|   | [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) |
|--------|--------------------------------------|

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

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

|                                                |   | September      30,                                 |   | March      31,                                           |
|-----------------------------------------------------|--------|----------------------------------------------------|--------|----------------------------------------------------------|
|                                                |   | 2009                                               |   | 2009                                                     |
| ASSETS                                              |   |                                               |   |                                                     |
| Current      Assets:                                |   |                                               |   |                                                     |
| Cash      and Cash Equivalents                      |   | $      332,194  |   | $       263,458  |
| Receivable      - Other                             |   | 155,460                                       |   | -                                                   |
|                                                |   |                                               |   |                                                     |
| Total      Current Assets                           |   | 487,654                                       |   | 263,458                                             |
|                                                |   |                                               |   |                                                     |
| Total      Assets                                   |   | $      487,654  |   | $       263,458  |
|                                                |   |                                               |   |                                                     |
| LIABILITIES      AND PARTNERS' DEFICIT              |   |                                               |   |                                                     |
| Current      Liabilities:                           |   |                                               |   |                                                     |
| Payable      to General Partners                    |   | $   5,060,255                  |   | $    4,955,099                  |
| Distribution      Payable                           |   | 17,289                                        |   | 26,423                                              |
| Deferred      Gain on Sale of Project Partnerships  |   | 152,346                                       |   | -                                                   |
| Accounts      Payable - Other                       |   | 5,435                                         |   | 5,435                                               |
|                                                |   |                                               |   |                                                     |
| Total      Current Liabilities                      |   | 5,235,325                                     |   | 4,986,957                                           |
|                                                |   |                                               |   |                                                     |
| Partners'      Equity (Deficit):                    |   |                                               |   |                                                     |
| Limited      Partners (25,566 units outstanding     |   |                                               |   |                                                     |
| at      September 30, 2009 and March 31, 2009)      |   | (5,367,258)                                        |   | (5,333,453)                                              |
| General      Partners                               |   | 619,587                                       |   | 609,954                                             |
|                                                |   |                                               |   |                                                     |
| Total      Partners' Deficit                        |   | (4,747,671)                                        |   | (4,723,499)                                              |
|                                                |   |                                               |   |                                                     |
| Total      Liabilities and Partners' Deficit        |   | $      487,654  |   | $       263,458  |
|                                                |   |                                               |   |                                                     |
|                                                |   |                                               |   |                                                     |
| See      accompanying notes to financialstatements. |

----

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

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

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

|   | FOR THE THREE MONTHS      ENDED SEPTEMBER 30, 2009 AND2008 |
|--------|------------------------------------------------------------|

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

|                                                                            |   | 2009                                                                     |   | 2008                                                                     |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|
| Revenues:                                                                       |   |                                                                     |   |                                                                     |
| Distribution      Income                                                        |   | $        19,089             |   | $        15,973             |
|                                                                            |   |                                                                     |   |                                                                     |
| Total      Revenues                                                             |   | 19,089                                                              |   | 15,973                                                              |
|                                                                            |   |                                                                     |   |                                                                     |
| Expenses:                                                                       |   |                                                                     |   |                                                                     |
| Asset      Management Fee - General Partner                                     |   | 56,131                                                              |   | 78,727                                                              |
| General      and Administrative:                                                |   |                                                                     |   |                                                                     |
| General      Partner                                                            |   | -                                                                   |   | -                                                                   |
| Other                                                                           |   | 24,099                                                              |   | 43,086                                                              |
|                                                                            |   |                                                                     |   |                                                                     |
| Total      Expenses                                                             |   | 80,230                                                              |   | 121,813                                                             |
|                                                                            |   |                                                                     |   |                                                                     |
| Loss      Before Equity in Income of Project Partnerships and Other      Income |   | (61,141)                                                                 |   | (105,840)                                                                |
|                                                                            |   |                                                                     |   |                                                                     |
| Equity      in Income of Project Partnerships                                   |   | -                                                                   |   | 8,090                                                               |
| Gain      on Sale of Project Partnerships                                       |   | 939,909                                                             |   | 230,135                                                             |
| Interest      Income                                                            |   | 15                                                                  |   | 4,152                                                               |
| Miscellaneous      Income                                                       |   | 94,622                                                              |   | -                                                                   |
|                                                                            |   |                                                                     |   |                                                                     |
| Net      Income from Continuing Operations                                      |   | $      973,405                        |   | $      136,537                        |
|                                                                            |   |                                                                     |   |                                                                     |
| Income      from Discontinued Operations (See Notes 2 & 5)                  |   | -                                                                   |   | 1,060,468                                                           |
|                                                                            |   |                                                                     |   |                                                                     |
| Net      Income                                                                 |   | $      973,405                        |   | $   1,197,005                                        |
|                                                                            |   |                                                                     |   |                                                                     |
| Allocation      of Net Income:                                                  |   |                                                                     |   |                                                                     |
| Limited      Partners                                                           |   | $      963,671                        |   | $   1,185,035                                        |
| General      Partners                                                           |   | 9,734                                                               |   | 11,970                                                              |
|                                                                            |   |                                                                     |   |                                                                     |
|                                                                            |   | $      973,405                        |   | $   1,197,005                                        |
|                                                                            |   |                                                                     |   |                                                                     |
| Net      Income Per Limited Partnership Unit                                    |   | $          37.69  |   | $          46.35  |
|                                                                            |   |                                                                     |   |                                                                     |
| Number      of Limited Partnership Units Outstanding                            |   | 25,566                                                              |   | 25,566                                                              |
|                                                                            |   |                                                                     |   |                                                                     |
|                                                                            |   |                                                                     |   |                                                                     |
| See      accompanying notes to financialstatements.                             |

