|   | [X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------|

|   | [  ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------------------|

| Florida                                                             |   | 59-2852555                                                                 |
|---------------------------------------------------------------------|--------|----------------------------------------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (IRS      Employer Identification No.)                                     |
|                                                                |   |                                                                       |
| 880 Carillon Parkway                                                |   | St.      Petersburg,   Florida    33716 |
| (Address      of principal executive offices)                       |   | (Zip      Code)                                                            |

| Registrant’s      Telephone Number, Including Area Code: |   | (727) 567-1000 |
|----------------------------------------------------------------|--------|---------------------|

| YES  [X] | NO  [  ] |
|--------------------|------------------------------|

| Large      accelerated filer [  ] | Accelerated      filer [  ] |
|---------------------------------------------|---------------------------------------|
| Non-accelerated      filer [  ]   | Smaller      Reporting Company [X]    |

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

----

----

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

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

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

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

|                                                |   | June      30,                                      |   | March      31,                                           |
|-----------------------------------------------------|--------|----------------------------------------------------|--------|----------------------------------------------------------|
|                                                |   | 2009                                               |   | 2009                                                     |
| ASSETS                                              |   |                                               |   |                                                     |
| Current      Assets:                                |   |                                               |   |                                                     |
| Cash      and Cash Equivalents                      |   | $      360,319  |   | $       263,458  |
| Receivable      - Other                             |   | 59,040                                        |   | -                                                   |
|                                                |   |                                               |   |                                                     |
| Total      Current Assets                           |   | 419,359                                       |   | 263,458                                             |
|                                                |   |                                               |   |                                                     |
| Total      Assets                                   |   | $      419,359  |   | $       263,458  |
|                                                |   |                                               |   |                                                     |
| LIABILITIES      AND PARTNERS' DEFICIT              |   |                                               |   |                                                     |
| Current      Liabilities:                           |   |                                               |   |                                                     |
| Payable      to General Partners                    |   | $   5,000,450                  |   | $    4,955,099                  |
| Distribution      Payable                           |   | 73,943                                        |   | 26,423                                              |
| Deferred      Gain on Sale of Project Partnerships  |   | 26,076                                        |   | -                                                   |
| Accounts      Payable - Other                       |   | 100,057                                       |   | 5,435                                               |
|                                                |   |                                               |   |                                                     |
| Total      Current Liabilities                      |   | 5,200,526                                     |   | 4,986,957                                           |
|                                                |   |                                               |   |                                                     |
| Partners'      Equity (Deficit):                    |   |                                               |   |                                                     |
| Limited      Partners (25,566 units outstanding     |   |                                               |   |                                                     |
| at      June 30, 2009 and March 31, 2009)           |   | (5,391,020)                                        |   | (5,333,453)                                              |
| General      Partners                               |   | 609,853                                       |   | 609,954                                             |
|                                                |   |                                               |   |                                                     |
| Total      Partners' Deficit                        |   | (4,781,167)                                        |   | (4,723,499)                                              |
|                                                |   |                                               |   |                                                     |
| Total      Liabilities and Partners' Deficit        |   | $      419,359  |   | $       263,458  |
|                                                |   |                                               |   |                                                     |
|                                                |   |                                               |   |                                                     |
| See      accompanying notes to financialstatements. |

----

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

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

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

|   | FOR THE THREE MONTHS      ENDED JUNE 30, 2009 AND 2008 |
|--------|--------------------------------------------------------|

