UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC  20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES
EXCHANGE ACT OF 1934
For The Quarterly Period Ended September 30, 2001

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

Registrant's Telephone Number, Including Area
Code:   (727)573-3800

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

YES X     NO

Number of Units
    Title of Each Class                          September 30, 2001Units 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 17, 2001
Parts III and IV - Form S-11 Registration Statement
and all amendments and supplements thereto
File No. 33-18142

---

PART I - Financial Information
     Item 1.  Financial Statements

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | September 30,
2001
-----------
(Unaudited)                                                                                                                                                                                                                                                                                                                             | March 31,
2001
-----------
(Audited)                                                                                                                                                                                                                                                                                                                                 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Accounts Receivable
 Investments in Securities
 Prepaid Insurance
 Tenant Security Deposits
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
 Replacement Reserves
 Rental Property at Cost, Net
  Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners
 Accounts Payable
 Accrued Real Estate Taxes
 Tenant Security Deposits
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
 Mortgage Notes Payable
  Total Long Term Liabilities
Minority Interest in Local Limited
Partnerships
Partners' Equity (Deficit):
 Limited Partners (25,566 units
 Outstanding at September 30 and
 March 31, 2001)
 General Partners
  Total Partners' Equity
  Total Liabilities and Partners'Equity | $    789,593 
48,669 
453,669 
    158 
10,269 
----------
1,302,358 
864,635 
1,918,277 
12,833 
874,120 
----------
$4,972,223 
==========
$  341,408 
26 
18,902 
6,500 
-----------
366,836 
-----------
2,784,093 
1,242,329 
-----------
4,026,422 
-----------
(17,531)
-----------
814,520 
(218,024)
-----------
596,496 
-----------
$4,972,223 
=========== | $    950,106 
47,122 
437,854 
 221 
4,800 
----------
1,440,103 
945,443 
2,077,180 
14,480 
898,610 
----------
$5,375,816 
==========
 $    347,096 
6,942 
20,031 
6,800 
----------
   380,869 
----------
2,843,627 
1,242,329 
----------
4,085,956 
----------
(17,351)
----------
1,141,068 
(214,726)
----------
926,342 
----------
$5,375,816 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND, LTD.(A Florida Limited Partnership)COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2001
        ----                                                                                                                                                                                                                                                                                                       | 2000
       ----                                                                                                                                                                                                                                                                                                       
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Rental  Interest Subsidy  Interest Income  Miscellaneous
   Total RevenuesExpenses:  Asset Management Fee-General Partner  General and Administrative:    General Partner    Other
 Rental Operating Expenses
 Interest
 Depreciation
 Amortization
   Total Expenses
Loss Before Equity in Losses of Project
Partnerships
Equity in Losses of Project
Partnerships
Minority Interest in Loss of Combined
Project Partnership
Net Loss
Allocation of Net Loss:
 Limited Partners
 General Partners
 
Net Loss Per Number of Limited
Partnership Units
Number of Limited Partnership Units
Outstanding | $    30,912 
     0 
 35,619 
1,982 
---------
 68,513 
---------
123,724 
 14,667 
 12,028 
21,91 
7,452 
 13,908 
  4,171 
---------
   197,860 
---------
(129,347)
(72,448)
   102 
---------
$(201,693)
==========
$(199,676)
 (2,017)
----------
$(201,693)
==========
$   (7.81)
===========
25,566 
=========== | $    31,169 
     0 
 46,439 
932 
---------
 78,540 
---------
124,170 
 14,801 
 18,541 
 25,428 
13,527 
 13,890 
  4,171 
---------
   214,528 
---------
(135,988)
(119,636)
   207 
---------
$(255,417)
==========
$(252,863)
 (2,554)
----------
$(255,417)
==========
$   (9.90)
==========
25,566 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND, LTD.(A Florida Limited Partnership)COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2001
       ----                                                                                                                                                                                                                                                                                                             | 2000
        ----                                                                                                                                                                                                                                                                                                          
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Rental
 Interest Subsidy
 Interest Income
 Miscellaneous
  Total Revenues
Expenses:  Asset Management Fee-General Partner  General and Administrative:     General Partner     Other  Rental Operating Expenses  Interest  Depreciation  Amortization     Total Expenses
Loss Before Equity in Losses of
Project Partnerships
Equity in Losses of Project
Partnerships
Minority Interest in Loss of Combined
Project Partnership
Net Loss
Allocation of Net Loss:   Limited Partners   General PartnersNet Loss Per Number of Limited
Partnership Units
Number of Limited Partnership Units
Outstanding | $    61,501 
     0 
 74,090 
3,531 
---------
 139,122 
---------
247,449 
 
