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

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

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

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

| Florida                                                 |   | 59-2852555                                                                 |
|---------------------------------------------------------|--------|----------------------------------------------------------------------------|
| (State      or other jurisdiction of                    |   | (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 [  ]   | Smaller      Reporting Company [X]    |

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

----

----

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

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

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

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

|                                                 |   | June      30,                                                  |   | March      31,                                           |
|------------------------------------------------------|--------|----------------------------------------------------------------|--------|----------------------------------------------------------|
|                                                 |   | 2008                                                           |   | 2008                                                     |
| ASSETS                                               |   |                                                                |   |                                                          |
| Current      Assets:                                 |   |                                                           |   |                                                     |
| Cash      and Cash Equivalents                       |   | $        780,091  |   | $       350,280  |
| Investment      in Securities                        |   | -                                                         |   | 202,647                                             |
| Investments      in Project Partnerships, net        |   | 123,310                                                   |   | 124,138                                             |
| Investment      in Project Partnership Held for Sale |   | 264,552                                                   |   | 293,885                                             |
|                                                 |   |                                                           |   |                                                     |
| Total      Current Assets                            |   | 1,167,953                                                 |   | 970,950                                             |
|                                                 |   |                                                           |   |                                                     |
| Total      Assets                                    |   | $     1,167,953                  |   | $       970,950  |
|                                                 |   |                                                           |   |                                                     |
| LIABILITIES      AND PARTNERS' DEFICIT               |   |                                                           |   |                                                     |
| Current      Liabilities:                            |   |                                                           |   |                                                     |
| Payable      to General Partners                     |   | $     5,007,762                  |   | $    4,945,524                  |
| Distribution      Payable                            |   | 244,248                                                   |   | -                                                        |
| Accounts      Payable - Other                        |   | 5,435                                                     |   | 6,131                                               |
|                                                 |   |                                                           |   |                                                     |
| Total      Current Liabilities                       |   | 5,257,445                                                 |   | 4,951,655                                           |
|                                                 |   |                                                           |   |                                                     |
| Partners'      Equity (Deficit):                     |   |                                                           |   |                                                     |
| Limited      Partners (25,566 units outstanding      |   |                                                           |   |                                                     |
| at      June 30, 2008 and March 31, 2008)            |   | (4,681,803)                                                    |   | (4,571,641)                                              |
| General      Partners                                |   | 592,311                                                   |   | 590,936                                             |
|                                                 |   |                                                           |   |                                                     |
| Total      Partners' Deficit                         |   | (4,089,492)                                                    |   | (3,980,705)                                              |
|                                                 |   |                                                           |   |                                                     |
| Total      Liabilities and Partners' Deficit         |   | $     1,167,953                  |   | $       970,950  |
|                                                 |   |                                                           |   |                                                     |
|                                                 |   |                                                           |   |                                                     |
| See      accompanying notes to financialstatements.  |

