|   | [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) |
|--------|--------------------------------------|

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

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

|                                                 |   | December      31,                                  |   | March      31,                         |
|------------------------------------------------------|--------|----------------------------------------------------|--------|----------------------------------------|
|                                                 |   | 2008                                               |   | 2008                                   |
| ASSETS                                               |   |                                               |   |                                   |
| Current      Assets:                                 |   |                                               |   |                                   |
| Cash      and Cash Equivalents                       |   | $      429,109  |   | $    350,280  |
| Investment      in Securities                        |   | -                                             |   | 202,647                           |
| Investments      in Project Partnerships, net        |   | 2,580                                         |   | 124,138                           |
| Investment      in Project Partnership Held for Sale |   | -                                             |   | 293,885                           |
|                                                 |   |                                               |   |                                   |
| Total      Current Assets                            |   | 431,689                                       |   | 970,950                           |
|                                                 |   |                                               |   |                                   |
| Total      Assets                                    |   | $      431,689  |   | $    970,950  |
|                                                 |   |                                               |   |                                   |
| LIABILITIES      AND PARTNERS' DEFICIT               |   |                                               |   |                                   |
| Current      Liabilities:                            |   |                                               |   |                                   |
| Payable      to General Partners                     |   | $   5,073,916                  |   | $      4,945,524                  |
| Accounts      Payable - Other                        |   | 5,435                                         |   | 6,131                             |
|                                                 |   |                                               |   |                                   |
| Total      Current Liabilities                       |   | 5,079,351                                     |   | 4,951,655                         |
|                                                 |   |                                               |   |                                   |
| Partners'      Equity (Deficit):                     |   |                                               |   |                                   |
| Limited      Partners (25,566 units outstanding      |   |                                               |   |                                   |
| at      December 31, 2008 and March 31, 2008)        |   | (5,258,110)                                        |   | (4,571,641)                            |
| General      Partners                                |   | 610,448                                       |   | 590,936                           |
|                                                 |   |                                               |   |                                   |
| Total      Partners' Deficit                         |   | (4,647,662)                                        |   | (3,980,705)                            |
|                                                 |   |                                               |   |                                   |
| Total      Liabilities and Partners' Deficit         |   | $      431,689  |   | $    970,950  |
|                                                 |   |                                               |   |                                   |
|                                                 |   |                                               |   |                                   |
| See      accompanying notes to financialstatements.  |

----

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

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

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

|   | FOR THE THREE MONTHS      ENDED DECEMBER 31, 2008 AND2007 |
|--------|-----------------------------------------------------------|