----

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

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

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

|   | FOR THE SIX MONTHS      ENDED SEPTEMBER 30, 2009 AND2008 |
|--------|----------------------------------------------------------|

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

|                                                                            |   | 2009                                                                     |   | 2008                                                                     |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|
| Revenues:                                                                       |   |                                                                     |   |                                                                     |
| Distribution      Income                                                        |   | $        36,937             |   | $        31,627             |
|                                                                            |   |                                                                     |   |                                                                     |
| Total      Revenues                                                             |   | 36,937                                                              |   | 31,627                                                              |
|                                                                            |   |                                                                     |   |                                                                     |
| Expenses:                                                                       |   |                                                                     |   |                                                                     |
| Asset      Management Fee - General Partner                                     |   | 115,975                                                             |   | 160,832                                                             |
| General      and Administrative:                                                |   |                                                                     |   |                                                                     |
| General      Partner                                                            |   | -                                                                   |   | -                                                                   |
| Other                                                                           |   | 39,779                                                              |   | 61,194                                                              |
|                                                                            |   |                                                                     |   |                                                                     |
| Total      Expenses                                                             |   | 155,754                                                             |   | 222,026                                                             |
|                                                                            |   |                                                                     |   |                                                                     |
| Loss      Before Equity in Income of Project Partnerships and Other      Income |   | (118,817)                                                                |   | (190,399)                                                                |
|                                                                            |   |                                                                     |   |                                                                     |
| Equity      in Income of Project Partnerships                                   |   | -                                                                   |   | 9,116                                                               |
| Gain      on Sale of Project Partnerships                                       |   | 987,429                                                             |   | 476,435                                                             |
| Interest      Income                                                            |   | 23                                                                  |   | 8,231                                                               |
| Miscellaneous      Income                                                       |   | 94,622                                                              |   | -                                                                   |
|                                                                            |   |                                                                     |   |                                                                     |
| Net      Income from Continuing Operations                                      |   | $      963,257                        |   | $      303,383                        |
|                                                                            |   |                                                                     |   |                                                                     |
| Income      from Discontinued Operations (See Notes 2 & 5)                  |   | -                                                                   |   | 1,031,135                                                           |
|                                                                            |   |                                                                     |   |                                                                     |
| Net      Income                                                                 |   | $      963,257                        |   | $   1,334,518                                        |
|                                                                            |   |                                                                     |   |                                                                     |
| Allocation      of Net Income:                                                  |   |                                                                     |   |                                                                     |
| Limited      Partners                                                           |   | $      953,624                        |   | $   1,321,173                                        |
| General      Partners                                                           |   | 9,633                                                               |   | 13,345                                                              |
|                                                                            |   |                                                                     |   |                                                                     |
|                                                                            |   | $      963,257                        |   | $   1,334,518                                        |
|                                                                            |   |                                                                     |   |                                                                     |
| Net      Income Per Limited Partnership Unit                                    |   | $          37.30  |   | $          51.68  |
|                                                                            |   |                                                                     |   |                                                                     |
| Number      of Limited Partnership Units Outstanding                            |   | 25,566                                                              |   | 25,566                                                              |
|                                                                            |   |                                                                     |   |                                                                     |
|                                                                            |   |                                                                     |   |                                                                     |
| See      accompanying notes to financialstatements.                             |