----

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

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

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

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

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

|                                                               |   | 2008                                                                    |   | 2007                                                                          |
|--------------------------------------------------------------------|--------|-------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|
| Revenues:                                                          |   |                                                                    |   |                                                                          |
| Distribution      Income                                           |   | $      15,654                        |   | $       38,683                        |
|                                                               |   |                                                                    |   |                                                                          |
| Total      Revenues                                                |   | 15,654                                                             |   | 38,683                                                                   |
|                                                               |   |                                                                    |   |                                                                          |
| Expenses:                                                          |   |                                                                    |   |                                                                          |
| Asset      Management Fee - General Partner                        |   | 82,105                                                             |   | 102,137                                                                  |
| General      and Administrative:                                   |   |                                                                    |   |                                                                          |
| General      Partner                                               |   | -                                                                  |   | 51,792                                                                   |
| Other                                                              |   | 18,108                                                             |   | 10,787                                                                   |
|                                                               |   |                                                                    |   |                                                                          |
| Total      Expenses                                                |   | 100,213                                                            |   | 164,716                                                                  |
|                                                               |   |                                                                    |   |                                                                          |
| Loss      Before Equity in Income (Loss) of Project                |   |                                                                    |   |                                                                          |
| Partnerships      and Other Income                                 |   | (84,559)                                                                |   | (126,033)                                                                     |
|                                                               |   |                                                                    |   |                                                                          |
| Equity      in Income (Loss) of Project Partnerships               |   | 1,026                                                              |   | (1,818)                                                                       |
| Gain      on Sale of Project Partnerships                          |   | 246,300                                                            |   | 223,005                                                                  |
| Minority      Interest in Loss of Consolidated Project Partnership |   | -                                                                       |   | 57                                                                       |
| Interest      Income                                               |   | 4,079                                                              |   | 11,311                                                                   |
|                                                               |   |                                                                    |   |                                                                          |
| Net      Income from Continuing Operations                         |   | $    166,846                                   |   | $     106,522                                   |
|                                                               |   |                                                                    |   |                                                                          |
| Loss      from Discontinued Operations (See Notes 2 & 6)       |   | (29,333)                                                                |   | (6,192)                                                                  |
|                                                               |   |                                                                    |   |                                                                          |
| Net      Income                                                    |   | $    137,513                                   |   | $     100,330                                   |
|                                                               |   |                                                                    |   |                                                                          |
| Allocation      of Net Income:                                     |   |                                                                    |   |                                                                          |
| Limited      Partners                                              |   | $    136,138                                   |   | $       99,327                        |
| General      Partners                                              |   | 1,375                                                              |   | 1,003                                                                    |
|                                                               |   |                                                                    |   |                                                                          |
|                                                               |   | $    137,513                                   |   | $     100,330                                   |
|                                                               |   |                                                                    |   |                                                                          |
| Net      Income Per Limited Partnership Unit                       |   | $          5.32  |   | $           3.89  |
|                                                               |   |                                                                    |   |                                                                          |
| Number      of Limited Partnership Units Outstanding               |   | 25,566                                                             |   | 25,566                                                                   |
|                                                               |   |                                                                    |   |                                                                          |
|                                                               |   |                                                                    |   |                                                                          |
| See      accompanying notes to financialstatements.                |

----

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

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

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

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

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

|                                                | Limited                                                |   | General                                                                    |   |                                                   |
|-----------------------------------------------------|--------------------------------------------------------|--------|----------------------------------------------------------------------------|--------|--------------------------------------------------------|
|                                                | Partners'                                              |   | Partners'                                                                  |   |                                                   |
|                                                | Deficit                                                |   | Equity                                                                     |   | Total                                                  |
|                                                |                                                   |   |                                                                       |   |                                                   |
| Balance      at March 31, 2007                      | $       (4,014,192) |   | $          261,735  |   | $       (3,752,457) |
|                                                |                                                   |   |                                                                       |   |                                                   |
| Net      Income                                     | 99,327                                            |   | 1,003                                                                 |   | 100,330                                           |
|                                                |                                                   |   |                                                                       |   |                                                   |
| Distributions                                       | (223,240)                                              |   | -                                                                          |   | (223,240)                                              |
|                                                |                                                   |   |                                                                       |   |                                                   |
| Balance      at June 30, 2007                       | $       (4,138,105) |   | $          262,738  |   | $       (3,875,367) |
|                                                |                                                   |   |                                                                       |   |                                                   |
|                                                |                                                   |   |                                                                       |   |                                                   |
| Balance      at March 31, 2008                      | $       (4,571,641) |   | $          590,936  |   | $       (3,980,705) |
|                                                |                                                   |   |                                                                       |   |                                                   |
| Net      Income                                     | 136,138                                           |   | 1,375                                                                 |   | 137,513                                           |
|                                                |                                                   |   |                                                                       |   |                                                   |
| Distributions                                       | (246,300)                                              |   | -                                                                          |   | (246,300)                                              |
|                                                |                                                   |   |                                                                       |   |                                                   |
| Balance      at June 30, 2008                       | $       (4,681,803) |   | $          592,311  |   | $       (4,089,492) |
|                                                |                                                   |   |                                                                       |   |                                                   |
|                                                |                                                   |   |                                                                       |   |                                                   |
| See      accompanying notes to financialstatements. |