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

|                                                                        |   | 2008                                                                                     |   | 2007                                                                                |
|-----------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|
| Revenues:                                                                   |   |                                                                                     |   |                                                                                |
| Distribution      Income                                                    |   | $             733  |   | $        12,021                        |
|                                                                        |   |                                                                                     |   |                                                                                |
| Total      Revenues                                                         |   | 733                                                                                 |   | 12,021                                                                         |
|                                                                        |   |                                                                                     |   |                                                                                |
| Expenses:                                                                   |   |                                                                                     |   |                                                                                |
| Asset      Management Fee - General Partner                                 |   | 63,345                                                                              |   | 92,440                                                                         |
| General      and Administrative:                                            |   |                                                                                     |   |                                                                                |
| Other                                                                       |   | 16,108                                                                              |   | 20,242                                                                         |
| Impairment      Loss on Investment in Project Partnerships                  |   | 112,895                                                                             |   | -                                                                              |
|                                                                        |   |                                                                                     |   |                                                                                |
| Total      Expenses                                                         |   | 192,348                                                                             |   | 112,682                                                                        |
|                                                                        |   |                                                                                     |   |                                                                                |
| Loss      Before Equity in Loss of Project Partnerships and Other    Income |   | (191,615)                                                                                |   | (100,661)                                                                           |
|                                                                        |   |                                                                                     |   |                                                                                |
| Equity      in Loss of Project Partnerships                                 |   | (15,924)                                                                                 |   | (10,420)                                                                            |
| Gain      on Sale of Project Partnerships                                   |   | 266,294                                                                             |   | 274,513                                                                        |
| Minority      Interest in Loss of Consolidated Project Partnership          |   | -                                                                                   |   | 242                                                                            |
| Interest      Income                                                        |   | 1,755                                                                               |   | 9,391                                                                          |
|                                                                        |   |                                                                                     |   |                                                                                |
| Net      Income from Continuing Operations                                  |   | $        60,510                             |   | $      173,065                                   |
|                                                                        |   |                                                                                     |   |                                                                                |
| Income      from Discontinued Operations (See Notes 2 & 6)              |   | 24,968                                                                              |   | 73,226                                                                         |
|                                                                        |   |                                                                                     |   |                                                                                |
| Net      Income                                                             |   | $        85,478                             |   | $      246,291                                   |
|                                                                        |   |                                                                                     |   |                                                                                |
| Allocation      of Net Income:                                              |   |                                                                                     |   |                                                                                |
| Limited      Partners                                                       |   | $        84,623                             |   | $      243,828                                   |
| General      Partners                                                       |   | 855                                                                                 |   | 2,463                                                                          |
|                                                                        |   |                                                                                     |   |                                                                                |
|                                                                        |   | $        85,478                             |   | $      246,291                                   |
|                                                                        |   |                                                                                     |   |                                                                                |
| Net      Income Per Limited Partnership Unit                                |   | $            3.31       |   | $            9.54  |
|                                                                        |   |                                                                                     |   |                                                                                |
| Number      of Limited Partnership Units Outstanding                        |   | 25,566                                                                              |   | 25,566                                                                         |
|                                                                        |   |                                                                                     |   |                                                                                |
|                                                                        |   |                                                                                     |   |                                                                                |
| See      accompanying notes to financialstatements.                         |

----

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

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

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

|   | FOR THE NINE MONTHS      ENDED DECEMBER 31, 2008 AND2007 |
|--------|----------------------------------------------------------|

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

|                                                                                   |   | 2008                                                                     |   | 2007                                                                     |
|----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|
| Revenues:                                                                              |   |                                                                     |   |                                                                     |
| Distribution      Income                                                               |   | $        32,360             |   | $        55,367             |
|                                                                                   |   |                                                                     |   |                                                                     |
| Total      Revenues                                                                    |   | 32,360                                                              |   | 55,367                                                              |
|                                                                                   |   |                                                                     |   |                                                                     |
| Expenses:                                                                              |   |                                                                     |   |                                                                     |
| Asset      Management Fee - General Partner                                            |   | 224,177                                                             |   | 293,692                                                             |
| General      and Administrative:                                                       |   |                                                                     |   |                                                                     |
| General      Partner                                                                   |   | -                                                                   |   | 104,564                                                             |
| Other                                                                                  |   | 77,302                                                              |   | 70,040                                                              |
| Impairment      Loss on Investment in Project Partnerships                             |   | 112,895                                                             |   | -                                                                   |
|                                                                                   |   |                                                                     |   |                                                                     |
| Total      Expenses                                                                    |   | 414,374                                                             |   | 468,296                                                             |
|                                                                                   |   |                                                                     |   |                                                                     |
| Loss      Before Equity in (Loss) Income of Project Partnerships and Other      Income |   | (382,014)                                                                |   | (412,929)                                                                |
|                                                                                   |   |                                                                     |   |                                                                     |
| Equity      in (Loss) Income of Project Partnerships                                   |   | (6,808)                                                                  |   | 17,786                                                              |
| Gain      on Sale of Project Partnerships                                              |   | 742,729                                                             |   | 1,178,887                                                           |
| Minority      Interest in Loss of Consolidated Project Partnership                     |   | -                                                                   |   | 356                                                                 |
| Interest      Income                                                                   |   | 9,986                                                               |   | 32,242                                                              |
|                                                                                   |   |                                                                     |   |                                                                     |
| Net      Income from Continuing Operations                                             |   | $      363,893                        |   | $      816,342                        |
|                                                                                   |   |                                                                     |   |                                                                     |
| Income      from Discontinued Operations (See Notes 2 & 6)                         |   | 1,056,103                                                           |   | 70,419                                                              |
|                                                                                   |   |                                                                     |   |                                                                     |
| Net      Income                                                                        |   | $   1,419,996                                        |   | $      886,761                        |
|                                                                                   |   |                                                                     |   |                                                                     |
| Allocation      of Net Income:                                                         |   |                                                                     |   |                                                                     |
| Limited      Partners                                                                  |   | $   1,405,796                                        |   | $      877,893                        |
| General      Partners                                                                  |   | 14,200                                                              |   | 8,868                                                               |
|                                                                                   |   |                                                                     |   |                                                                     |
|                                                                                   |   | $   1,419,996                                        |   | $      886,761                        |
|                                                                                   |   |                                                                     |   |                                                                     |
| Net      Income Per Limited Partnership Unit                                           |   | $          54.99  |   | $          34.34  |
|                                                                                   |   |                                                                     |   |                                                                     |
| Number      of Limited Partnership Units Outstanding                                   |   | 25,566                                                              |   | 25,566                                                              |
|                                                                                   |   |                                                                     |   |                                                                     |
|                                                                                   |   |                                                                     |   |                                                                     |
| See      accompanying notes to financialstatements.                                    |

