----

----

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

|   | EXCHANGE                ACT OF 1934 |
|--------|-------------------------------------|

| Gateway                Tax Credit Fund,                Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Exact                name of Registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Florida                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 59-2852555                |
| (State                or other jurisdiction of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (IRS                Employer |
| incorporation                or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 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 [X] |
|--------------------------------------------|--------------------------------------|------------------------------------------|

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

----

----

| GATEWAY                TAX CREDIT FUND,                LTD.                                |   |
|--------------------------------------------------------------------------------------------|--------|
| (A                Florida Limited Partnership)                                             |   |
|                                                                                       |   |   |   |   |   |   |
| CONSOLIDATED                BALANCE SHEET                                                  |   |
|                                                                                       |   |   |   |   |   |   |
|                                                                                       |   | December                31, |   |   | March                31, |   |
|                                                                                       |   | 2007 |   |   | 2007 |   |
| ASSETS                                                                                     |   | (Unaudited) |   |   | (Audited) |   |
| Current                Assets:                                                             |   |   |   |   |   |   |
|   Cash                and Cash Equivalents                                       |   | $ | 792,307 |   |   | $ | 1,034,929 |   |
|   Investments                in Securities                                       |   |   | 200,169 |   |   |   | - |   |
|   Accounts                Receivable                                             |   |   | 12,980 |   |   |   | 22,089 |   |
|   Prepaid                Insurance                                               |   |   | 95 |   |   |   | 95 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
|     Total                Current Assets                                |   |   | 1,005,551 |   |   |   | 1,057,113 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Investments                in Project Partnerships, net                                    |   |   | 596,407 |   |   |   | 541,534 |   |
| Replacement                Reserves                                                        |   |   | 9,692 |   |   |   | 9,637 |   |
| Rental                Property at Cost, net                                                |   |   | 372,147 |   |   |   | 401,685 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
|       Total                Assets                            |   | $ | 1,983,797 |   |   | $ | 2,009,969 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| LIABILITIES                AND PARTNERS' DEFICIT                                           |   |   |   |   |   |   |   |   |
| Current                Liabilities:                                                        |   |   |   |   |   |   |   |   |
|   Payable                to General Partners                                     |   | $ | 4,948,675 |   |   | $ | 496,513 |   |
|   Distribution                Payable                                            |   |   | 309,051 |   |   |   | 278,126 |   |
|                Deferred Gain on Sale of Project Partnerships                     |   |   | 38,000 |   |   |   | - |   |
|   Accounts                Payable - Other                                        |   |   | 9,090 |   |   |   | 7,826 |   |
|   Accrued                Real Estate Taxes                                       |   |   | 3,611 |   |   |   | 10,527 |   |
|   Tenant                Security Deposits                                        |   |   | 4,800 |   |   |   | 4,700 |   |
|   Mortgage                Notes Payable - Current                                |   |   | 5,684 |   |   |   | 5,684 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
|     Total                Current Liabilities                           |   |   | 5,318,911 |   |   |   | 803,376 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Long-Term                Liabilities:                                                      |   |   |   |   |   |   |   |   |
|   Payable                to General Partners                                     |   |   | - |   |   |   | 4,187,572 |   |
|   Mortgage                Notes Payable                                          |   |   | 801,749 |   |   |   | 801,749 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
|     Total                Long-Term Liabilities                         |   |   | 801,749 |   |   |   | 4,989,321 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Minority                Interest in Local Limited                                          |   |   |   |   |   |   |   |   |
| Partnership                                                                                |   |   | (30,627 | ) |   |   | (30,271 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |
| Partners'                Equity (Deficit):                                                 |   |   |   |   |   |   |   |   |
|   Limited                Partners (25,566 units outstanding                      |   |   |   |   |   |   |   |   |
|   at                December 31, 2007 and March 31, 2007)                        |   |   | (4,695,559 | ) |   |   | (4,014,192 | ) |
|   General                Partners                                                |   |   | 589,323 |   |   |   | 261,735 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
|     Total                Partners' Deficit                             |   |   | (4,106,236 | ) |   |   | (3,752,457 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |
|       Total                Liabilities and Partners' Deficit |   | $ | 1,983,797 |   |   | $ | 2,009,969 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| See                accompanying notes to financial statements.                             |   |

