------
Loss Before Equity in Losses of Project
Partnerships                                      (257,005)       (259,077)
Equity in Losses of Project Partnerships          (196,016)       (373,320)
Minority Interest in Loss of Combined
Project Partnership                                    437             369
                                              ------------    ------------
Net Loss                                       $  (452,584)    $  (632,028)
                                              ============    ============
Allocation of Net Loss:
 Limited Partners                              $  (448,058)    $  (625,708)
 General Partners                                   (4,526)         (6,320)
                                              ------------    ------------
                                               $  (452,584)    $  (632,028)
                                              ============    ============
Net Loss Per Number of Limited
Partnership Units                              $    (17.53)    $    (24.47)
Number of Limited Partnership Units           ============    ============
Outstanding                                         25,566          25,566
                                              ============    ============

               See accompanying notes to financial statements.

                        GATEWAY TAX CREDIT FUND, LTD.
                       (A Florida Limited Partnership)

              COMBINED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)


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

Balance at March 31, 2000       $  1,920,987    $  (206,848)   $  1,714,139

Net Loss                            (448,058)        (4,526)       (452,584)
                               -------------   ------------   -------------

Balance at September 30,2000    $  1,472,929    $  (211,374)   $  1,261,555
                               =============   ============   =============



               See accompanying notes to financial statements.

                        GATEWAY TAX CREDIT FUND, LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF CASH FLOWS
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)
                                                     2000           1999
                                                     ----           ----
Cash Flows from Operating Activities:
 Net Loss                                        $  (452,584)  $  (632,028)
 Adjustments to Reconcile Net Loss to Net Cash
Used in Operating Activities:
    Amortization                                       8,342        11,050
    Depreciation                                      27,780        27,234
    Accreted Interest Income on Investments in
    Securities                                       (69,987)      (80,860)
    Equity in Losses of Project Partnerships         196,016       373,320
    Interest Income from Redemption in
    Securities                                        47,542        39,818
    Minority Interest in Losses of Combined
    Project Partnerships                                (437)         (369)
    Changes in Operating Assets and
    Liabilities:
      Increase in Accounts Receivable                (14,942)      (16,172)
      (Increase) Decrease in Prepaid Insurance           305         (245)
      Decrease in Accounts Payable                    16,438        15,843
      (Increase) Decrease in Replacement              (5,914)        3,647
      Reserves
      Increase in Security Deposits                  (13,078)      (11,696)
      Increase in Accrued Real Estate Taxes                0             1
      Decrease in Payable to General Partners        (67,227)      (51,722)
                                                 -----------  ------------
        Net Cash Used in Operating Activities       (327,746)     (322,179)
                                                 -----------  ------------
Cash Flows from Investing Activities:
  Redemption of Investment in Securities              68,458        71,182
  Distributions Received from Project
  Partnerships                                        63,989        51,886
                                                 -----------  ------------
        Net Cash Provided by Investing
        Activities                                   132,447       123,068
                                                 -----------  ------------
Decrease in Cash and Cash Equivalents               (195,299)     (199,111)
Cash and Cash Equivalents at Beginning of
Period                                               823,494       661,293
                                                 -----------   -----------
Cash and Cash Equivalents at End of Period        $  628,195    $  462,182
                                                 ===========   ===========
Supplemental Cash Flow Information:
Interest Paid                                     $   28,056    $   28,322
                                                 ===========    ==========

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND, LTD.
                       (A Florida Limited Partnership)
                   NOTES TO COMBINED FINANCIAL STATEMENTS
                             SEPTEMBER 30, 2000
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, Village  Apartments of  Sparta  Limited  Partnership  and  Village
Apartments of Divernon Limited Partnership ("Combined Entities"),two Project
Partnerships  in which  Gateway has invested.  As of  October  1, 1996  and
October 1, 1997,  respectively,  an affiliate of Gateway's Managing General
Partner,  Value Partners, Inc. became the  general  partner of the Combined
Entities.  Since the  genera l partner of the  Combined  Entities is now an
affiliate  of Gateway, these  combined  financial  statements  include  the
financial  activity  of the  Combined  Entities  for the  six  months ended
September 30, 2000.  All significant intercompany balances and transactions
have been  eliminated.  Gateway  has  elected  to  report  the  results  of
operations of the Combined Entities 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  Entities,  using  the equity  method  of  accounting,  because
management  believes  that Gateway does not have a majority  control  of  the
major  operating and financial policies of the Project Partnerships in  which
it invests, 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, and
  3)  Decreased for the amortization of the acquisition fees and expenses.

