UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, DC  20549

                                  FORM 10-Q

QUARTERLY  REPORT  PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES  EXCHANGE
ACT OF 1934
For The Quarterly Period Ended        December 31, 2000
Commission File Number                    0-17711

                            Gateway Tax Credit Fund, Ltd.
             (Exact name of Registrant as specified in its charter)

            Florida                                    59-2852555
(State or other jurisdiction of                  ( I.R.S. Employer No.)
incorporation or organization)

     880 Carillon Parkway, St. Petersburg, Florida            33716
       (Address of principal executive offices)            (Zip Code)
Registrant's Telephone Number, Including Area Code:        (727)573-3800

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

                           YES     X              NO

                                                         Number of Units
    Title of Each Class                                 December 31, 2000
Units of Limited Partnership
Interest:  $1,000 per unit                                   25,566


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

PART I - Financial Information
  Item 1.  Financial Statements
                        GATEWAY TAX CREDIT FUND, LTD.
                       (A Florida Limited Partnership)
                           COMBINED BALANCE SHEETS
                                            December 31,      March 31,
                                                2000            2000
                                            -----------      -----------
                                            (Unaudited)       (Audited)
ASSETS
Current Assets:
 Cash and Cash Equivalents                      $  581,343     $   450,407
 Accounts Receivable                                53,277          15,733
 Investments in Securities                         430,073         416,099
 Prepaid Insurance                                     221             245
 Tenant Security Deposits                           24,849          11,325
                                               -----------    ------------
  Total Current Assets                           1,089,763         893,809
                                               -----------    ------------
 Investments in Securities                       1,246,697       1,541,549
 Investments in Project Partnerships, Net        2,257,545       2,500,950
 Replacement Reserves                               13,798          12,421
 Rental Property at Cost, Net                      911,647         962,862
                                              ------------    ------------
    Total Assets                               $ 5,519,450    $  5,911,591
                                              ============    ============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners                       329,333     $   327,226
 Accounts Payable                                   11,207          13,952
 Accrued Real Estate Taxes                          22,663          22,691
 Tenant Security Deposits                            6,400           6,400
                                              ------------   -------------
  Total Current Liabilities                        369,603         370,269
                                              ------------   -------------
Long-Term Liabilities:
 Payable to General Partners                     2,724,927       2,544,735
 Mortgage Notes Payable                          1,247,442       1,252,123
                                              ------------   -------------
  Total Long Term Liabilities                    3,972,369       3,796,858
                                              ------------   -------------
Minority   Interest  in   Local   Limited
Partnerships                                       (17,192)        (16,776)
                                              ------------    ------------
Partners' Equity:
 Limited Partners (25,566 units
 Outstanding at December 31 and
 March 31, 2000)                                 1,406,713       1,967,617
 General Partners                                 (212,043)       (206,377)
                                              ------------    ------------
  Total Partners' Equity                         1,194,670       1,761,240
                                              ------------    ------------
    Total Liabilities and Partners'
    Equity                                     $ 5,519,450     $ 5,911,591
                                              ============    ============
               See accompanying notes to financial statements.

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

                      COMBINED STATEMENTS OF OPERATIONS
                   FOR THE THREE MONTHS ENDED DECEMBER 31,
                                 (Unaudited)

                                                     2000            1999
                                                     ----            ----
Revenues:
 Rental                                        $    29,617     $    30,592
 Interest Income                                    44,006          47,086
 Miscellaneous                                       1,179           1,071
                                               -----------     -----------
  Total Revenues                                    74,802          78,749
                                               -----------     -----------
Expenses:
 Asset Management Fee-General Partner              124,170         124,573
 General and Administrative:
  General Partner                                    5,529           6,507
  Other                                              8,685           5,201
 Rental Operating Expenses                          26,813          20,327
 Interest                                           (5,458)         12,008
 Depreciation                                       13,890          13,618
 Amortization                                        4,171           5,525
                                              ------------    ------------
  Total Expenses                               $   177,800     $   187,759

Loss Before Equity in Losses of Project
Partnerships                                      (102,998)       (109,010)
Equity in Gains (Losses) of Project
Partnerships                                        36,071         (89,397)
Minority Interest in Loss of Combined
Project Partnership                                     42             142
                                              ------------    ------------
Net Loss                                       $   (66,885)    $  (198,265)
                                              ============    ============
Allocation of Net Loss:
 Limited Partners                              $   (66,216)    $  (196,282)
 General Partners                                     (669)         (1,983)
                                              ------------    ------------
                                               $   (66,885)    $  (198,265)
                                              ============    ============
Net Loss Per Number of Limited
Partnership Units                              $     (2.59)    $     (7.68)
Number of Limited Partnership Units           ============    ============
Outstanding                                         25,566          25,566
                                              ============    ============

               See accompanying notes to financial statements.