----

| GATEWAY                TAX CREDIT FUND,                LTD.                         |   |
|-------------------------------------------------------------------------------------|--------|
| (A                Florida Limited Partnership)                                      |   |
|                                                                                |   |   |   |   |   |   |
| CONSOLIDATED                STATEMENTS OF                OPERATIONS                 |   |
| FOR                THE THREE MONTHS ENDED DECEMBER 31, 2007 AND                2006 |   |
| (Unaudited)                                                                         |   |
|                                                                                |   |   |   |   |   |   |
|                                                                                |   | 2007 |   |   | 2006 |   |
| Revenues:                                                                           |   |   |   |   |   |   |
|   Rental                                                                  |   | $ | 7,691 |   |   | $ | 42,836 |   |
|   Distribution                Income                                      |   |   | 12,021 |   |   |   | 5,595 |   |
|   Miscellaneous                Income                                     |   |   | 1,596 |   |   |   | 725 |   |
|                                                                                |   |   |   |   |   |   |   |   |
|     Total                Revenues                               |   |   | 21,308 |   |   |   | 49,156 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Expenses:                                                                           |   |   |   |   |   |   |   |   |
|   Asset                Management Fee - General Partner                   |   |   | 92,440 |   |   |   | 112,401 |   |
|   General                and Administrative:                              |   |   |   |   |   |   |   |   |
|     General                Partner                              |   |   | - |   |   |   | 57,688 |   |
|     Other                                                       |   |   | 20,242 |   |   |   | 19,574 |   |
|   Rental                Operating Expenses                                |   |   | 19,223 |   |   |   | 21,370 |   |
|   Interest                                                                |   |   | 4,549 |   |   |   | 11,215 |   |
|   Depreciation                                                            |   |   | 9,846 |   |   |   | 10,024 |   |
|                                                                                |   |   |   |   |   |   |   |   |
|     Total                Expenses                               |   |   | 146,300 |   |   |   | 232,272 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Loss                Before Equity in Income of Project                              |   |   |   |   |   |   |   |   |
|   Partnerships                and Other Income                            |   |   | (124,992 | ) |   |   | (183,116 | ) |
|                                                                                |   |   |   |   |   |   |   |   |
| Equity                in Income of Project Partnerships                             |   |   | 87,058 |   |   |   | 46,219 |   |
| Gain                on Sale of Project Partnerships                                 |   |   | 274,513 |   |   |   | 91,957 |   |
| Minority                Interest in Loss (Income) of Consolidated                   |   |   |   |   |   |   |   |   |
|   Project                Partnership                                      |   |   | 242 |   |   |   | (10 | ) |
| Interest                Income                                                      |   |   | 9,470 |   |   |   | 8,906 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Net                Income (Loss)                                                    |   | $ | 246,291 |   |   | $ | (36,044 | ) |
|                                                                                |   |   |   |   |   |   |   |   |
| Allocation                of Net Income (Loss):                                     |   |   |   |   |   |   |   |   |
|   Limited                Partners                                         |   | $ | 243,828 |   |   | $ | (35,684 | ) |
|   General                Partners                                         |   |   | 2,463 |   |   |   | (360 | ) |
|                                                                                |   |   |   |   |   |   |   |   |
|                                                                                |   | $ | 246,291 |   |   | $ | (36,044 | ) |
|                                                                                |   |   |   |   |   |   |   |   |
| Net                Income (Loss) Per Limited Partnership Unit                       |   | $ | 9.54 |   |   | $ | (1.40 | ) |
|                                                                                |   |   |   |   |   |   |   |   |
| Number                of Limited Partnership Units Outstanding                      |   |   | 25,566 |   |   |   | 25,566 |   |
|                                                                                |   |   |   |   |   |   |   |   |
|                                                                                |   |   |   |   |   |   |   |   |
| See                accompanying notes to financial statements.                      |   |