----

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

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

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

|   | FOR THE NINE MONTHS      ENDED DECEMBER 31, 2008 AND2007 |
|--------|----------------------------------------------------------|

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

|                                                | Limited                  |   | General                                                  |   |                     |
|-----------------------------------------------------|--------------------------|--------|----------------------------------------------------------|--------|--------------------------|
|                                                | Partners'                |   | Partners'                                                |   |                     |
|                                                | Deficit                  |   | Equity                                                   |   | Total                    |
|                                                |                     |   |                                                     |   |                     |
| Balance      at March 31, 2007                      | $  (4,014,192) |   | $       261,735  |   | $  (3,752,457) |
|                                                |                     |   |                                                     |   |                     |
| Capital      Contributions                          | -                   |   | 318,720                                             |   | 318,720             |
|                                                |                     |   |                                                     |   |                     |
| Net      Income                                     | 877,893             |   | 8,868                                               |   | 886,761             |
|                                                |                     |   |                                                     |   |                     |
| Distributions                                       | (1,559,260)              |   | -                                                   |   | (1,559,260)              |
|                                                |                     |   |                                                     |   |                     |
| Balance      at December 31, 2007                   | $  (4,695,559) |   | $       589,323  |   | $  (4,106,236) |
|                                                |                     |   |                                                     |   |                     |
|                                                |                     |   |                                                     |   |                     |
| Balance      at March 31, 2008                      | $  (4,571,641) |   | $       590,936  |   | $  (3,980,705) |
|                                                |                     |   |                                                     |   |                     |
| Capital      Contributions                          | -                   |   | 5,312                                               |   | 5,312               |
|                                                |                     |   |                                                     |   |                     |
| Net      Income                                     | 1,405,796           |   | 14,200                                              |   | 1,419,996           |
|                                                |                     |   |                                                     |   |                     |
| Distributions                                       | (2,092,265)              |   | -                                                   |   | (2,092,265)              |
|                                                |                     |   |                                                     |   |                     |
| Balance      at December 31, 2008                   | $  (5,258,110) |   | $       610,448  |   | $  (4,647,662) |
|                                                |                     |   |                                                     |   |                     |
|                                                |                     |   |                                                     |   |                     |
| See      accompanying notes to financialstatements. |