----

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

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

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

|   | FOR THE SIX MONTHS      ENDED SEPTEMBER 30, 2009 AND2008 |
|--------|----------------------------------------------------------|

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

|                                                | Limited                        |   | General                                                  |   |                           |
|-----------------------------------------------------|--------------------------------|--------|----------------------------------------------------------|--------|--------------------------------|
|                                                | Partners'                      |   | Partners'                                                |   |                           |
|                                                | Deficit                        |   | Equity                                                   |   | Total                          |
|                                                |                           |   |                                                     |   |                           |
| 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) |
|                                                |                           |   |                                                     |   |                           |
|                                                |                           |   |                                                     |   |                           |
| Balance      at March 31, 2009                      | $   (5,333,453) |   | $       609,954  |   | $   (4,723,499) |
|                                                |                           |   |                                                     |   |                           |
| Net      Income                                     | 953,624                   |   | 9,633                                               |   | 963,257                   |
|                                                |                           |   |                                                     |   |                           |
| Distributions                                       | (987,429)                      |   | -                                                   |   | (987,429)                      |
|                                                |                           |   |                                                     |   |                           |
| Balance      at September 30, 2009                  | $   (5,367,258) |   | $       619,587  |   | $   (4,747,671) |
|                                                |                           |   |                                                     |   |                           |
|                                                |                           |   |                                                     |   |                           |
| See      accompanying notes to financialstatements. |

----

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

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

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

|   | FOR THE SIX MONTHS      ENDED SEPTEMBER 30, 2009 AND2008 |
|--------|----------------------------------------------------------|