 24,556 
 26,201 
 40,472 
14,902 
 27,817 
  8,420 
---------
   389,817 
---------
(250,695)
(79,330)
    179 
---------
$(329,846)
==========
$(326,548)
 (3,298)
----------
$(329,846)
==========
$  (12.77)
==========
25,566 
========== | $    61,143 
     0 
 93,100 
1,881 
---------
 156,124 
---------
248,340 
 21,809 
 27,694 
 51,108 
28,056 
 27,780 
  8,342 
---------
   413,129 
---------
(257,005)
(196,016)
    437 
---------
$(452,584)
==========
$(448,058)
 (4,526)
----------
$(452,584)
==========
$  (17.53)
==========
25,566 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND, LTD.(A Florida Limited Partnership)COMBINED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|                                                                | Limited
Partners
---------                                    | General
Partners
--------                                | Total
-----                                                  
|--------------------------------------------------------------- | ------------------------------------------------------------- | -------------------------------------------------------- | -------------------------------------------------------------
|Balance at March 31, 2000                                       | $1,920,987                                                    | $(206,848)                                               | $1,714,139                                                   
|                                                                |                                                               |                                                          |                                                              
|Net Loss                                                        | (448,058)                                                     | (4,526)                                                  | (452,584)                                                    
|                                                                | -----------                                                   | ----------                                               | -----------                                                  
|Balance at September 30, 2000                                   | $1,472,929                                                    | $(211,374)                                               | $1,261,555                                                   
|                                                                | ===========                                                   | ==========                                               | ===========                                                  
|Balance at March 31, 2001
Net Loss
Balance at September 30,2001 | $1,141,068 
  (326,548)
-----------
$    814,520 
=========== | $  (214,726)
 (3,298)
----------
$  (218,024)
========== | $    926,342 
  (329,846)
----------
$    596,496 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND, LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2001
       ----                                                                                                                                                                                                                                   | 2000
      ----                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
  Net Loss
  Adjustments to Reconcile Net Loss to Net
  Cash Used in Operating Activities:
    Amortization
    Depreciation
    Accreted Interest Income on Investments
    in Securities
    Equity in Losses of Project Partnerships
    Interest Income from Redemption in
    Securities
    Minority Interest in Losses of Combined
    Project Partnerships
    Changes in Operating Assets and
    Liabilities:
      (Increase) in Accounts Receivable
      (Increase)Decrease in Prepaid
      Insurance
      Increase(Decrease) in Accounts Payable
      (Increase)Decrease in Replacement            Reserves
      Increase in Security Deposits
      (Increase)Decrease in Accrued Real
      Estate Taxes
      (Decrease)in Payable to General
      Partners
         Net Cash Used in Operating
         Activities
Cash Flows from Investing Activities:
  Redemption of Investment in Securities
  Purchase of Equipment
  Distributions Received from Project
  Partnerships
         Net Cash Provided by
Investing
         Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of
Period
Cash and Cash Equivalents at End of Period
Supplemental Cash Flow Information: | $(329,846)
 8,420 
27,817 
(57,007)
79,330 
56,006 
(179)
(1,547)
63 
(6,916)
1,647 
(5,769)
(1,129)
(65,221)
---------
(294,331)
---------
65,994 
(3,328)
71,152 
---------
133,818 
---------
(160,513)
950,106 
---------
$ 789,593 
========= | $(452,584)
 8,342 
27,817 
(69,987)
 196,016 
47,542 
 (437)
(14,942)
305 
 16,438 
(5,914)
  (13,078)
0 
(67,227)
---------
(327,746)
---------
68,458 
0 
63,989 
---------
132,447 
---------
(195,299)
823,494 
---------
$  628,195 
=========
|Interest Paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $  14,902 
=========                                                                                                                                                                                                                               | $  28,056 
=========                                                                                                                                                                                                                               