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

|                                                                            |   | 2009                                                                |   | 2008                                                                                |
|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|
| Revenues:                                                                       |   |                                                                |   |                                                                                |
| Distribution      Income                                                        |   | $        17,848        |   | $        15,654                        |
|                                                                            |   |                                                                |   |                                                                                |
| Total      Revenues                                                             |   | 17,848                                                         |   | 15,654                                                                         |
|                                                                            |   |                                                                |   |                                                                                |
| Expenses:                                                                       |   |                                                                |   |                                                                                |
| Asset      Management Fee - General Partner                                     |   | 59,844                                                         |   | 82,105                                                                         |
| General      and Administrative:                                                |   |                                                                |   |                                                                                |
| General      Partner                                                            |   | -                                                              |   | -                                                                              |
| Other                                                                           |   | 15,680                                                         |   | 18,108                                                                         |
|                                                                            |   |                                                                |   |                                                                                |
| Total      Expenses                                                             |   | 75,524                                                         |   | 100,213                                                                        |
|                                                                            |   |                                                                |   |                                                                                |
| Loss      Before Equity in Income of Project Partnerships and Other      Income |   | (57,676)                                                            |   | (84,559)                                                                            |
|                                                                            |   |                                                                |   |                                                                                |
| Equity      in Income of Project Partnerships                                   |   | -                                                              |   | 1,026                                                                          |
| Gain      on Sale of Project Partnerships                                       |   | 47,520                                                         |   | 246,300                                                                        |
| Interest      Income                                                            |   | 8                                                              |   | 4,079                                                                          |
|                                                                            |   |                                                                |   |                                                                                |
| Net      (Loss) Income from Continuing Operations                               |   | $      (10,148)                       |   | $      166,846                                   |
|                                                                            |   |                                                                |   |                                                                                |
| Loss      from Discontinued Operations (See Notes 2 & 5)                    |   | -                                                              |   | (29,333)                                                                            |
|                                                                            |   |                                                                |   |                                                                                |
| Net      (Loss) Income                                                          |   | $      (10,148)                       |   | $      137,513                                   |
|                                                                            |   |                                                                |   |                                                                                |
| Allocation      of Net (Loss) Income:                                           |   |                                                                |   |                                                                                |
| Limited      Partners                                                           |   | $      (10,047)                       |   | $      136,138                                   |
| General      Partners                                                           |   | (101)                                                               |   | 1,375                                                                          |
|                                                                            |   |                                                                |   |                                                                                |
|                                                                            |   | $      (10,148)                       |   | $      137,513                                   |
|                                                                            |   |                                                                |   |                                                                                |
| Net      (Loss) Income Per Limited Partnership Unit                             |   | $          (0.39) |   | $            5.32  |
|                                                                            |   |                                                                |   |                                                                                |
| Number      of Limited Partnership Units Outstanding                            |   | 25,566                                                         |   | 25,566                                                                         |
|                                                                            |   |                                                                |   |                                                                                |
|                                                                            |   |                                                                |   |                                                                                |
| See      accompanying notes to financialstatements.                             |

----

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

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

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

|   | FOR THE THREE MONTHS      ENDED JUNE 30, 2009 AND 2008 |
|--------|--------------------------------------------------------|

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

|                                                | Limited                        |   | General                                                  |   |                           |
|-----------------------------------------------------|--------------------------------|--------|----------------------------------------------------------|--------|--------------------------------|
|                                                | Partners'                      |   | Partners'                                                |   |                           |
|                                                | Deficit                        |   | Equity                                                   |   | Total                          |
|                                                |                           |   |                                                     |   |                           |
| 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) |
|                                                |                           |   |                                                     |   |                           |
|                                                |                           |   |                                                     |   |                           |
| Balance      at March 31, 2009                      | $   (5,333,453) |   | $       609,954  |   | $   (4,723,499) |
|                                                |                           |   |                                                     |   |                           |
| Net      Loss                                       | (10,047)                       |   | (101)                                                    |   | (10,148)                       |
|                                                |                           |   |                                                     |   |                           |
| Distributions                                       | (47,520)                       |   | -                                                   |   | (47,520)                       |
|                                                |                           |   |                                                     |   |                           |
| Balance      at June 30, 2009                       | $   (5,391,020) |   | $       609,853  |   | $   (4,781,167) |
|                                                |                           |   |                                                     |   |                           |
|                                                |                           |   |                                                     |   |                           |
| See      accompanying notes to financialstatements. |

----

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

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

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

|   | FOR THE THREE MONTHS      ENDED JUNE 30, 2009 AND 2008 |
|--------|--------------------------------------------------------|