----

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

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

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

|   | FOR THE NINE MONTHS      ENDED DECEMBER 31, 2008 AND2007 |
|--------|----------------------------------------------------------|

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

|                                                                                    |   | 2008                                                                                                           |   | 2007                                                                                                           |
|-----------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
| Cash      Flows from Operating Activities:                                              |   |                                                                                                           |   |                                                                                                           |
| Net      Income                                                                         |   | $   1,419,996                                                                              |   | $      886,761                                                              |
| Adjustments      to Reconcile Net Income to Net Cash Used in Operating      Activities: |   |                                                                                                           |   |                                                                                                           |
| Impairment      Loss on Investment in Project Partnerships                              |   | 112,895                                                                                                   |   | -                                                                                                         |
| Premium      on Investment in Securities                                                |   | 70                                                                                                        |   | 125                                                                                                       |
| Equity      in Loss (Income) of Project Partnerships                                    |   | 6,808                                                                                                     |   | (17,786)                                                                                                       |
| Gain      on Sale of Project Partnerships                                               |   | (742,729)                                                                                                      |   | (1,178,887)                                                                                                    |
| Discontinued      Operations                                                            |   | (1,056,103)                                                                                                    |   | (70,419)                                                                                                       |
| Minority      Interest in Loss of Consolidated Project Partnership                      |   | -                                                                                                         |   | (356)                                                                                                          |
| Distribution      Income                                                                |   | (32,360)                                                                                                       |   | (55,367)                                                                                                       |
| Changes      in Operating Assets and Liabilities:                                       |   |                                                                                                           |   |                                                                                                           |
| Decrease      in Accounts Receivable                                                    |   | -                                                                                                         |   | 1,294                                                                                                     |
| Decrease      (Increase) in Interest Receivable                                         |   | 2,577                                                                                                     |   | (28)                                                                                                           |
| Decrease      in Accounts Payable - Other                                               |   | (696)                                                                                                          |   | -                                                                                                         |
| Increase      in Payable to General Partners                                            |   | 126,402                                                                                                   |   | 264,590                                                                                                   |
| Net      Cash Used in Operating Activities                                              |   | (163,140)                                                                                                      |   | (170,073)                                                                                                      |
|                                                                                    |   |                                                                                                           |   |                                                                                                           |
| Cash      Flows from Investing Activities:                                              |   |                                                                                                           |   |                                                                                                           |
| Distributions      Received from Project Partnerships                                   |   | 34,215                                                                                                    |   | 62,504                                                                                                    |
| Net      Proceeds from Sale of Project Partnerships                                     |   | 2,092,717                                                                                                 |   | 1,280,712                                                                                                 |
| Redemption      of Investment Securities                                                |   | 200,000                                                                                                   |   | -                                                                                                         |
| Purchase      of Investment Securities                                                  |   | -                                                                                                         |   | (200,266)                                                                                                      |
| Net      Cash Provided by Investing Activities                                          |   | 2,326,932                                                                                                 |   | 1,142,950                                                                                                 |
|                                                                                    |   |                                                                                                           |   |                                                                                                           |
| Cash      Flows from Financing Activities:                                              |   |                                                                                                           |   |                                                                                                           |
| Capital      Contributions                                                              |   | 5,312                                                                                                     |   | 318,720                                                                                                   |
| Distributions      to Limited Partners                                                  |   | (2,090,275)                                                                                                    |   | (1,528,335)                                                                                                    |
| Net      Cash Used in Financing Activities                                              |   | (2,084,963)                                                                                                    |   | (1,209,615)                                                                                                    |
|                                                                                    |   |                                                                                                           |   |                                                                                                           |
| Increase      (Decrease) in Cash and Cash Equivalents                                   |   | 78,829                                                                                                    |   | (236,738)                                                                                                      |
| Cash      and Cash Equivalents at Beginning of Year                                     |   | 350,280                                                                                                   |   | 1,014,950                                                                                                 |
|                                                                                    |   |                                                                                                           |   |                                                                                                           |
| Cash      and Cash Equivalents at End of Period                                         |   | $      429,109                                                              |   | $      778,212                                                              |
|                                                                                    |   |                                                                                                           |   |                                                                                                           |
| Supplemental      disclosure of non-cash activities:                                    |   |                                                                                                           |   |                                                                                                           |
| (Decrease)      Increase in Distribution Payable                                        |   | $        (1,990)                                                       |   | $      310,025                                                              |
| Increase      in Payable to General Partners                                            |   | 1,990                                                                                                     |   | -                                                                                                         |
| Distribution      to Limited Partners                                                   |   | -                                                                                                         |   | (310,025)                                                                                                      |
|                                                                                    |   | $                 -  |   | $                 -  |
|                                                                                    |   |                                                                                                           |   |                                                                                                           |
|                                                                                    |   |                                                                                                           |   |                                                                                                           |
| See      accompanying notes to financialstatements.                                     |