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

|                                                                                                  |   | 2009                                                                                                           |   | 2008                                                                                                           |
|-------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
| Cash      Flows from Operating Activities:                                                            |   |                                                                                                           |   |                                                                                                           |
| Net      Income                                                                                       |   | $      963,257                                                              |   | $   1,334,518                                                                              |
| Adjustments      to Reconcile Net Income to Net Cash Provided by (Used in) Operating      Activities: |   |                                                                                                           |   |                                                                                                           |
| Premium      on Investment in Securities                                                              |   | -                                                                                                         |   | 70                                                                                                        |
| Equity      in Income of Project Partnerships                                                         |   | -                                                                                                         |   | (9,116)                                                                                                        |
| Gain      on Sale of Project Partnerships                                                             |   | (987,429)                                                                                                      |   | (476,435)                                                                                                      |
| Discontinued      Operations                                                                          |   | -                                                                                                         |   | (1,031,135)                                                                                                    |
| Distribution      Income                                                                              |   | (36,937)                                                                                                       |   | (31,627)                                                                                                       |
| Changes      in Operating Assets and Liabilities:                                                     |   |                                                                                                           |   |                                                                                                           |
| Decrease      in Interest Receivable                                                                  |   | -                                                                                                         |   | 2,577                                                                                                     |
| Decrease      in Accounts Payable - Other                                                             |   | -                                                                                                         |   | (696)                                                                                                          |
| Increase      in Payable to General Partners                                                          |   | 102,042                                                                                                   |   | 118,234                                                                                                   |
| Net      Cash Provided by (Used in) Operating Activities                                              |   | 40,933                                                                                                    |   | (93,610)                                                                                                       |
|                                                                                                  |   |                                                                                                           |   |                                                                                                           |
| Cash      Flows from Investing Activities:                                                            |   |                                                                                                           |   |                                                                                                           |
| Distributions      Received from Project Partnerships                                                 |   | 36,937                                                                                                    |   | 33,482                                                                                                    |
| Net      Proceeds from Sale of Project Partnerships                                                   |   | 987,429                                                                                                   |   | 1,767,666                                                                                                 |
| Redemption      of Investment Securities                                                              |   | -                                                                                                         |   | 200,000                                                                                                   |
| Net      Cash Provided by Investing Activities                                                        |   | 1,024,366                                                                                                 |   | 2,001,148                                                                                                 |
|                                                                                                  |   |                                                                                                           |   |                                                                                                           |
| Cash      Flows from Financing Activities:                                                            |   |                                                                                                           |   |                                                                                                           |
| Distributions      to Limited Partners                                                                |   | (996,563)                                                                                                      |   | (1,767,121)                                                                                                    |
| Net      Cash Used in Financing Activities                                                            |   | (996,563)                                                                                                      |   | (1,767,121)                                                                                                    |
|                                                                                                  |   |                                                                                                           |   |                                                                                                           |
| Increase      in Cash and Cash Equivalents                                                            |   | 68,736                                                                                                    |   | 140,417                                                                                                   |
| Cash      and Cash Equivalents at Beginning of Year                                                   |   | 263,458                                                                                                   |   | 350,280                                                                                                   |
|                                                                                                  |   |                                                                                                           |   |                                                                                                           |
| Cash      and Cash Equivalents at End of Period                                                       |   | $      332,194                                                              |   | $      490,697                                                              |
|                                                                                                  |   |                                                                                                           |   |                                                                                                           |
| Supplemental      disclosure of non-cash activities:                                                  |   |                                                                                                           |   |                                                                                                           |
| Increase      in Distribution Payable                                                                 |   | $        18,764                                                   |   | $          5,312                                        |
| Distribution      to Limited Partners                                                                 |   | (18,764)                                                                                                       |   | (5,312)                                                                                                        |
| Increase      in Receivable - Other                                                                   |   | (155,460)                                                                                                      |   | (101,450)                                                                                                      |
| Increase      in Deferred Gain on Sale of Project Partnerships                                        |   | 152,346                                                                                                   |   | 67,661                                                                                                    |
| Increase      in Payable to General Partners                                                          |   | 3,114                                                                                                     |   | 5,239                                                                                                     |
| Net      Proceeds from Sale of Project Partnerships                                                   |   | -                                                                                                         |   | 28,550                                                                                                    |
| Decrease      in Payable to General Partners                                                          |   | -                                                                                                         |   | (5,312)                                                                                                        |
| Capital      Contributions                                                                            |   | -                                                                                                         |   | 5,312                                                                                                     |
|                                                                                                  |   | $                 -  |   | $                 -  |
|                                                                                                  |   |                                                                                                           |   |                                                                                                           |
|                                                                                                  |   |                                                                                                           |   |                                                                                                           |
| See      accompanying notes to financialstatements.                                                   |

----

----

|                                           | 2009                                                                                                     |   | 2008                                     |
|------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|------------------------------------------|
| Gain      on Sale of Project Partnerships      | $                -  |   | $    1,031,135  |
| Total      Income from Discontinued Operations | $                -  |   | $    1,031,135  |

----

----

|  As      of September 30, 2009, Gateway holds a 99% interest in the profits,      losses, and Tax Credits as a limited partner in 22 Project Partnerships      holding 22 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      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                      |