----

| GATEWAY                TAX CREDIT FUND,                LTD.                        |   |
|------------------------------------------------------------------------------------|--------|
| (A                Florida Limited Partnership)                                     |   |
|                                                                               |   |   |   |   |   |   |
| CONSOLIDATED                STATEMENTS OF                OPERATIONS                |   |
| FOR                THE NINE MONTHS ENDED DECEMBER 31, 2007 AND                2006 |   |
| (Unaudited)                                                                        |   |
|                                                                               |   |   |   |   |   |   |
|                                                                               |   | 2007 |   |   | 2006 |   |
| Revenues:                                                                          |   |   |   |   |   |   |
|   Rental                                                                 |   | $ | 62,362 |   |   | $ | 84,425 |   |
|   Distribution                Income                                     |   |   | 55,367 |   |   |   | 37,257 |   |
|   Miscellaneous                Income                                    |   |   | 1,596 |   |   |   | 2,347 |   |
|                                                                               |   |   |   |   |   |   |   |   |
|     Total                Revenues                              |   |   | 119,325 |   |   |   | 124,029 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| Expenses:                                                                          |   |   |   |   |   |   |   |   |
|   Asset                Management Fee - General Partner                  |   |   | 293,692 |   |   |   | 340,364 |   |
|   General                and Administrative:                             |   |   |   |   |   |   |   |   |
|     General                Partner                             |   |   | 104,564 |   |   |   | 174,044 |   |
|     Other                                                      |   |   | 70,040 |   |   |   | 72,751 |   |
|   Rental                Operating Expenses                               |   |   | 56,549 |   |   |   | 52,595 |   |
|   Interest                                                               |   |   | 13,648 |   |   |   | 13,939 |   |
|   Depreciation                                                           |   |   | 29,538 |   |   |   | 30,072 |   |
|                                                                               |   |   |   |   |   |   |   |   |
|     Total                Expenses                              |   |   | 568,031 |   |   |   | 683,765 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| Loss                Before Equity in Income of Project                             |   |   |   |   |   |   |   |   |
|   Partnerships                and Other Income                           |   |   | (448,706 | ) |   |   | (559,736 | ) |
|                                                                               |   |   |   |   |   |   |   |   |
| Equity                in Income of Project Partnerships                            |   |   | 123,835 |   |   |   | 68,960 |   |
| Gain                on Sale of Project Partnerships                                |   |   | 1,178,887 |   |   |   | 272,650 |   |
| Minority                Interest in Loss of Consolidated                           |   |   |   |   |   |   |   |   |
|   Project                Partnership                                     |   |   | 356 |   |   |   | 96 |   |
| Interest                Income                                                     |   |   | 32,389 |   |   |   | 25,598 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| Net                Income (Loss)                                                   |   | $ | 886,761 |   |   | $ | (192,432 | ) |
|                                                                               |   |   |   |   |   |   |   |   |
| Allocation                of Net Income (Loss):                                    |   |   |   |   |   |   |   |   |
|   Limited                Partners                                        |   | $ | 877,893 |   |   | $ | (190,508 | ) |
|   General                Partners                                        |   |   | 8,868 |   |   |   | (1,924 | ) |
|                                                                               |   |   |   |   |   |   |   |   |
|                                                                               |   | $ | 886,761 |   |   | $ | (192,432 | ) |
|                                                                               |   |   |   |   |   |   |   |   |
| Net                Income (Loss) Per Limited Partnership Unit                      |   | $ | 34.34 |   |   | $ | (7.45 | ) |
|                                                                               |   |   |   |   |   |   |   |   |
| Number                of Limited Partnership Units Outstanding                     |   |   | 25,566 |   |   |   | 25,566 |   |
|                                                                               |   |   |   |   |   |   |   |   |
|                                                                               |   |   |   |   |   |   |   |   |
| See                accompanying notes to financial statements.                     |   |