----

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

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

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

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

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

|                                                           |   | 2008                                                                                                           |   | 2007                                                                                                           |
|----------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
| Cash      Flows from Operating Activities:                     |   |                                                                                                           |   |                                                                                                           |
| Net      Income                                                |   | $      137,513                                                              |   | $      100,330                                                              |
| Adjustments      to Reconcile Net Income to                    |   |                                                                                                           |   |                                                                                                           |
| Net      Cash Used in Operating Activities:                    |   |                                                                                                           |   |                                                                                                           |
| Premium      on Investment in Securities                       |   | 70                                                                                                        |   | -                                                                                                         |
| Equity      in (Income) Loss of Project Partnerships           |   | (1,026)                                                                                                        |   | 1,818                                                                                                     |
| Gain      on Sale of Project Partnerships                      |   | (246,300)                                                                                                      |   | (223,005)                                                                                                      |
| Discontinued      Operations                                   |   | 29,333                                                                                                    |   | 6,192                                                                                                     |
| Minority      Interest in Loss of Consolidated                 |   |                                                                                                           |   |                                                                                                           |
| Project      Partnership                                       |   | -                                                                                                         |   | (57)                                                                                                           |
| Distribution      Income                                       |   | (15,654)                                                                                                       |   | (38,683)                                                                                                       |
| Changes      in Operating Assets and Liabilities:              |   |                                                                                                           |   |                                                                                                           |
| Decrease      in Interest Receivable                           |   | 2,577                                                                                                     |   | -                                                                                                         |
| Decrease      in Accounts Payable - Other                      |   | (696)                                                                                                          |   | -                                                                                                         |
| Increase      in Payable to General Partners                   |   | 60,186                                                                                                    |   | 100,392                                                                                                   |
| Net      Cash Used in Operating Activities                     |   | (33,997)                                                                                                       |   | (53,013)                                                                                                       |
|                                                           |   |                                                                                                           |   |                                                                                                           |
| Cash      Flows from Investing Activities:                     |   |                                                                                                           |   |                                                                                                           |
| Distributions      Received from Project Partnerships          |   | 17,508                                                                                                    |   | 45,819                                                                                                    |
| Net      Proceeds from Sale of Project Partnerships            |   | 246,300                                                                                                   |   | 220,006                                                                                                   |
| Redemption      of Investment Securities                       |   | 200,000                                                                                                   |   | -                                                                                                         |
| Net      Cash Provided by Investing Activities                 |   | 463,808                                                                                                   |   | 265,825                                                                                                   |
|                                                           |   |                                                                                                           |   |                                                                                                           |
| Cash      Flows from Financing Activities:                     |   |                                                                                                           |   |                                                                                                           |
| Distributions      to Limited Partners                         |   | -                                                                                                         |   | (277,902)                                                                                                      |
| Net      Cash Used in Financing Activities                     |   | -                                                                                                         |   | (277,902)                                                                                                      |
|                                                           |   |                                                                                                           |   |                                                                                                           |
| Increase      (Decrease) in Cash and Cash Equivalents          |   | 429,811                                                                                                   |   | (65,090)                                                                                                       |
| Cash      and Cash Equivalents at Beginning of Year            |   | 350,280                                                                                                   |   | 1,014,950                                                                                                 |
|                                                           |   |                                                                                                           |   |                                                                                                           |
| Cash      and Cash Equivalents at End of Period                |   | $      780,091                                                              |   | $      949,860                                                              |
|                                                           |   |                                                                                                           |   |                                                                                                           |
| Supplemental      disclosure of non-cash activities:           |   |                                                                                                           |   |                                                                                                           |
| Increase      in Distribution Payable                          |   | $      246,300                                                              |   | $      223,240                                                              |
| Distribution      to Limited Partners                          |   | (246,300)                                                                                                      |   | (223,240)                                                                                                      |
| Increase      in Receivable - Other                            |   | -                                                                                                         |   | (150,562)                                                                                                      |
| Increase      in Deferred Gain on Sale of Project Partnerships |   | -                                                                                                         |   | 147,562                                                                                                   |
| Increase      in Payable to General Partner                    |   | -                                                                                                         |   | 3,000                                                                                                     |
|                                                           |   | $                 -  |   | $                 -  |
|                                                           |   |                                                                                                           |   |                                                                                                           |
|                                                           |   |                                                                                                           |   |                                                                                                           |
| See      accompanying notes to financialstatements.            |

----

----

|                                        | 2008                                                                                         |   | 2007                            |
|---------------------------------------------|----------------------------------------------------------------------------------------------|--------|---------------------------------|
| Rental      Revenue                         | $              -  |   | $   27,335  |
| Rental      Operating Expenses              | -                                                                                       |   | (18,663)                        |
| Interest      Expense                       | -                                                                                       |   | (4,549)                         |
| Depreciation      Expense                   | -                                                                                       |   | (9,846)                         |
| Equity      in Loss of Project Partnerships | (29,333)                                                                                     |   | (537)                           |
| Interest      Income                        | -                                                                                       |   | 68                         |
| Total      Discontinued Operations Loss     |         $   (29,333)                                                          |   | $  (6,192)            |