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

                      COMBINED STATEMENTS OF OPERATIONS
                   FOR THE NINE MONTHS ENDED DECEMBER 31,
                                 (Unaudited)

                                                     2000            1999
                                                     ----            ----
Revenues:
 Rental                                         $   90,760     $    89,817
 Interest Income                                   137,106         142,071
 Miscellaneous                                       3,060           3,128
                                               -----------     -----------
  Total Revenues                                   230,926         235,016
                                               -----------     -----------
Expenses:
 Asset Management Fee-General Partner              372,510         373,719
 General and Administrative:
  General Partner                                   27,338          31,772
  Other                                             36,379          36,712
 Rental Operating Expenses                          77,921          63,144
 Interest                                           22,598          40,329
 Depreciation                                       41,670          40,852
 Amortization                                       12,513          16,575
                                              ------------    ------------
  Total Expenses                               $   590,929     $   603,103

Loss Before Equity in Losses of Project
Partnerships                                      (360,003)       (368,087)
Equity in Losses of Project Partnerships          (159,945)       (462,717)
Minority Interest in Loss of Combined
Project Partnership                                    479             511
                                              ------------    ------------
Net Loss                                       $  (519,469)    $  (830,293)
                                              ============    ============
Allocation of Net Loss:
 Limited Partners                              $  (514,274)    $  (821,990)
 General Partners                                   (5,195)         (8,303)
                                              ------------    ------------
                                               $  (519,469)    $  (830,293)
                                              ============    ============
Net Loss Per Number of Limited
Partnership Units                              $    (20.12)    $    (32.15)
Number of Limited Partnership Units           ============    ============
Outstanding                                         25,566          25,566
                                              ============    ============

               See accompanying notes to financial statements.

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

                   COMBINED STATEMENTS OF PARTNERS' EQUITY
            FOR THE NINE MONTHS ENDED DECEMBER 31, 2000 AND 1999
                                 (Unaudited)

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


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

Net Loss                            (514,274)        (5,195)       (519,469)
                               -------------   ------------   -------------

Balance at December 31,2000     $  1,406,713    $  (212,043)   $  1,194,670
                               =============   ============   =============


               See accompanying notes to financial statements.

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

                          STATEMENTS OF CASH FLOWS
            FOR THE NINE MONTHS ENDED DECEMBER 31, 1999 AND 1998
                                 (Unaudited)
                                                      2000           1999
                                                      ----           ----
Cash Flows from Operating Activities:
  Net Loss                                       $  (519,469)  $  (830,293)
  Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
   Amortization                                       12,513        16,575
   Depreciation                                       41,670        40,852
   Accreted Interest Income on Investments in
   Securities                                       (105,033)     (121,610)
   Equity in Losses of Project Partnerships          159,945       462,717
   Interest Income from Redemption in
   Securities                                         47,542        39,818
   Minority Interest in Losses of Combined
   Project Partnerships                                 (479)         (511)
Changes in Operating Assets and Liabilities:
   Increase in Accounts Receivable                   (50,491)      (29,746)
   (Increase) Decrease in Prepaid Insurance              168          (245)
   Decrease in Accounts Payable                       10,182        11,461
   (Increase) Decrease in Replacement Reserves        (6,003)        2,270
   Increase in Security Deposits                     (19,536)      (10,169)
   Increase in Payable to General Partners            48,762        76,848
                                                 -----------  ------------
     Net Cash Used in Operating Activities          (380,229)     (342,033)
                                                 -----------  ------------
Cash Flows from Investing Activities:
  Redemption of Investment in Securities              68,458        71,182
  Purchase of Equipment                               (1,210)            0
Distributions Received from Project
Partnerships                                          70,830        59,965
                                                 -----------  ------------
     Net Cash Provided by Investing
      Activities                                     138,078       131,147
                                                 -----------  ------------
Decrease in Cash and Cash Equivalents               (242,151)     (210,886)
Cash and Cash Equivalents at Beginning of
Period                                               823,494       661,293
                                                 -----------   -----------
Cash and Cash Equivalents at End of Period        $  581,343    $  450,407
                                                 ===========   ===========
Supplemental Cash Flow Information:
Interest Paid                                     $        0     $       0
                                                 ===========    ==========
               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND, LTD.
                       (A Florida Limited Partnership)
                   NOTES TO COMBINED FINANCIAL STATEMENTS
                              DECEMBER 31, 2000
NOTE 1 - ORGANIZATION:

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

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

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

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

Combined Statements

   The accompanying statements include, on a combined basis, the accounts  of
Gateway  ,Village  Apartments  of  Sparta  Limited  Partnership  and  Village
Apartments of Divernon Limited Partnership ("Combined Entities"), two Project
Partnerships  in  which  Gateway has invested.  As of  October  1,  1996  and
October  1,  1997,  respectively, an affiliate of Gateway's Managing  General
Partner,  Value  Partners, Inc. became the general partner  of  the  Combined
Entities.   Since  the general partner of the Combined  Entities  is  now  an
affiliate  of  Gateway,  these  combined  financial  statements  include  the
financial  activity  of  the  Combined Entities for  the  nine  months  ended
December  31,  2000.  All significant intercompany balances and  transactions
have  been  eliminated.   Gateway  has  elected  to  report  the  results  of
operations  of the Combined Entities on a 3-month lag basis, consistent  with
the presentation of financial information of all Project Partnerships.

Basis of Accounting

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

   Gateway accounts for its investments as the sole limited partner in Project
Partnerships  ("Investments in Project Partnerships"), with the exception  of
the Combined Entities, using the equity method of accounting, because
management  believes  that Gateway does not have a majority  control  of  the
major  operating and financial policies of the Project Partnerships in  which
it invests, and reports the equity in losses of the Project Partnerships on a
3-month  lag  in the Statements of Operations.  Under the equity method,  the
Investments in Project Partnerships initially include:

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

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

  1)   Increased  for equity in income or decreased for equity in  losses  of
  the Project Partnerships,
  2)    Decreased   for   cash  distributions  received  from   the   Project
  Partnerships, and
  3)  Decreased for the amortization of the acquisition fees and expenses.

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

    Pursuant   to  the  limited  partnership  agreements  for   the   Project
Partnerships, cash losses generated by the Project Partnerships are allocated
to  the  general partners of those partnerships.  In subsequent  years,  cash
profits, if any, are first allocated to the general partners to the extent of
the allocation of prior years' cash losses.

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

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

   Gateway,  as a limited partner in the Project Partnerships, is subject  to
risks  inherent  in the ownership of property which are beyond  its  control,
such as fluctuations in occupancy rates and operating expenses, variations in
rental  schedules,  proper  maintenance  and  continued  eligibility  of  tax
credits.

   If the cost of operating a property exceeds the rental income earned thereon,
Gateway  may  deem  it in its best interest to voluntarily provide  funds  in
order to protect its investment.

Cash and Cash Equivalents

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

Capitalization and Depreciation

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

       Buildings                27-1/2 years
       Equipment                     7 years

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

Rental Income

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

Concentrations of Credit Risk

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

Use of Estimates in the Preparation of Financial Statements

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

Investment in Securities

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

Offering and Commission Costs

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

Income Taxes

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

Reclassifications

   For comparability, the 1998 and 1997 figures have been reclassified, where
appropriate,  to  conform with the financial statement presentation  used  in
1999.

Basis of Preparation

   The unaudited financial statements presented herein have been prepared  in
accordance with the instructions to Form 10-Q and do not include all  of  the
information  and  note disclosures required by generally accepted  accounting
principles.   These  statements  should  be  read  in  conjunction  with  the
financial  statements and notes thereto included with the Partnership's  Form
10-K  for the year ended March 31, 2000.  In the opinion of management  these
financial statements include adjustments, consisting only of normal recurring
adjustments,  necessary  to  fairly  summarize  the  Partnership's  financial
position  and  results  of operations.  The results  of  operations  for  the
periods may not be indicative of the results to be expected for the year.