   Amortization is calculated on a straight-line basis over 35 years, as this
is  the  average  estimated  useful  life  of  the  underlying  assets.   The
amortization   is  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.

  Gateway recognizes a decline in the carrying value of its investment in the
Project Partnerships when there is evidence of a non-temporary decline in the
recoverable  amount  of  the investment.  There is  a  possibility  that  the
estimates  relating to reserves for non-temporary declines in carrying  value
of  the  investments in Project Partnerships may be subject to material  near
term adjustments.

   Gateway,  as a limited partner in the Project Partnerships, is subject  to
risks  inherent  in the ownership of property which are beyond  its  control,
such as fluctuations in occupancy rates and operating expenses, variations in
rental  schedules,  proper  maintenance  and  continued  eligibility  of  tax
credits. If the cost of operating a property exceeds the rental income earned
thereon,Gateway  may  deem  it in its best interest to voluntarily provide
funds in order to protect its investment.

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 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 1999 and 1998 figures have been reclassified, where
appropriate,  to  conform with the financial statement presentation  used  in
2000.

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, 2000.  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  September 30, 2000 Balance Sheet includes Investments  in  Securities
equal to $1,641,725 ($430,073 and $1,211,652).  These investments consist  of
U.  S.  Treasury Security Strips at their cost, plus accreted interest income
of  $916,564.  The estimated market value at September 30, 2000 of these debt
securities is $1,713,389 resulting in a gross unrealized gain of $71,664.

  As  of  September 30, 2000, the cost and accreted interest  by  contractual
maturities is as follows:
   Due within 1 year                              $  430,073
   After 1 year through 5 years                    1,211,652
                                                  ----------
   Total Amount Carried on Balance Sheet          $1,641,725
                                                  ==========
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:

                                          2000              1999
                                       ---------          --------
Asset Management Fee                   $248,340          $249,146
General and Administrative Expenses      21,809            25,265

NOTE 5 - RENTAL PROPERTY

 A summary of the rental property is as follows at September 30, 2000:
                                                   Accumulated       Book
                                       Cost       Depreciation      Value
                                      ------      ------------      -----
Land                                $   47,000     $       0     $   47,000
Buildings                            1,421,429       552,506        868,923
Furniture and Appliances                49,991        41,587          8,404
                                     ---------     ---------      ---------
Net Book Value                      $1,518,420     $ 594,093      $ 924,327
                                     =========     =========      =========
NOTE 6 - MORTGAGE NOTE PAYABLE:

  The mortgage note payable for Sparta is the balance due on the note dated
December 1, 1998 in the amount of $843,253.  The loan is at a stated interest
rate of 6.125% for a period of 50 years, the loan also contains a provision
for an interest subsidy which reduces the effective interest rate to 2.325%.
At December 31, 1998 the development was in compliance with the terms of the
subsidy agreement and is receiving the reduced rate which makes the monthly
payments $1,925.75.

Expected maturities of the mortgage note payable are as follows:

  Year Ending        Amount
  -----------        ------
  12/31/00        $   3,631
  12/31/01            3,716
  12/31/02            3,804
  12/31/03            3,893
  12/31/04            3,985
  Thereafter        820,386
                  ---------
  Total          $ 839,415
                  =========
  The mortgage note payable for Divernon is the balance due on the note dated
October 2, 1989 in the amount of $416,113.  The loan is at a stated interest
rate of 8.75% for a period of 50 years, the loan also contains a provision
for an interest subsidy which reduces the effective interest rate to 2.35%.
At December 31, 1998 the development was in compliance with the terms of the
subsidy agreement and is receiving the reduced rate which makes the monthly
payment $883.

  Expected maturities of the mortgage note payable are as follows:

  Year Ending        Amount
  -----------        ------
  12/31/00        $   1,224
  12/31/01            1,253
  12/31/02            1,282
  12/31/03            1,312
  12/31/04            1,342
  Thereafter        401,614
                  ---------
  Total           $ 408,027
                  =========


NOTE 7 - INVESTMENTS IN PROJECT PARTNERSHIPS:

   As  of September 30, 2000, the Partnership had acquired a 99% interest  in
the  profits,  losses  and tax credits as a limited  partner  in  80  Project
Partnerships,  excluding  the  Combined  Entities  which  own   and   operate
government assisted multi-family housing complexes.