----

| GATEWAY                TAX CREDIT FUND,                LTD.                         |   |
|-------------------------------------------------------------------------------------|--------|
| (A                Florida Limited Partnership)                                      |   |
|                                                                                |   |   |   |   |   |   |   |   |   |
| CONSOLIDATED                STATEMENTS OF PARTNERS' EQUITY                (DEFICIT) |   |
| FOR                THE NINE MONTHS ENDED DECEMBER 31, 2007 AND                2006  |   |
| (Unaudited)                                                                         |   |
|                                                                                |   |   |   |   |   |   |   |   |   |
|                                                                                |   |   |   |   |   |   |   |   |   |
|                                                                                |   | Limited |   |   | General |   |   |   |   |
|                                                                                |   | Partners' |   |   | Partners' |   |   |   |   |
|                                                                                |   | Deficit |   |   | Equity |   |   | Total |   |
|                                                                                |   |   |   |   |   |   |   |   |   |
| Balance                at March 31, 2006                                            |   | $ | (3,168,987 | ) |   | $ | 21,412 |   |   | $ | (3,147,575 | ) |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Loss                                                             |   |   | (190,508 | ) |   |   | (1,924 | ) |   |   | (192,432 | ) |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions                                                                       |   |   | (136,778 | ) |   |   | - |   |   |   | (136,778 | ) |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at December 31, 2006                                         |   | $ | (3,496,273 | ) |   | $ | 19,488 |   |   | $ | (3,476,785 | ) |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at March 31, 2007                                            |   | $ | (4,014,192 | ) |   | $ | 261,735 |   |   | $ | (3,752,457 | ) |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital                Contributions                                                |   |   | - |   |   |   | 318,720 |   |   |   | 318,720 |   |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Income                                                           |   |   | 877,893 |   |   |   | 8,868 |   |   |   | 886,761 |   |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions                                                                       |   |   | (1,559,260 | ) |   |   | - |   |   |   | (1,559,260 | ) |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at December 31, 2007                                         |   | $ | (4,695,559 | ) |   | $ | 589,323 |   |   | $ | (4,106,236 | ) |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| See                accompanying notes to financial statements.                      |   |

----

| GATEWAY                TAX CREDIT FUND,                LTD.                                                          |
|----------------------------------------------------------------------------------------------------------------------|
| (A                Florida Limited Partnership)                                                                       |
|                                                                                                                 |   |   |   |   |   |   |   |
| CONSOLIDATED                STATEMENTS OF CASH                FLOWS                                                  |
| FOR                THE NINE MONTHS ENDED DECEMBER 31, 2007 AND                2006                                   |
| (Unaudited)                                                                                                          |
|                                                                                                                 |   |   |   |
|                                                                                                                 |   |  2007 |   |   | 2006 |   |
| Cash                Flows from Operating Activities:                                                                 |   |   |   |
|     Net                Income (Loss)                                                             |   | $ | 886,761 |   |   | $ | (192,432 | ) |
|     Adjustments                to Reconcile Net Income (Loss) to                                 |   |   |   |
|       Net                Cash Used in Operating Activities:                            |   |   |   |
|       Depreciation                                                                     |   |   | 29,538 |   |   |   | 30,072 |   |
|       Amortized                Premium on Investments in Securities                    |   |   | 125 |   |   |   | - |   |
|       Current                Year Equity in Income of Project Partnerships             |   |   | (123,835 | ) |   |   | (68,960 | ) |
|       Gain                on Sale of Project Partnerships                              |   |   | (1,178,887 | ) |   |   | (272,650 | ) |
|       Minority                Interest in Losses of Consolidated Project Partnership   |   |   | (356 | ) |   |   | (96 | ) |
|       Distribution                Income                                               |   |   | (55,367 | ) |   |   | (35,025 | ) |
|     Changes                in Operating Assets and Liabilities:                                  |   |   |   |
|       Decrease                (Increase) in Accounts Receivable                        |   |   | 9,109 |   |   |   | (20,894 | ) |
|       Increase                in Interest Receivable                                   |   |   | (28 | ) |   |   | - |   |
|       Decrease                in Accounts Payable                                      |   |   | (736 | ) |   |   | (22,157 | ) |
|       (Increase)                Decrease in Replacement Reserves                       |   |   | (55 | ) |   |   | 2,634 |   |
|       Increase                in Security Deposits                                     |   |   | 100 |   |   |   | - |   |
|       Decrease                in Accrued Real Estate Taxes                             |   |   | (6,916 | ) |   |   | - |   |
|       Increase                in Payable to General Partners                           |   |   | 264,590 |   |   |   | 513,572 |   |
|           Net                Cash Used in Operating Activities     |   |   | (175,957 | ) |   |   | (65,936 | ) |
|                                                                                                                 |   |   |   |
| Cash                Flows from Investing Activities:                                                                 |   |   |   |
|     Distributions                Received from Project Partnerships                              |   |   | 62,504 |   |   |   | 46,947 |   |
|     Net                Proceeds from Sale of Project Partnerships                                |   |   | 1,280,712 |   |   |   | 130,517 |   |
|     Purchase                of Investment Securities                                             |   |   | (200,266 | ) |   |   | - |   |
|     Purchase                of Equipment                                                         |   |   | - |   |   |   | (1,676 | ) |
|           Net                Cash Provided by Investing Activities |   |   | 1,142,950 |   |   |   | 175,788 |   |
|                                                                                                                 |   |   |   |
| Cash                Flows from Financing Activities:                                                                 |   |   |   |
|     Capital                Contributions                                                         |   |   | 318,720 |   |   |   | - |   |
|     Distributions                to Limited Partners                                             |   |   | (1,528,335 | ) |   |   | (136,778 | ) |
|           Net                Cash Used in Financing Activities     |   |   | (1,209,615 | ) |   |   | (136,778 | ) |
|                                                                                                                 |   |   |   |
| Decrease                in Cash and Cash Equivalents                                                                 |   |   | (242,622 | ) |   |   | (26,926 | ) |
| Cash                and Cash Equivalents at Beginning of Year                                                        |   |   | 1,034,929 |   |   |   | 758,509 |   |
|                                                                                                                 |   |   |   |
| Cash                and Cash Equivalents at End of Period                                                            |   | $ | 792,307 |   |   | $ | 731,583 |   |
|                                                                                                                 |   |   |   |
| Supplemental                disclosure of non-cash activities:                                                       |   |   |   |
| Increase                in Distribution Payable                                                                      |   | $ | 310,025 |   |   | $ | - |   |
| Distribution                to Limited Partners                                                                      |   |   | (310,025 | ) |   |   | - |   |
|                                                                                                                 |   | $ | - |   |   | $ | - |   |
|                                                                                                                 |   |   |   |
|                                                                                                                 |   |   |   |
| See                accompanying notes to financial                statements.                                        |