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

|                                                                                                         |   | 2009                                                                                                           |   | 2008                                                                                                           |
|--------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
| Cash      Flows from Operating Activities:                                                                   |   |                                                                                                           |   |                                                                                                           |
| Net      (Loss) Income                                                                                       |   | $      (10,148)                                                                  |   | $      137,513                                                              |
| Adjustments      to Reconcile Net (Loss) Income to Net Cash Provided by (Used in) Operating      Activities: |   |                                                                                                           |   |                                                                                                           |
| Premium      on Investment in Securities                                                                     |   | -                                                                                                         |   | 70                                                                                                        |
| Equity      in Income of Project Partnerships                                                                |   | -                                                                                                         |   | (1,026)                                                                                                        |
| Gain      on Sale of Project Partnerships                                                                    |   | (47,520)                                                                                                       |   | (246,300)                                                                                                      |
| Discontinued      Operations                                                                                 |   | -                                                                                                         |   | 29,333                                                                                                    |
| Distribution      Income                                                                                     |   | (17,848)                                                                                                       |   | (15,654)                                                                                                       |
| Changes      in Operating Assets and Liabilities:                                                            |   |                                                                                                           |   |                                                                                                           |
| Decrease      in Interest Receivable                                                                         |   | -                                                                                                         |   | 2,577                                                                                                     |
| Increase      (Decrease) in Accounts Payable - Other                                                         |   | 63,082                                                                                                    |   | (696)                                                                                                          |
| Increase      in Payable to General Partners                                                                 |   | 43,927                                                                                                    |   | 60,186                                                                                                    |
| Net      Cash Provided by (Used in) Operating Activities                                                     |   | 31,493                                                                                                    |   | (33,997)                                                                                                       |
|                                                                                                         |   |                                                                                                           |   |                                                                                                           |
| Cash      Flows from Investing Activities:                                                                   |   |                                                                                                           |   |                                                                                                           |
| Distributions      Received from Project Partnerships                                                        |   | 17,848                                                                                                    |   | 17,508                                                                                                    |
| Net      Proceeds from Sale of Project Partnerships                                                          |   | 47,520                                                                                                    |   | 246,300                                                                                                   |
| Redemption      of Investment Securities                                                                     |   | -                                                                                                         |   | 200,000                                                                                                   |
| Net      Cash Provided by Investing Activities                                                               |   | 65,368                                                                                                    |   | 463,808                                                                                                   |
|                                                                                                         |   |                                                                                                           |   |                                                                                                           |
| Increase      in Cash and Cash Equivalents                                                                   |   | 96,861                                                                                                    |   | 429,811                                                                                                   |
| Cash      and Cash Equivalents at Beginning of Year                                                          |   | 263,458                                                                                                   |   | 350,280                                                                                                   |
|                                                                                                         |   |                                                                                                           |   |                                                                                                           |
| Cash      and Cash Equivalents at End of Period                                                              |   | $      360,319                                                              |   | $      780,091                                                              |
|                                                                                                         |   |                                                                                                           |   |                                                                                                           |
| Supplemental      disclosure of non-cash activities:                                                         |   |                                                                                                           |   |                                                                                                           |
| Increase      in Distribution Payable                                                                        |   | $        47,520                                                   |   | $      246,300                                                              |
| Distribution      to Limited Partners                                                                        |   | (47,520)                                                                                                       |   | (246,300)                                                                                                      |
| Increase      in Receivable - Other                                                                          |   | (59,040)                                                                                                       |   | -                                                                                                         |
| Increase      in Deferred Gain on Sale of Project Partnerships                                               |   | 26,076                                                                                                    |   | -                                                                                                         |
| Increase      in Payable to General Partners                                                                 |   | 1,424                                                                                                     |   | -                                                                                                         |
| Increase      in Accounts Payable - Other                                                                    |   | 31,540                                                                                                    |   | -                                                                                                         |
|                                                                                                         |   | $                 -  |   | $                 -  |
|                                                                                                         |   |                                                                                                           |   |                                                                                                           |
|                                                                                                         |   |                                                                                                           |   |                                                                                                           |
| See      accompanying notes to financialstatements.                                                          |

----

----

|                                         | 2009                                                                                                     |   | 2008                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|
| Equity      in Loss of Project Partnerships  | $                -  |   | $     (29,333) |
| Total      Loss from Discontinued Operations | $                -  |   | $     (29,333) |

----

----

----

----

|  As      of June 30, 2009, Gateway holds a 99% interest in the profits, losses, and      Tax Credits as a limited partner in 39 Project Partnerships holding 41      properties which own and operate government assisted multi-family housing      complexes.  Cash flows from operations are allocated according      to each Project Partnership agreement.  Upon dissolution,      proceeds will be distributed according to each Project Partnership      agreement. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                 |