NOTE 3 - INVESTMENT IN SECURITIES:

   The  December  31, 2000 Balance Sheet includes Investments  in  Securities
equal to $1,676,770 ($439,177 and $1,237,593).  These investments consist  of
U.  S.  Treasury Security Strips at their cost, plus accreted interest income
of  $951,609.  The estimated market value at December 31, 2000 of these  debt
securities is $1,764,144 resulting in a gross unrealized gain of $87,374.

  As  of  December  31, 2000, the cost and accreted interest  by  contractual
maturities is as follows:

   Due within 1 year                              $  439,177
   After 1 year through 5 years                    1,237,593
                                                  ----------
   Total Amount Carried on Balance Sheet          $1,676,770
                                                  ==========

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

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

                                         2000              1999
                                       ---------          --------
Asset Management Fee                   $372,510          $373,719
General and Administrative Expenses      27,338            31,772

NOTE 5 - RENTAL PROPERTY

 A summary of the rental property is as follows at December 31, 2000:
                                                   Accumulated       Book
                                        Cost       Depreciation      Value
                                       ------      ------------      -----
Land                                $   47,000     $       0     $   47,000
Buildings                            1,421,429       565,424        856,005
Furniture and Appliances                51,201        42,559          8,642
                                     ---------     ---------      ---------
Net Book Value                      $1,519,630     $ 607,983      $ 911,647
                                     =========     =========      =========

 A summary of the rental property is as follows at December 31, 1999:
                                                   Accumulated       Book
                                        Cost       Depreciation      Value
                                       ------      ------------      -----
Land                                $   47,000     $       0     $   47,000
Buildings                           1,417,8689       512,989        904,879
Furniture and Appliances                49,595        38,612         10,983
                                     ---------     ---------      ---------
Net Book Value                      $1,514,463     $ 551,601     $  962,862
                                    ==========     =========     ==========

NOTE 6 - MORTGAGE NOTE PAYABLE:

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

  Expected maturities of the mortgage note payable are as follows:

       Year Ending        Amount
       -----------        ------
       12/31/00         $  3,631
       12/31/01            3,716
       12/31/02            3,804
       12/31/03            3,893
       12/31/04            3,985
       Thereafter        820,386
                      -----------
       Total            $839,415
                      ===========

  The mortgage note payable for Divernon is the balance due on the note dated
October  2, 1989 in the amount of $416,113.  The loan is at a stated interest
rate  of  8.75% for a period of 50 years, the loan also contains a  provision
for  an  interest subsidy which reduces the effective interest rate to 2.35%.
At  December 31, 1998 the development was in compliance with the terms of the
subsidy  agreement and is receiving the reduced rate which makes the  monthly
payment $883.

  Expected maturities of the mortgage note payable are as follows:

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

NOTE 7 - INVESTMENTS IN PROJECT PARTNERSHIPS:

  As of December 31, 2000, the Partnership had acquired a 99% interest in the
profits,  losses  and  tax  credits  as  a  limited  partner  in  80  Project
Partnerships,  excluding  the  Combined  Entities  which  own   and   operate
government assisted multi-family housing complexes.

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

   The  following  is  a  summary  of Investments  in  Project  Partnerships,
excluding the Combined Entities at December 31, 2000:

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

Cumulative equity in losses of Project
Partnerships (1)                                (16,758,504)    (16,598,559)

Cumulative distributions received from
Project Partnerships                               (692,334)       (621,503)
                                              -------------   -------------
Investment in Project Partnerships before
adjustment                                          531,169         761,945

Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses                    2,254,716       2,254,715
 Accumulated amortization of acquisition
 fees and expenses                                 (528,340)       (515,827)
                                               ------------    ------------
Investments in Project Partnerships             $ 2,257,545     $ 2,500,833
                                               ============    ============

(1)  In  accordance  with the Partnership's accounting policy  to  not  carry
Investments  in Project Partnerships below zero, cumulative suspended  losses
of $9,666,580 for the period ended December 31, 2000 and cumulative suspended
losses of $8,576,100 for the year ended March 31, 2000 are not included.