----

----

|                                           | 2008                                                                                                     |   | 2007                                  |
|------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|---------------------------------------|
| Rental      Revenue                            | $                -  |   | $    62,362  |
| Miscellaneous      Income                      | -                                                                                                   |   | 1,596                            |
| Rental      Operating Expenses                 | -                                                                                                   |   | (56,549)                              |
| Interest      Expense                          | -                                                                                                   |   | (13,648)                              |
| Depreciation      Expense                      | -                                                                                                   |   | (29,538)                              |
| Equity      in Income of Project Partnerships  | -                                                                                                   |   | 106,049                          |
| Gain      on Sale of Project Partnerships      | 1,056,103                                                                                           |   | -                                |
| Interest      Income                           | -                                                                                                   |   | 147                              |
| Total      Income from Discontinued Operations |  $      1,056,103                                                                              |   | $    70,419  |

----

----

----

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

----

|  As      of December 31, 2008, Gateway holds a 99% interest in the profits, losses,      and Tax Credits as a limited partner in 44 Project Partnerships holding 46      properties which own and operate government assisted multi-family housing      complexes.  Cash flows from operations are allocated according      to each Project Partnership agreement.  Upon dissolution,      proceeds will be distributed according to each Project Partnership      agreement.  The total Investments in Project Partnerships at      March 31, 2008 includes both the Investments in Project Partnerships and      Investment in Project Partnership Held for Sale on the consolidated      balance sheet. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|                                                             |   | December      31,                                                                    |   | March      31,                                                 |   |
|------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|
|                                                             |   | 2008                                                                                 |   | 2008                                                           |   |
| Capital      Contributions to Project Partnerships               |   |                                                                                 |   |                                                           |   |
| and      purchase price paid for limited partner                 |   |                                                                                 |   |                                                           |   |
| interests      in Project Partnerships                           |   | $     9,535,507                                        |   | $   12,794,791                             |   |
|                                                             |   |                                                                                 |   |                                                           |   |
| Cumulative      equity in losses of Project Partnerships (1)     |   | (9,854,684)                                                                          |   | (12,793,161)                                                   |   |
|                                                             |   |                                                                                 |   |                                                           |   |
| Cumulative      distributions received from Project Partnerships |   | (364,951)                                                                            |   | (605,078)                                                      |   |
|                                                             |   |                                                                                 |   |                                                           |   |
| Investment      in Project Partnerships before Adjustment        |   | (684,128)                                                                            |   | (603,448)                                                      |   |
|                                                             |   |                                                                                 |   |                                                           |   |
| Excess      of investment cost over the underlying               |   |                                                                                 |   |                                                           |   |
| assets      acquired:                                            |   |                                                                                 |   |                                                           |   |
| Acquisition      fees and expenses                               |   | 1,189,346                                                                       |   | 1,617,977                                                 |   |
| Accumulated      amortization of acquisition                     |   |                                                                                 |   |                                                           |   |
| fees      and expenses                                           |   | (389,743)                                                                            |   | (596,506)                                                      |   |
|                                                             |   |                                                                                 |   |                                                           |   |
| Reserve      for Impairment of Investment in                     |   |                                                                                 |   |                                                           |   |
| Project      Partnerships                                        |   | (112,895)                                                                            |   | -                                                         |   |
|                                                             |   |                                                                                 |   |                                                           |   |
| Investments      in Project Partnerships                         |   | $            2,580  |   | $        418,023  |   |