|                                                             |   | June      30,                                                                                                                    |   | March      31,                                                                                                                   |   |
|------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                             |   | 2009                                                                                                                             |   | 2009                                                                                                                             |   |
| Capital      Contributions to Project Partnerships               |   |                                                                                                                             |   |                                                                                                                             |   |
| and      purchase price paid for limited partner                 |   |                                                                                                                             |   |                                                                                                                             |   |
| interests      in Project Partnerships                           |   | $     8,693,713                                                                                    |   | $     9,304,507                                                                                    |   |
|                                                             |   |                                                                                                                             |   |                                                                                                                             |   |
| Cumulative      equity in losses of Project Partnerships (1)     |   | (9,098,006)                                                                                                                      |   | (9,606,978)                                                                                                                      |   |
|                                                             |   |                                                                                                                             |   |                                                                                                                             |   |
| Cumulative      distributions received from Project Partnerships |   | (314,038)                                                                                                                        |   | (360,043)                                                                                                                        |   |
|                                                             |   |                                                                                                                             |   |                                                                                                                             |   |
| Investment      in Project Partnerships before Adjustment        |   | (718,331)                                                                                                                        |   | (662,514)                                                                                                                        |   |
|                                                             |   |                                                                                                                             |   |                                                                                                                             |   |
| Excess      of investment cost over the underlying               |   |                                                                                                                             |   |                                                                                                                             |   |
| assets      acquired:                                            |   |                                                                                                                             |   |                                                                                                                             |   |
| Acquisition      fees and expenses                               |   | 1,083,464                                                                                                                   |   | 1,160,581                                                                                                                   |   |
| Accumulated      amortization of acquisition                     |   |                                                                                                                             |   |                                                                                                                             |   |
| fees      and expenses                                           |   | (330,613)                                                                                                                        |   | (385,172)                                                                                                                        |   |
|                                                             |   |                                                                                                                             |   |                                                                                                                             |   |
| Reserve      for Impairment of Investment in                     |   |                                                                                                                             |   |                                                                                                                             |   |
| Project      Partnerships                                        |   | (34,520)                                                                                                                         |   | (112,895)                                                                                                                        |   |
|                                                             |   |                                                                                                                             |   |                                                                                                                             |   |
| Investments      in Project Partnerships                         |   | $                    -  |   | $                    -  |   |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of      $14,157,492 for the period ended June 30, 2009 and cumulative suspended      losses of $14,227,196 for the year ended March 31, 2009 are not      included. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships on a three month lag, below is the summarized      balance sheets for the Project Partnerships as of March 31 and the      summarized statements of operations for the three months ended March 31 of      eachyear: |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                        |   | 2009                                                                                                                                         |   | 2008                                                                                             |   |
|-------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|--------|
| SUMMARIZED      BALANCE SHEETS                              |   |                                                                                                                                         |   |                                                                                             |   |
| Assets:                                                     |   |                                                                                                                                         |   |                                                                                             |   |
| Current      assets                                         |   | $       4,997,351                                                                                    |   | $       7,077,771                                        |   |
| Investment      properties, net                             |   | 21,328,694                                                                                                                              |   | 33,716,655                                                                                  |   |
| Other      assets                                           |   | 79,406                                                                                                                                  |   | 464,220                                                                                     |   |
| Total      assets                                           |   | $     26,405,451                                                                                               |   | $     41,258,646                                                   |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Liabilities      and Partners' Deficit:                     |   |                                                                                                                                         |   |                                                                                             |   |
| Current      liabilities                                    |   | $       1,561,345                                                                                    |   | $       3,159,080                                        |   |
| Long-term      debt                                         |   | 41,367,531                                                                                                                              |   | 57,974,445                                                                                  |   |
| Total      liabilities                                      |   | 42,928,876                                                                                                                              |   | 61,133,525                                                                                  |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Partners'      deficit                                      |   |                                                                                                                                         |   |                                                                                             |   |
| Limited      Partner                                        |   | (15,717,812)                                                                                                                                 |   | (18,504,486)                                                                                     |   |
| General      Partners                                       |   | (805,613)                                                                                                                                    |   | (1,370,393)                                                                                      |   |
| Total      Partners' deficit                                |   | (16,523,425)                                                                                                                                 |   | (19,874,879)                                                                                     |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Total      liabilities and partners' deficit                |   | $     26,405,451                                                                                               |   | $     41,258,646                                                   |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                    |   |
| Rental      and other income                                |   | $       1,754,631                                                                                    |   | $       2,571,811                                        |   |
| Expenses:                                                   |   |                                                                                                                                         |   |                                                                                             |   |
| Operating      expenses                                     |   | 1,191,282                                                                                                                               |   | 1,765,799                                                                                   |   |
| Interest      expense                                       |   | 217,175                                                                                                                                 |   | 348,601                                                                                     |   |
| Depreciation      and amortization                          |   | 429,026                                                                                                                                 |   | 593,589                                                                                     |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Total      expenses                                         |   | 1,837,483                                                                                                                               |   | 2,707,989                                                                                   |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Net      loss                                               |   | $          (82,852)                                                                        |   | $        (136,178)                                       |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Other      partners' share of net loss                      |   | $               (828)                                             |   | $            (1,362)                 |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Gateway's      share of net loss                            |   | $          (82,024)                                                                        |   | $        (134,816)                                       |   |
| Suspended      losses                                       |   | 82,024                                                                                                                                  |   | 106,509                                                                                     |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Equity      in Income of Project Partnerships               |   | $                      -  |   | $              1,026  |   |
|                                                        |   |                                                                                                                                         |   |                                                                                             |   |
| Equity      in Loss of Project Partnerships - Held for Sale |   | $                      -  |   | $          (29,333)                            |   |