----

| 1)   | Gateway's                capital contribution, |
|----------------|------------------------------------------------|

| 2)   | Acquisition                fees paid to the General Partner for services rendered in selecting                properties for acquisition,                and  |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Acquisition                expenses including legal fees, travel and other miscellaneous costs                relating to acquiring properties. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 1)   | Increased                for equity in income or decreased for equity in losses of the Project                Partnerships, |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

| 2)   | Decreased                for cash distributions received from the Project Partnerships,                and |
|----------------|------------------------------------------------------------------------------------------------------------|

| 3)   | Decreased                for the amortization of the acquisition fees and                expenses. |
|----------------|----------------------------------------------------------------------------------------------------|

----

| Buildings | 27-1/2                years |
|-----------|-----------------------------|
| Equipment | 7                years      |

----

----

| Due                within 1 year                                 |   | $      | 200,169 |   |
|------------------------------------------------------------------|--------|--------|---------|--------|
| After                1 year through 5 years                      |   |   | 0       |   |
|   Total                Amount Carried on Balance Sheet |   | $      | 200,169 |   |

|                                                                              | Cost                                                                                                   |   | AccumulatedDepreciation                                                                                                 |   | BookValue                                                                   |
|-----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|
| LandBuildingsFurniture                and AppliancesNet                Book Value | $     32,000 968,869    48,945 $1,049,814  |   | $           0 637,007  40,660 $677,667  |   | $  32,000 331,862   8,285 $372,147  |

|                                                                              | Cost                                                                                                   |   | AccumulatedDepreciation                                                                                                 |   | BookValue                                                              |
|-----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------|
| LandBuildingsFurniture                and AppliancesNet                Book Value | $     32,000 968,869    48,945 $1,049,814  |   | $           0 609,241  38,888 $648,129  |   | $  32,000 359,628  10,057 $401,685  |