----

----

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

----

|  As      of June 30, 2008, Gateway holds a 99% interest in the profits, losses, and      Tax Credits as a limited partner in 53 Project Partnerships holding 56      properties which own and operate government assisted multi-family housing      complexes.  Cash flows from operations are allocated according      to each Project Partnership agreement.  Upon dissolution,      proceeds will be distributed according to each Project Partnership      agreement.  The total Investments in Project Partnerships      includes both the Investments in Project Partnerships and Investment in      Project Partnership Held for Sale on the consolidated balance      sheet. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships, including      Crosstown, as of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | June      30, |   | March      31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2008 |   | 2008 |   |
| Capital      Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |
| and      purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| interests      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $   12,271,736  |   | $   12,794,791  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| Cumulative      equity in losses of Project Partnerships (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (12,260,877) |   | (12,793,161) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| Cumulative      distributions received from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (595,516) |   | (605,078) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| Investment      in Project Partnerships before Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (584,657) |   | (603,448) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| Excess      of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |
| assets      acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| Acquisition      fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 1,554,120  |   | 1,617,977  |   |
| Accumulated      amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| fees      and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (581,601) |   | (596,506) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| Investments      in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $        387,862  |   | $        418,023  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of      $16,916,989 for the period ended June 30, 2008 and cumulative suspended      losses of $17,461,710 for the year ended March 31, 2008 are not      included.                                                                                                                                                                                                                                                                                                                                                                                               |

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships, excluding Sparta for period ended June 30,      2007, on a three month lag, below is the summarized balance sheets for the      Project Partnerships as of March 31 and the summarized statements of      operations for the three months ended March 31 of each    year: |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   | 2008 |   | 2007 |   |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                                |   | $        7,077,771  |   | $       8,393,357  |   |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                                    |   | 33,716,655  |   | 44,986,806  |   |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                  |   | 464,220  |   | 949,671  |   |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                  |   | $     41,258,646  |   | $     54,329,834  |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                           |   | $       3,159,080  |   | $       3,830,500  |   |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                                |   | 57,974,445  |   | 72,553,721  |   |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                             |   | 61,133,525  |   | 76,384,221  |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Partners'      deficit                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                               |   | (18,504,486) |   | (19,925,953) |   |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                              |   | (1,370,393) |   | (2,128,434) |   |
| Total      Partners' deficit                                                                                                                                                                                                                                                                                                                                                                       |   | (19,874,879) |   | (22,054,387) |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                                       |   | $     41,258,646  |   | $     54,329,834  |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                           |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                       |   | $       2,571,811  |   | $       3,057,708  |   |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                            |   | 1,765,799  |   | 2,052,199  |   |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                              |   | 348,601  |   | 417,317  |   |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                                 |   | 593,589  |   | 738,403  |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                                |   | 2,707,989  |   | 3,207,919  |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                      |   | $        (136,178) |   | $         (150,211) |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                             |   | $            (1,362) |   | $             (1,502) |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                                   |   | $        (134,816) |   | $         (148,709) |   |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                              |   | 106,509  |   | 146,354  |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Equity      in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                                               |   | $             1,026  |   | $             (1,818) |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Equity      in Loss of Project Partnerships - Held for Sale                                                                                                                                                                                                                                                                                                                                   |   | $          (29,333) |   | $               (537) |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| Gateway's      equity as reflected by the Project Partnerships of $(18,504,486) differs      from Gateway's Investments in Project Partnerships before acquisition fees      and expenses and amortization of $(584,657) primarily because of suspended      losses on Gateway's books.                                                                                                            |