   In  accordance with the Partnership's policy of presenting  the  financial
information  of  the  Project  Partnerships, excluding  the  Combined  Entity
beginning  on  the date of combination, on a three month lag,  below  is  the
summarized financial information for the Series' Project Partnerships  as  of
September 30 of each year:
                                                    2000             1999
                                                    ----             ----
SUMMARIZED BALANCE SHEETS
Assets:
  Current assets                               $10,217,871     $ 9,876,129
  Investment properties, net                    73,082,759      76,823,271
  Other assets                                     187,141         196,930
                                              ------------    ------------
    Total assets                               $83,487,771     $86,896,330
                                              ============    ============
Liabilities and Partners' Equity:
  Current liabilities                            2,746,902       3,478,678
  Long-term debt                                91,643,497      91,947,571
                                              ------------    ------------
    Total liabilities                           94,390,399      95,426,249
                                              ------------    ------------
Partners' equity
  Limited Partner                               (9,399,252)     (7,191,155)
  General Partners                              (1,503,376)     (1,338,764)
                                              ------------    ------------
    Total Partners' equity                     (10,902,628)     (8,529,919)
                                              ------------    ------------
    Total liabilities and partners' equity     $83,487,771     $86,896,330
                                              ============    ============
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income                        $ 9,260,183     $ 9,069,452
Expenses:                                     ------------    ------------
  Operating expenses                             5,861,999       6,109,192
  Interest expense                               1,958,493       2,463,059
  Depreciation and amortization                  2,702,747       2,670,242
                                              ------------    ------------
    Total expenses                              10,523,239      11,242,493
                                              ------------    ------------
      Net loss                                 $(1,263,056)    $(2,173,041)
                                              ============    ============
Other partners' share of net loss              $   (12,631)    $   (21,730)
                                              ============    ============
Partnerships' share of net loss                 (1,250,425)     (2,151,311)
Suspended losses                                 1,090,480       1,688,594
                                              ------------    ------------
Equity in Losses of Project Partnerships       $  (159,945)    $  (462,717)
                                              ============    ============

Item  7.   Management's  Discussion and Analysis of Financial  Condition  and
Results of Operations:

Results of Operations

   As  disclosed on the Statements of Operations, interest income  and  total
expenses  were  comparable for the nine and three months ended  December  31,
2000 and 1999.

  Equity in Losses of Project Partnerships for the nine months ended December
31,  2000 decreased from $462,717 for the nine months ended December 31, 1999
to  $159,945  as  a result of a decrease in interest expense at  the  project
partnership  level due to a change in the way quarterly interest  expense  is
calculated  to  more accurately reflect a proportionate share  of  the  total
yearly  interest  expense.   In general, it is  common  in  the  real  estate
industry  to  experience  losses for financial  and  tax  reporting  purposes
because  of  the  non-cash expenses of depreciation and amortization.   As  a
result,  management  expects Gateway will continue to report  its  equity  in
Project Partnerships as a loss for tax and financial reporting purposes.

   In  total, the Partnership had a net loss of $519,469 for the nine  months
ended December 31, 2000.  However, after adjusting for amortization, accreted
interest  income,  the changes in operating assets and liabilities,  and  the
equity  in  losses  of  Project Partnerships,  net  cash  used  in  operating
activities  was $380,229.  The net cash provided by investing activities  was
$138,078  consisting of $70,830 in cash distributions received  from  Project
Partnerships  and $68,458 from matured Zero Coupons, and $1,210 of  equipment
purchases.

Liquidity and Capital Resources

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

   The sources of funds to pay the operating costs are short term investments
and  interest  earned thereon, the maturity of U.S. Treasury Security  Strips
("Zero Coupon Treasuries") which were purchased with funds set aside for this
purpose,  and cash distributed to Gateway from the operations of the  Project
Partnerships.   At  December 31, 2000, Gateway had  $581,343  of  short  term
investments  (Cash  and Cash Equivalents).  It also had  $1,676,770  in  Zero
Coupon  Treasuries  with maturities providing $417,000 in  fiscal  year  2000
increasing  to  $514,000  in  fiscal year 2004.   Management  believes  these
sources  of  funds  are  sufficient to meet  Gateway's  current  and  ongoing
operating  costs  for the foreseeable future, and to pay part  of  the  Asset
Management Fee.



                           SIGNATURES

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


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



Date: 3/01/01              By:/s/ Ronald M. Diner
                           Ronald M. Diner
                           President



Date: 3/01/01              By:/s/ Sandra L. Furey
                           Sandra L. Furey
                           Secretary and Treasurer