See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND, LTD.(A Florida Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTSSEPTEMBER 30, 2001

NOTE 1 - ORGANIZATION:

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.

|                                                       | Cost
    ------                                            | Accumulated
Depreciation
------------                         | Book
    Value
    -----                             
|------------------------------------------------------ | ---------------------------------------------------------- | ------------------------------------------------------------- | -----------------------------------------------------
|Land
Buildings
Furniture and Appliances
Net Book Value | $   47,000
1,423,415
53,287
---------
$1,523,702
========= | $             0
 605,252
44,330
---------
$ 649,582
========= | $  47,000
818,163
8,957
---------
$ 874,120
=========

NOTE 6 - MORTGAGE NOTE PAYABLE:

---

NOTE 7 - INVESTMENTS IN PROJECT PARTNERSHIPS:
         As of September 30, 2001, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 80 Project Partnerships, excluding the Combined Entities which own and operate government assisted multi-family housing complexes.
         Cash flows from operations are allocated according to each Partnership agreement.  Upon dissolution proceeds will be distributed according to each Partnership agreement.
         The following is a summary of Investments in Project Partnerships, excluding the Combined Entities at September 30, 2001:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | SEPTEMBER 30,
2001
--------------                                                                                       | MARCH 31,
  2001
 -----------                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project
Partnerships and purchase price paid
for limited partner interests in Project
Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships
before adjustment
Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 17,982,007 
 (17,043,958)
(733,244)
------------
204,805 
2,254,715 
(541,243)
------------
$ 1,918,277 
============ | $ 17,982,007  
(16,964,628)
(662,091)
-----------
355,288 
2,254,715 
(532,823)
-----------
$ 2,077,180 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $11,703,105 for the period ended September 30, 2001 and cumulative suspended losses of $10,805,586 for the year ended March 31, 2001 are not included.

---

NOTE 7 - INVESTMENTS IN PROJECT PARTNERSHIPS (Continued):

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2001
     ----                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2000
     ----                                                                                                                                                                                                                                                                                                                                                                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Deficit:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' deficit
  Limited Partner
  General Partners
    Total Partners' deficit
    Total liabilities and partners'
deficit
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project
Partnerships | $ 10,140,669 
70,629,973 
109,430 
------------
$80,880,072 
============
$ 3,031,401 
91,302,378 
------------
94,333,779 
------------
(11,815,995)
(1,637,712)
------------
(13,453,707)
------------
$80,880,072 
============
$ 6,220,863 
------------
4,119,532 
1,318,463 
  1,769,585 
------------
 7,207,580 
------------
$  (986,717)
============
$   (9,868)
============
$  (976,849)
897,519 
------------
$  (79,330)
============ | $ 9,863,963 
73,837,865 
182,309 
------------
$83,884,137 
============
$ 3,131,161 
91,730,981 
------------
94,862,142 
------------
(9,512,557)
(1,465,448)
------------
(10,978,005)
------------
$83,884,137 
============
$ 6,046,520 
------------
4,035,906 
1,600,877 
  1,790,723 
------------
 7,427,506 
------------
$(1,380,986)
============
$   (14,089)
============
$(1,367,177)
1,171,161 
------------
$  (196,016)
============

---

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

---

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.