   Cash  flows  from  operations are allocated according to each  Partnership
agreement.  Upon dissolution proceeds will be distributed according  to  each
Partnership agreement.

   The  following  is  a  summary  of Investments  in  Project  Partnerships,
excluding the Combined Entities at September 30, 2000:

                                               SEPTEMBER 30,     MARCH 31,
                                                    2000            2000
                                               --------------   ----------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships      $ 17,982,007    $ 17,982,007

Cumulative equity in losses of Project
Partnerships (1)                                (16,794,574)    (16,598,559)

Cumulative distributions received from
Project Partnerships                               (685,493)       (621,503)
                                               ------------    ------------
Investment in Project Partnerships before
adjustment                                          501,940         761,945

Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses                    2,254,716       2,254,715
 Accumulated amortization of acquisition
fees and expenses                                  (524,170)       (515,827)
                                               ------------    ------------

Investments in Project Partnerships             $ 2,232,486     $ 2,500,833
                                               ============    ============

(1)  In  accordance  with the Partnership's accounting policy  to  not  carry
Investments  in Project Partnerships below zero, cumulative suspended  losses
of  $9,747,261  for  the  period  ended September  30,  2000  and  cumulative
suspended  losses  of $8,576,100 for the year ended March 31,  2000  are  not
included.

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
June 30 of each year:
                                                   2000             1999
                                                   ----             ----
SUMMARIZED BALANCE SHEETS
Assets:
  Current assets                               $ 9,863,963     $ 9,551,372
  Investment properties, net                    73,837,865      77,678,356
  Other assets                                     182,309         190,308
                                              ------------    ------------
    Total assets                               $83,884,137     $87,420,036
                                              ============    ============
Liabilities and Partners' Deficit:
  Current liabilities                          $ 3,131,161     $ 3,348,036
  Long-term debt                                91,730,981      92,049,467
                                              ------------    ------------
    Total liabilities                           94,862,142      95,397,503
                                              ------------    ------------
Partners' deficit
  Limited Partner                               (9,512,557)     (6,644,227)
  General Partners                              (1,465,448)     (1,333,240)
                                              ------------    ------------
    Total Partners' deficit                    (10,978,005)     (7,977,467)
                                              ------------    ------------
    Total liabilities and partners'deficit     $83,884,137     $87,420,036
                                              ============    ============

SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income                        $ 6,046,520     $ 5,845,461
Expenses:                                     ------------    ------------
  Operating expenses                             4,035,906       4,170,857
  Interest expense                               1,600,877       1,515,035
  Depreciation and amortization                  1,790,723       1,780,157
                                              ------------    ------------
    Total expenses                               7,427,506       7,466,049
                                              ------------    ------------
      Net loss                                 $(1,380,986)    $(1,620,588)
                                              ============    ============
Other partners' share of net loss              $   (14,089)    $   (16,206)
                                              ============    ============
Partnerships' share of net loss                $(1,367,177)    $(1,604,382)
Suspended losses                                 1,171,161       1,231,062
                                              ------------    ------------
Equity in Losses of Project Partnerships       $  (196,016)    $  (373,320)
                                              ============    ============

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  and  total
expenses  were  comparable for the six and three months ended  September  30,
2000 and 1999.

   Gateway's  share  of  Equity  in  Losses  of Project Partnerships prior to
suspended  losses for the six  months ended September 30, 2000 decreased from
$1,604,382  for the six  months  ended  September 30, 1999 to $1,367,177 as a
result  of higher  occupancy  rates  this  quarter.  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 $452,584 for the six  months
ended  September  30,  2000.   However,  after  adjusting  for  amortization,
accreted  interest income, the changes in operating assets  and  liabilities,
and  the equity in losses of Project Partnerships, net cash used in operating
activities  was $327,746.  The net cash provided by investing activities  was
$132,447  consisting of $63,989 in cash distributions received  from  Project
Partnerships and $68,458 from matured Zero Coupons.

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  September 30, 2000, Gateway had $628,195  of  short  term
investments  (Cash  and Cash Equivalents).  It also had  $1,641,725  in  Zero
Coupon  Treasuries  with maturities providing $463,000 in  fiscal  year  2001
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.





                           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.





Date: November 3, 2000     By:/s/ Ronald M. Diner
                           Ronald M. Diner
                           President



Date: November 3, 2000     By:/s/ Sandra L. Furey
                           Sandra L. Furey
                           Secretary and Treasurer