|                                                                   |   | September      30,                                                                                                               |   | March      31,                                                                                                                   |   |
|------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                   |   | 2009                                                                                                                             |   | 2009                                                                                                                             |   |
| Capital      Contributions to Project Partnerships                     |   |                                                                                                                             |   |                                                                                                                             |   |
| and      purchase price paid for limited partner                       |   |                                                                                                                             |   |                                                                                                                             |   |
| interests      in Project Partnerships                                 |   | $     4,898,731                                                                                    |   | $     9,304,507                                                                                    |   |
|                                                                   |   |                                                                                                                             |   |                                                                                                                             |   |
| Cumulative      equity in losses of Project Partnerships (1)           |   | (4,999,695)                                                                                                                      |   | (9,606,978)                                                                                                                      |   |
|                                                                   |   |                                                                                                                             |   |                                                                                                                             |   |
| Cumulative      distributions received from Project Partnerships       |   | (240,610)                                                                                                                        |   | (360,043)                                                                                                                        |   |
|                                                                   |   |                                                                                                                             |   |                                                                                                                             |   |
| Investment      in Project Partnerships before Adjustment              |   | (341,574)                                                                                                                        |   | (662,514)                                                                                                                        |   |
|                                                                   |   |                                                                                                                             |   |                                                                                                                             |   |
| Excess      of investment cost over the underlying                     |   |                                                                                                                             |   |                                                                                                                             |   |
| assets      acquired:                                                  |   |                                                                                                                             |   |                                                                                                                             |   |
| Acquisition      fees and expenses                                     |   | 616,502                                                                                                                     |   | 1,160,581                                                                                                                   |   |
| Accumulated      amortization of acquisition fees      and expenses    |   | (240,408)                                                                                                                        |   | (385,172)                                                                                                                        |   |
|                                                                   |   |                                                                                                                             |   |                                                                                                                             |   |
| Reserve      for Impairment of Investment in Project      Partnerships |   | (34,520)                                                                                                                         |   | (112,895)                                                                                                                        |   |
|                                                                   |   |                                                                                                                             |   |                                                                                                                             |   |
| Investments      in Project Partnerships                               |   | $                    -  |   | $                    -  |   |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of $6,553,285      for the period ended September 30, 2009 and cumulative suspended losses of      $14,227,196 for the year ended March 31, 2009 are not      included. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships 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: |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |   | 2009                                                                                                                                   |   | 2008                                                                                             |   |
|-----------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|--------|
| SUMMARIZED      BALANCE SHEETS                |   |                                                                                                                                   |   |                                                                                             |   |
| Assets:                                       |   |                                                                                                                                   |   |                                                                                             |   |
| Current      assets                           |   | $       3,204,927                                                                              |   | $       5,539,175                                        |   |
| Investment      properties, net               |   | 14,135,555                                                                                                                        |   | 25,582,177                                                                                  |   |
| Other      assets                             |   | 69,463                                                                                                                            |   | 64,406                                                                                      |   |
| Total      assets                             |   | $     17,409,945                                                                                         |   | $     31,185,758                                                   |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| Liabilities      and Partners' Deficit:       |   |                                                                                                                                   |   |                                                                                             |   |
| Current      liabilities                      |   | $       1,057,334                                                                              |   | $       1,378,669                                        |   |
| Long-term      debt                           |   | 24,028,994                                                                                                                        |   | 46,723,243                                                                                  |   |
| Total      liabilities                        |   | 25,086,328                                                                                                                        |   | 48,101,912                                                                                  |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| Partners'      deficit                        |   |                                                                                                                                   |   |                                                                                             |   |
| Limited      Partner                          |   | (7,231,371)                                                                                                                            |   | (16,024,470)                                                                                     |   |
| General      Partners                         |   | (445,012)                                                                                                                              |   | (891,684)                                                                                        |   |
| Total      Partners' deficit                  |   | (7,676,383)                                                                                                                            |   | (16,916,154)                                                                                     |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| Total      liabilities and partners' deficit  |   | $     17,409,945                                                                                         |   | $     31,185,758                                                   |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS      |   |
| Rental      and other income                  |   | $       1,964,322                                                                              |   | $       3,722,799                                        |   |
| Expenses:                                     |   |                                                                                                                                   |   |                                                                                             |   |
| Operating      expenses                       |   | 1,465,599                                                                                                                         |   | 2,553,721                                                                                   |   |
| Interest      expense                         |   | 251,589                                                                                                                           |   | 510,155                                                                                     |   |
| Depreciation      and amortization            |   | 466,751                                                                                                                           |   | 942,483                                                                                     |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| Total      expenses                           |   | 2,183,939                                                                                                                         |   | 4,006,359                                                                                   |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| Net      loss                                 |   | $        (219,617)                                                                             |   | $        (283,560)                                       |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| Other      partners' share of net loss        |   | $            (2,196)                                                       |   | $            (2,835)                 |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| Gateway's      share of net loss              |   | $        (217,421)                                                                             |   | $        (280,725)                                       |   |
| Suspended      losses                         |   | 217,421                                                                                                                           |   | 289,841                                                                                     |   |
|                                          |   |                                                                                                                                   |   |                                                                                             |   |
| Equity      in Income of Project Partnerships |   | $                     -  |   | $              9,116  |   |