----

| Year                Ending       |   | Amount   |
|----------------------------------|--------|----------|
| December                31, 2007 |   | 5,684    |
| December                31, 2008 |   | 5,808    |
| December                31, 2009 |   | 5,936    |
| December                31, 2010 |   | 6,065    |
| December                31, 2011 |   | 6,198    |
| Thereafter                       |   | 777,742  |
|   Total                |   | $807,433 |

| NOTE                7 - INVESTMENTS IN PROJECT                PARTNERSHIPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |
| As                of December 31, 2007, Gateway holds a 99% interest in the profits,                losses,                and Tax Credits as a limited partner in 57 Project Partnerships and                a                general partner interest in Sparta, all together holding 62                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, excluding                the Consolidated Entity, as of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | December                31, |   |   | March                31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2007 |   |   | 2007 |   |
| Capital                Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |
| and                purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
|  interests                in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $ | 13,189,775 |   |   | $ | 15,720,185 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Cumulative                equity in losses of Project Partnerships (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | (13,041,792 | ) |   |   | (15,751,914 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Cumulative                distributions received from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | (614,640 | ) |   |   | (702,417 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Investment                in Project Partnerships before Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | (466,657 | ) |   |   | (734,146 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Excess                of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| assets                acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
|   Acquisition                fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 1,670,779 |   |   |   | 1,979,556 |   |
|   Accumulated                amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |
|   fees                and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | (607,715 | ) |   |   | (703,876 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Investments                in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $ | 596,407 |   |   | $ | 541,534 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| (1)                In accordance with Gateway's accounting policy to not carry Investments                in                Project Partnerships below zero, cumulative suspended losses of                $17,207,388 for the period ended December 31, 2007 and cumulative                suspended losses of $19,299,452 for the year ended March 31, 2007                are not                included.                                                                                                                                                                                                                                                                      |   |

----

| NOTE                7 - INVESTMENTS IN                PROJECT PARTNERSHIPS (continued):                                                                                                                                                                                                                                                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| In                accordance with Gateway's policy of presenting the financial information                of the Project Partnerships, excluding Sparta beginning on the date                of combination, on a three month lag, below is the summarized balance                sheets for the Project Partnerships as of September 30 and the summarized                statements of operations for the three months ended September 30                of each                year: |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2007 |   |   | 2006 |   |
| SUMMARIZED                BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |
|     Current                assets                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $ | 7,532,676 |   |   | $ | 9,384,544 |   |
|     Investment                properties, net                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | 36,730,175 |   |   |   | 51,424,697 |   |
|     Other                assets                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 910,559 |   |   |   | 476,698 |   |
|         Total                assets                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $ | 45,173,410 |   |   | $ | 61,285,939 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Liabilities                and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|     Current                liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $ | 2,752,240 |   |   | $ | 2,750,685 |   |
|     Long-term                debt                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 62,538,322 |   |   |   | 82,634,323 |   |
|         Total                liabilities                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 65,290,562 |   |   |   | 85,385,008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
|  Partners'                deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
|     Limited                Partner                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | (18,210,644 | ) |   |   | (21,968,964 | ) |
|     General                Partners                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | (1,906,508 | ) |   |   | (2,130,105 | ) |
|         Total                Partners' deficit                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | (20,117,152 | ) |   |   | (24,099,069 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
|         Total                liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                                                                       |   | $ | 45,173,410 |   |   | $ | 61,285,939 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| SUMMARIZED                STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Rental                and other income                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $ | 8,143,620 |   |   | $ | 9,765,308 |   |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
|     Operating                expenses                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 5,409,141 |   |   |   | 6,561,924 |   |
|     Interest                expense                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 1,112,610 |   |   |   | 1,487,440 |   |
|     Depreciation                and amortization                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 1,911,063 |   |   |   | 2,490,699 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
|         Total                expenses                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 8,432,814 |   |   |   | 10,540,063 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
|             Net                loss                                                                                                                                                                                                                                                                                                                                                                                              |   | $ | (289,194 | ) |   | $ | (774,755 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Other                partners' share of net loss                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $ | (2,892 | ) |   | $ | (7,748 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Gateway's                share of net loss                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $ | (286,302 | ) |   | $ | (767,007 | ) |
| Suspended                losses                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 410,137 |   |   |   | 835,967 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Equity                in Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $ | 123,835 |   |   | $ | 68,960 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |

----

| TransactionMonth                  / Year | Project                  Partnership                     | Net                  Proceeds               | Net                  Proceeds  Per                  LP Unit | Gain                  (Loss) on Disposal                                                |
|------------------------------------------|----------------------------------------------------------|---------------------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------|
| December                  2007           | Claremont                  Apartments                    |  $                    22,000 |  $                     0.86                  |     $                      22,000               |
| December                  2007           | Pleasant                  Valley Apartments              |      31,775        |      1.24                               |        31,249                                   |
| December                  2007           | Floral                  Acres Apartments                 |    8,750                     |        0.34                   |        (53,073)                                      |
| December                  2007           | Kenly                  Court Apartments Phase I & II |    137,444                   |    5.38                                           |                          137,444                |
| October                  2007            | Riverside                  Apartments                    |    110,056                   |    4.30                                           |        109,530                                  |
| September                  2007          | Hunters                  Ridge Apartments (AL)           |      27,362        |      1.07                               |        27,363                                   |
| August                  2007             | Greenville                  Landing Apartments           |      34,306        |      1.34                               |        33,775                                   |
| July                  2007               | Sandridge                  Apartments                    |    248,000                   |    9.70                                           |        248,797                                  |
| July                  2007               | Brookshire                  Apartments                   |    248,000                   |    9.70                                           |       249,032                                        |
| May                  2007                | Laurel                  Woods Apartments                 |    223,240                   |    8.73                                           |       224,347                                        |
| April                2007                | Ashton                Place Apartments              | 148,309                                     | 5.80                                                             |  147,778                                                                           |
|                                     | Other,                  net (see below)                  | -                            | -                                                 |                              645 |
|                                     |                                                     |                                        |                                                             |  $                   1,178,887                                                |

| Floresville                  Square Apartments     | $   57,694  |
|----------------------------------------------------|----------------------------|
| Albany                  Village Apartments         | 29,923                     |
| Hunters                  Ridge Apartments (KY)     | 29,922                     |
| Ashton                  Place Apartments           | 201,181                    |
|                                               |                       |
| Total                  Re-syndication contribution | $                  318,720 |

----

| TransactionMonth                  / Year | Project                  Partnership              | Net                  Proceeds        | Net                  Proceeds  Per                  LP Unit                                                    | Gain                  (Loss)on                  Disposal                        |
|------------------------------------------|---------------------------------------------------|--------------------------------------|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
| February                  2007           | Skyview                  Terrace Apartments       |  $  38,732            |  $  1.51                                                                                             |     $                     38,732                  |
| February                  2007           | Fairview                  South Apartments        |      50,360 |      1.97                                                                                  |        50,360                                |
| February                  2007           | Southwood                  Apartments             |      42,710 |      1.67                                                                                  |        42,710                                |
| February                  2007           | Robinhood                  Apartments             |      40,383 |      1.58                                                                                  |        40,383                                |
| January                  2007            | Applewood                  Apartments             |    105,538            |    4.14                                                                                              |        105,538                               |
| October                  2006            | Hunters                  Ridge Apartments (KY)    |      47,616 |      1.90                                                                                  |        47,616                                |
| October                  2006            | Albany                  Village Apartments        |      47,668 |      1.90                                                                                  |        47,668                                |
| July                  2006               | Floresville                  Square Apartments II |      39,064 |      1.54                                                                                  |        38,210                                |
| April                  2006              | Village                  Apartments of Divernon   |  -               |               -                     |             151,256 |
|                                     |                                              |                                 |                                                                                                                |  $                   562,473                                          |