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|  Below      is the summarized statement of operations for Crosstown, a significant      equity investment, for the three-month period ended March 31, 2008 and      2007.  Gateway’s investment in Crosstown (included in Investment      in Project Partnership Held for Sale on the Consolidated Balance Sheet)      represents more than 20% of Gateway’s total assets for each of the periods      presented.  The March reporting period is consistent with      Gateway’s policy of presenting the financial information of the Project      Partnerships on a three-month lag. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2008 |   | 2007 |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $          342,203  |   | $          334,287  |   |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 277,777  |   | 247,420  |   |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 49,695  |   | 43,048  |   |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 44,361  |   | 44,361  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 371,833  |   | 334,829  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $          (29,630) |   | $               (542) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $               (297) |   | $                   (5) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $          (29,333) |   | $               (537) |   |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | -  |   | -  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Equity      in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $          (29,333) |   | $               (537) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |

|  TransactionMonth      / Year |   Project      Partnership |  Net  Proceeds |  Net      ProceedsPer      LP Unit         |  Gain      (Loss)on      Disposal |
|------------------------------------|--------------------------------------|-------------------------------|-------------------------------------------------|----------------------------------------|
| June      2008                     | Middlefield,      Limited            | $  117,530     | $      4.60  | $    117,530  |
| June      2008                     | Pulaski      Village                 | 128,770                  | 5.03                                       | 128,770                           |
|                               |                                 |                          |                                            | $    246,300  |

----

|  TransactionMonth      / Year |   Project      Partnership         |  Net  Proceeds                                                    |  Net      ProceedsPer      LP Unit                              |  Gain      (Loss)on      Disposal                                                             | Component      of Discontinued Operations |
|------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|-------------------------------------------|
| March      2008                    | Village      Apartments of Sparta            | $            -  | $          -  | $               -  | $    401,634     |
| March      2008                    | Scotts      Hill                             | -                                                                           | -                                                               | (2,000)                                                                                            | -                                    |
| January      2008                  | Teton      View Apartments (Phase I)         | 23,000                                                                      | 0.90                                                            | 21,811                                                                                        | -                                    |
| January      2008                  | Teton      View Apartments (Phase II)        | 15,000                                                                      | 0.59                                                            | 14,504                                                                                        | -                                    |
| December      2007                 | Claremont      Housing                       | 22,000                                                                      | 0.86                                                            | 23,850                                                                                        | -                                    |
| December      2007                 | Pleasant      Valley Housing                 | 31,775                                                                      | 1.24                                                            | 31,249                                                                                        | -                                    |
| December      2007                 | River      Road Apartments                   | 8,750                                                                       | 0.34                                                            | (51,411)                                                                                           | -                                    |
| December      2007                 | Kenly      Court Apartments Phase I & II | 137,444                                                                     | 5.38                                                            | 137,444                                                                                       | -                                    |
| October      2007                  | Riverside      Apartments                    | 110,056                                                                     | 4.30                                                            | 109,530                                                                                       | -                                    |
| September      2007                | Hunters      Ridge Apartments (AL)           | 27,362                                                                      | 1.07                                                            | 27,363                                                                                        | -                                    |
| August      2007                   | Greenville      Landing Apartments           | 34,306                                                                      | 1.34                                                            | 33,775                                                                                        | -                                    |
| July      2007                     | Sandridge      Apartments                    | 248,000                                                                     | 9.70                                                            | 248,798                                                                                       | -                                    |
| July      2007                     | Brookshire      Apartments                   | 248,000                                                                     | 9.70                                                            | 249,032                                                                                       | -                                    |
| May      2007                      | Laurel      Woods Apartments                 | 223,240                                                                     | 8.73                                                            | 224,347                                                                                       | -                                    |
| April      2007                    | Ashburn      Housing                         | 148,309                                                                     | 5.80                                                            | 147,778                                                                                       | -                                    |
|                               | Other,      net (see below)                  | -                                                                           | -                                                               | 645                                                                                           | -                                    |
|                               |                                         |                                                                             |                                                                 | $      1,216,715                                                                              | $   401,634           |

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

----

----

|  TransactionMonth      / Year |   Project      Partnership |  Net  Proceeds |  Net      ProceedsPer      LP Unit         |  Gain      (Loss)on      Disposal |
|------------------------------------|--------------------------------------|-------------------------------|-------------------------------------------------|----------------------------------------|
| June      2008                     | Middlefield,      Limited            | $  117,530     | $      4.60  | $    117,530  |
| June      2008                     | Pulaski      Village                 | 128,770                  | 5.03                                       | 128,770                           |
|                               |                                 |                          |                                            | $    246,300  |