| Gateway's      deficit as reflected by the Project Partnerships of $(7,231,371) differs      from Gateway's Investments in Project Partnerships before acquisition fees      and expenses, amortization, and the impairment reserve of $(341,574)      primarily because of suspended losses on Gateway's  books. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| TransactionMonth      / Year |  Project      Partnership                 | Net      Proceeds                     | Net      ProceedsPer      LP Unit   | Gain      (Loss)on      Disposal                                                                         | Deferred      Gainon      Disposal                      |
|------------------------------|------------------------------------------------|---------------------------------------|-------------------------------------|----------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
| September      2009          | Madison,      Ltd.                             | $    43,958  | $    1.72  | $                -  | $       43,958  |
| September      2009          | Mabank      1988 Limited (Phase I & II)    | 14,482                           | 0.57                           | -                                                                                                   | 14,482                                             |
| September      2009          | Monroe      Family, Ltd.                       | 38,749                           | 1.52                           | -                                                                                                   | 38,749                                             |
| September      2009          | Hartwell      Elderly, Ltd.                    | 28,749                           | 1.12                           | -                                                                                                   | 28,749                                             |
| September      2009          | Mulberry      Hill IV Associates               | 3,581                            | 0.14                           | -                                                                                                   | 3,581                                              |
| September      2009          | Federal      Manor III                         | 7,497                            | 0.29                           | -                                                                                                   | 7,497                                              |
| September      2009          | Dunbarton      Oaks III                        | 7,749                            | 0.30                           | -                                                                                                   | 7,749                                              |
| September      2009          | Brandywine      III                            | 7,581                            | 0.30                           | -                                                                                                   | 7,581                                              |
| August      2009             | Middleport      Limited Partnership            | 18,764                           | 0.73                           | 18,764                                                                                              | -                                                  |
| August      2009             | Augusta      Properties, LP (Phase I & II) | 180,810                          | 7.07                           | 180,686                                                                                             | -                                                  |
| August      2009             | Barling      Properties                        | 131,898                          | 5.16                           | 131,836                                                                                             | -                                                  |
| August      2009             | Booneville      Properties                     | 137,430                          | 5.38                           | 137,368                                                                                             | -                                                  |
| August      2009             | Broken      Bow Properties II                  | 126,365                          | 4.94                           | 126,303                                                                                             | -                                                  |
| August      2009             | Decatur      Properties                        | 65,509                           | 2.56                           | 65,447                                                                                              | -                                                  |
| August      2009             | Poteau      Properties III                     | 51,678                           | 2.02                           | 51,616                                                                                              | -                                                  |
| August      2009             | Poteau      Properties IV                      | 87,640                           | 3.43                           | 87,578                                                                                              | -                                                  |
| August      2009             | Turtle      Creek Properties Phase II          | 115,301                          | 4.51                           | 115,239                                                                                             | -                                                  |
| June      2009               | Sabinal      Housing Ltd.                      | 4,665                            | 0.18                           | 4,330                                                                                               | -                                                  |
| June      2009               | Kingsland      Housing Ltd.                    | 12,497                           | 0.49                           | 12,163                                                                                              | -                                                  |
| June      2009               | Mathis      Retirement Ltd.                    | 8,914                            | 0.35                           | 8,579                                                                                               | -                                                  |
| May      2009                | Spring      Creek Apartments, Ltd. (GA)        | 47,520                           | 1.86                           | 47,520                                                                                              | -                                                  |
|                         |                                           |                                  |                                | $    987,429                                                                    | $     152,346             |