| Gateway's      deficit as reflected by the Project Partnerships of $(15,717,812) differs      from Gateway's Investments in Project Partnerships before acquisition fees      and expenses, amortization, and the impairment reserve of $(718,331)      primarily because of suspended losses on Gateway's  books. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| TransactionMonth      / Year |  Project      Partnership          | Net      Proceeds                                | Net      ProceedsPer      LP Unit   | Gain      (Loss)on      Disposal                                                                   | Deferred      Gainon      Disposal                                 |
|------------------------------|-----------------------------------------|--------------------------------------------------|-------------------------------------|----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|
| June      2009               | Sabinal      Housing Ltd.               | $      4,665  | $    0.18  | $               -  | $         4,665  |
| June      2009               | Kingsland      Housing Ltd.             | 12,497                                      | 0.49                           | -                                                                                             | 12,497                                                        |
| June      2009               | Mathis      Retirement Ltd.             | 8,914                                       | 0.35                           | -                                                                                             | 8,914                                                         |
| May      2009                | Spring      Creek Apartments, Ltd. (GA) | 47,520                                      | 1.86                           | 47,520                                                                                        | -                                                             |
|                         |                                    |                                             |                                | $     47,520                                                         | $       26,076             |

----

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

----

----

----

----

| TransactionMonth      / Year |  Project      Partnership          | Net      Proceeds                                | Net      ProceedsPer      LP Unit   | Gain      (Loss)on      Disposal                                                                   | Deferred      Gainon      Disposal                                 |
|------------------------------|-----------------------------------------|--------------------------------------------------|-------------------------------------|----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|
| June      2009               | Sabinal      Housing Ltd.               | $      4,665  | $    0.18  | $               -  | $         4,665  |
| June      2009               | Kingsland      Housing Ltd.             | 12,497                                      | 0.49                           | -                                                                                             | 12,497                                                        |
| June      2009               | Mathis      Retirement Ltd.             | 8,914                                       | 0.35                           | -                                                                                             | 8,914                                                         |
| May      2009                | Spring      Creek Apartments, Ltd. (GA) | 47,520                                      | 1.86                           | 47,520                                                                                        | -                                                             |
|                         |                                    |                                             |                                | $     47,520                                                         | $       26,076             |

----

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

----

| Buena      Vista Housing, Ltd., L.P.           | Hannah’s      Mill Apartments, Ltd.   |
|------------------------------------------------|---------------------------------------------|
| Monroe      Family, Ltd.                       | Hartwell      Elderly, Ltd., L.P.           |
| Brandywine      III Limited Partnership        | Dunbarton      Oaks III Limited Partnership |
| Federal      Manor III Limited Partnership     | Mulberry      Hill IV Associates LP         |
| Middleport      Limited Partnership            | Eagle’s      Bay Limited Partnership  |
| Stone      Arbor Limited Partnership           | Suncrest      Limited Partnership           |
| Woodcroft      Limited Partnership             | Mabank      1988 Limited                    |
| Casa      Linda Limited Partnership            | La      Villa Elena Limited Partnership     |
| Rio      Abajo                                 | Sage      Limited Partnership               |
| Laynecrest      Associates Limited Partnership | Martindale      Limited Partnership         |
| 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                  |

| Cuthbert      Elderly Housing, Ltd. | Madison,      Ltd.             |
|-------------------------------------|--------------------------------|
| Concord      IV Limited Partnership | Longleaf      Apartments, Ltd. |

----

----

----

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

| Date:      August 14,      2009 | By:/s/ Ronald M.      DinerRonald      M. Diner         |
|---------------------------------|---------------------------------------------------------|
|                            | President                                               |
|                            |                                                    |
|                            |                                                    |
| Date:      August 14,      2009 | By:/s/ Toni S.      MatthewsToni      S. Matthews  |
|                            | Vice      President and Chief Financial Officer         |
|                            |                                                    |
|                            |                                                    |
| Date:      August 14,      2009 | By:/s/ Sandra C.      HumphreysSandra      C. Humphreys |
|                            | Secretary      andTreasurer                             |