----

|  TransactionMonth      / Year |   Project      Partnership         |  Net  Proceeds                                                    |  Net      ProceedsPer      LP Unit                              |  Gain      (Loss)on      Disposal                                                             | Component      of Discontinued Operations |
|------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|-------------------------------------------|
| March      2008                    | Village      Apartments of Sparta            | $            -  | $          -  | $               -  | $    401,634     |
| March      2008                    | Scotts      Hill                             | -                                                                           | -                                                               | (2,000)                                                                                            | -                                    |
| January      2008                  | Teton      View Apartments (Phase I)         | 23,000                                                                      | 0.90                                                            | 21,811                                                                                        | -                                    |
| January      2008                  | Teton      View Apartments (Phase II)        | 15,000                                                                      | 0.59                                                            | 14,504                                                                                        | -                                    |
| December      2007                 | Claremont      Housing                       | 22,000                                                                      | 0.86                                                            | 23,850                                                                                        | -                                    |
| December      2007                 | Pleasant      Valley Housing                 | 31,775                                                                      | 1.24                                                            | 31,249                                                                                        | -                                    |
| December      2007                 | River      Road Apartments                   | 8,750                                                                       | 0.34                                                            | (51,411)                                                                                           | -                                    |
| December      2007                 | Kenly      Court Apartments Phase I & II | 137,444                                                                     | 5.38                                                            | 137,444                                                                                       | -                                    |
| October      2007                  | Riverside      Apartments                    | 110,056                                                                     | 4.30                                                            | 109,530                                                                                       | -                                    |
| September      2007                | Hunters      Ridge Apartments (AL)           | 27,362                                                                      | 1.07                                                            | 27,363                                                                                        | -                                    |
| August      2007                   | Greenville      Landing Apartments           | 34,306                                                                      | 1.34                                                            | 33,775                                                                                        | -                                    |
| July      2007                     | Sandridge      Apartments                    | 248,000                                                                     | 9.70                                                            | 248,798                                                                                       | -                                    |
| July      2007                     | Brookshire      Apartments                   | 248,000                                                                     | 9.70                                                            | 249,032                                                                                       | -                                    |
| May      2007                      | Laurel      Woods Apartments                 | 223,240                                                                     | 8.73                                                            | 224,347                                                                                       | -                                    |
| April      2007                    | Ashburn      Housing                         | 148,309                                                                     | 5.80                                                            | 147,778                                                                                       | -                                    |
|                               | Other,      net (see below)                  | -                                                                           | -                                                               | 645                                                                                           | -                                    |
|                               |                                         |                                                                             |                                                                 | $      1,216,715                                                                              | $   401,634           |

----

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

| Crosstown      Seniors                    | Buena      Vista Housing, Ltd., L.P.    |
|-------------------------------------------|-----------------------------------------|
| Hannah’s      Mill Apartments, Ltd. | Mabank      1988 Limited                |
| Casa      Linda Limited Partnership       | La      Villa Elena Limited Partnership |
| Rio      Abajo                            | Sage      Limited Partnership           |
| Limestone      Estates                    | Hastings      Manor, Ltd.               |
| Oakwood      Grove, Ltd.                  | Sandhill      Forest, Ltd.              |
| Augusta      Properties, L.P.             | Booneville      Properties              |
| Barling      Properties                   | Poteau      Properties IV               |
| Turtle      Creek Properties Phase II     | Broken      Bow Properties II           |
| Decatur      Properties                   | Poteau      Properties III              |

----

| Laurel      Apartments Limited Partnership | Cuthbert      Elderly Housing, Ltd. |
|--------------------------------------------|-------------------------------------|
| Spring      Creek Apartments, Ltd. (GA)    | Madison,      Ltd.                  |
| Middleport      Limited Partnership        | The      Meadows Associates         |
| Longleaf      Apartments, Ltd.             |                                |

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

----

----

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

| Date:      August 11,      2008 | By:/s/ Ronald M.      DinerRonald      M. Diner         |
|---------------------------------|---------------------------------------------------------|
|                            | President,      Director                                |
|                            |                                                    |
|                            |                                                    |
| Date:      August 11,      2008 | By:/s/ Jonathan      OorlogJonathan      Oorlog         |
|                            | Vice      President and Chief Financial Officer         |
|                            |                                                    |
|                            |                                                    |
| Date:      August 11,      2008 | By:/s/ Sandra C.      HumphreysSandra      C. Humphreys |
|                            | Secretary      and Treasurer                            |