----

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

----

----

----

----

| TransactionMonth      / Year |  Project      Partnership                 | Net      Proceeds                     | Net      ProceedsPer      LP Unit   | Gain      (Loss)on      Disposal                                                                         | Deferred      Gainon      Disposal                      |
|------------------------------|------------------------------------------------|---------------------------------------|-------------------------------------|----------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
| September      2009          | Madison,      Ltd.                             | $    43,958  | $    1.72  | $                -  | $       43,958  |
| September      2009          | Mabank      1988 Limited (Phase I & II)    | 14,482                           | 0.57                           | -                                                                                                   | 14,482                                             |
| September      2009          | Monroe      Family, Ltd.                       | 38,749                           | 1.52                           | -                                                                                                   | 38,749                                             |
| September      2009          | Hartwell      Elderly, Ltd.                    | 28,749                           | 1.12                           | -                                                                                                   | 28,749                                             |
| September      2009          | Mulberry      Hill IV Associates               | 3,581                            | 0.14                           | -                                                                                                   | 3,581                                              |
| September      2009          | Federal      Manor III                         | 7,497                            | 0.29                           | -                                                                                                   | 7,497                                              |
| September      2009          | Dunbarton      Oaks III                        | 7,749                            | 0.30                           | -                                                                                                   | 7,749                                              |
| September      2009          | Brandywine      III                            | 7,581                            | 0.30                           | -                                                                                                   | 7,581                                              |
| August      2009             | Middleport      Limited Partnership            | 18,764                           | 0.73                           | 18,764                                                                                              | -                                                  |
| August      2009             | Augusta      Properties, LP (Phase I & II) | 180,810                          | 7.07                           | 180,686                                                                                             | -                                                  |
| August      2009             | Barling      Properties                        | 131,898                          | 5.16                           | 131,836                                                                                             | -                                                  |
| August      2009             | Booneville      Properties                     | 137,430                          | 5.38                           | 137,368                                                                                             | -                                                  |
| August      2009             | Broken      Bow Properties II                  | 126,365                          | 4.94                           | 126,303                                                                                             | -                                                  |
| August      2009             | Decatur      Properties                        | 65,509                           | 2.56                           | 65,447                                                                                              | -                                                  |
| August      2009             | Poteau      Properties III                     | 51,678                           | 2.02                           | 51,616                                                                                              | -                                                  |
| August      2009             | Poteau      Properties IV                      | 87,640                           | 3.43                           | 87,578                                                                                              | -                                                  |
| August      2009             | Turtle      Creek Properties Phase II          | 115,301                          | 4.51                           | 115,239                                                                                             | -                                                  |
| June      2009               | Sabinal      Housing Ltd.                      | 4,665                            | 0.18                           | 4,330                                                                                               | -                                                  |
| June      2009               | Kingsland      Housing Ltd.                    | 12,497                           | 0.49                           | 12,163                                                                                              | -                                                  |
| June      2009               | Mathis      Retirement Ltd.                    | 8,914                            | 0.35                           | 8,579                                                                                               | -                                                  |
| May      2009                | Spring      Creek Apartments, Ltd. (GA)        | 47,520                           | 1.86                           | 47,520                                                                                              | -                                                  |
|                         |                                           |                                  |                                | $    987,429                                                                    | $     152,346             |

----

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

----

| Village      Apartments of Centralia II | Village      Apartments of Fortville II |
|-----------------------------------------|-----------------------------------------|
| Village      Apartments of Morgantown   | Village      Apartments of Summitville  |
| Spring      Creek Apartments, Ltd. (AL) |                                    |

| Buena      Vista Housing, Ltd., L.P.           | Hannah’s      Mill Apartments, Ltd. |
|------------------------------------------------|-------------------------------------------|
| Eagle’s      Bay Limited Partnership     | Stone      Arbor Limited Partnership      |
| Suncrest      Limited Partnership              | Woodcroft      Limited Partnership        |
| Laynecrest      Associates Limited Partnership | Martindale      Limited Partnership       |
| Sylacauga      Garden Apartments III, Ltd.     |                                      |

| Cuthbert      Elderly Housing, Ltd.     | Casa      Linda Limited Partnership |
|-----------------------------------------|-------------------------------------|
| La      Villa Elena Limited Partnership | Rio      Abajo                      |
| Sage      Limited Partnership           | Concord      IV Limited Partnership |
| Longleaf      Apartments, Ltd.          |                                |

----

----

----

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

| Date:      November 13,      2009 | By:/s/ Ronald M.      DinerRonald      M. Diner         |
|-----------------------------------|---------------------------------------------------------|
|                              | President                                               |
|                              |                                                    |
|                              |                                                    |
| Date:      November 13,      2009 | By:/s/ Toni S.      MatthewsToni      S. Matthews       |
|                              | Vice      President and Chief Financial Officer         |
|                              |                                                    |
|                              |                                                    |
| Date:      November 13,      2009 | By:/s/ Sandra C.      HumphreysSandra      C. Humphreys |
|                              | Secretary      and Treasurer                            |