----

| TransactionMonth                  / Year | Project                  Partnership                     | Net                  Proceeds                   | Net                  ProceedsPer                  LP Unit   | Gain                  (Loss)on                  Disposal                    |
|------------------------------------------|----------------------------------------------------------|-------------------------------------------------|-------------------------------------------------------------|-----------------------------------------------------------------------------|
| December                  2007           | Claremont                  Apartments                    |  $                    22,000     |     $                    0.86 |  $                       22,000               |
| December                  2007           | Pleasant                  Valley Apartments              |      31,775            |        1.24              |        31,249                            |
| December                  2007           | Floral                  Acres Apartments                 |        8,750 |        0.34              |      (53,073)                                      |
| December                  2007           | Kenly                  Court Apartments Phase I & II |    137,444                       |        5.38              |      137,444                                       |
| October                  2007            | Riverside                  Apartments                    |    110,056                       |        4.30              |      109,530                                       |
| September                  2007          | Hunters                  Ridge Apartments (AL)           |      27,362            |        1.07              |        27,363                            |
| August                  2007             | Greenville                  Landing Apartments           |      34,306            |        1.34              |        33,775                            |
| July                  2007               | Sandridge                  Apartments                    |    248,000                       |        9.70              |      248,797                                       |
| July                  2007               | Brookshire                  Apartments                   |    248,000                       |        9.70              |      249,032                                       |
| May                  2007                | Laurel                  Woods Apartments                 |    223,240                       |        8.73              |      224,347                                       |
| April                  2007              | Ashton                  Place Apartments                 |    148,309                       |        5.80              |      147,778                                       |
|                                     | Other,                  net (see below)                  |                                            |                                                        |             645 |
|                                     |                                                     |                                            |                                                        | $  1,178,887                                                      |

----

| Floresville                Square Apartments     | $   57,694 |
|--------------------------------------------------|---------------------------|
| Albany                Village Apartments         | 29,923                    |
| Hunters                Ridge Apartments (KY)     | 29,922                    |
| Ashton                Place Apartments           | 201,181                   |
|                                             |                      |
| Total                Re-syndication contribution | $                318,720  |

| TransactionMonth                    / Year | Project                    Partnership              | Net                    Proceeds      | Net                    Proceeds  Per                    LP Unit                                                  | Gain                    (Loss)on                    Disposal                    |
|--------------------------------------------|-----------------------------------------------------|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
| February                    2007           | Skyview                    Terrace Apartments       |  $  38,732            |  $  1.51                                                                                               |     $                       38,732                |
| February                    2007           | Fairview                    South Apartments        |      50,360 |      1.97                                                                                    |        50,360                                |
| February                    2007           | Southwood                    Apartments             |      42,710 |      1.67                                                                                    |        42,710                                |
| February                    2007           | Robinhood                    Apartments             |      40,383 |      1.58                                                                                    |        40,383                                |
| January                    2007            | Applewood                    Apartments             |    105,538            |    4.14                                                                                                |        105,538                               |
| October                    2006            | Hunters                    Ridge Apartments (KY)    |      47,616 |      1.90                                                                                    |        47,616                                |
| October                    2006            | Albany                    Village Apartments        |      47,668 |      1.90                                                                                    |        47,668                                |
| July                    2006               | Floresville                    Square Apartments II |      39,064 |      1.54                                                                                    |        38,210                                |
| April                    2006              | Village                    Apartments of Divernon   |  -               |               -                       |             151,256 |
|                                       |                                                |                                 |                                                                                                                  |  $                     562,473                                        |

----

| Teton                View Apartments I | Teton                View Apartments II |
|----------------------------------------|-----------------------------------------|

| Crosstown                Parkway Apts. Phase I | Crosstown                Parkway Apts. Phase II |
|------------------------------------------------|-------------------------------------------------|
| Casa                Linda Apartments           | La                Villa Elena                   |
| Rio                Abajo Apartments            | Sage                Apartments                  |
| Woodland                Hills Apartments       | Limestone                Apartments             |

| Lakeview                Apartments Phase II | Hollybrook                III Apartments |
|---------------------------------------------|------------------------------------------|
| Pulaski                Village Apartments   | Madison                Woods Apartments  |
| Middleport                Villa Apartments  | Meadows                Apartments        |
| Longleaf              Apartments            |                                     |

| Village                Apartments of Centralia II                             | Village                Apartments of Sparta     |
|-------------------------------------------------------------------------------|-------------------------------------------------|
| Village                Apartments of Fortville II                             | Village                Apartments of Morgantown |
| Village                Apartments of Summitville                              | Pecan                Grove Village I            |
| Pecan                Grove Village II                                         | Hastings                Manor Apartments        |
| Oakwood                Grove Apartments                                       | Sandhill                Forest Apartments       |
| Magnolia              Terrace         | Hooks              Plantation              |
| Hannah's              Mill Apartments                                    | Spring              Creek Apartments (GA)  |
| Rock              Springs Apartments                                     |                                            |

----

----

----

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

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

----