| (1)      In accordance with Gateway's accounting policy to not carry Investments in      Project Partnerships below zero, cumulative suspended losses of      $14,251,896 for the period ended December 31, 2008 and cumulative      suspended losses of $17,461,710 for the year ended March 31, 2008 are not      included. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  In      accordance with Gateway's policy of presenting the financial information      of the Project Partnerships, excluding Sparta for the period ended      December 31, 2007, on a three month lag, below is the summarized balance      sheets for the Project Partnerships as of September 30 and the summarized      statements of operations for the nine months ended September 30 of each      year: |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2008 |   | 2007 |   |
| SUMMARIZED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                                                                                                                                 |   | $       5,661,237  |   | $       7,532,676  |   |
| Investment      properties, net                                                                                                                                                                                                                                                                                                                                                                                     |   | 24,611,179  |   | 36,730,175  |   |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                                   |   | 127,169  |   | 910,559  |   |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                                   |   | $     30,399,585  |   | $     45,173,410  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Liabilities      and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                                            |   | $       1,588,363  |   | $       2,752,240  |   |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                                                 |   | 45,443,040  |   | 62,538,322  |   |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                              |   | 47,031,403  |   | 65,290,562  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Partners'      deficit                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Limited      Partner                                                                                                                                                                                                                                                                                                                                                                                                |   | (15,753,658) |   | (18,210,644) |   |
| General      Partners                                                                                                                                                                                                                                                                                                                                                                                               |   | (878,160) |   | (1,906,508) |   |
| Total      Partners' deficit                                                                                                                                                                                                                                                                                                                                                                                        |   | (16,631,818) |   | (20,117,152) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Total      liabilities and partners' deficit                                                                                                                                                                                                                                                                                                                                                                        |   | $     30,399,585  |   | $     45,173,410  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                            |   |
| Rental      and other income                                                                                                                                                                                                                                                                                                                                                                                        |   | $       5,456,772  |   | $       8,143,620  |   |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |
| Operating      expenses                                                                                                                                                                                                                                                                                                                                                                                             |   | 4,070,847  |   | 5,409,141  |   |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                                               |   | 745,162  |   | 1,112,610  |   |
| Depreciation      and amortization                                                                                                                                                                                                                                                                                                                                                                                  |   | 1,374,667  |   | 1,911,063  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Total      expenses                                                                                                                                                                                                                                                                                                                                                                                                 |   | 6,190,676  |   | 8,432,814  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Net      loss                                                                                                                                                                                                                                                                                                                                                                                                       |   | $       (733,904) |   | $       (289,194) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Other      partners' share of net loss                                                                                                                                                                                                                                                                                                                                                                              |   | $           (7,339) |   | $           (2,892) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Gateway's      share of net loss                                                                                                                                                                                                                                                                                                                                                                                    |   | $       (726,565) |   | $       (286,302) |   |
| Suspended      losses                                                                                                                                                                                                                                                                                                                                                                                               |   | 719,757  |   | 410,137  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Equity      in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                                                |   | $           (6,808) |   | $           17,786  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Equity      in Income of Project Partnerships - Held for Sale                                                                                                                                                                                                                                                                                                                                                       |   | $                    -  |   | $         106,049  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
|      Gateway's      deficit as reflected by the Project Partnerships of $(15,753,658) differs      from Gateway's Investments in Project Partnerships before acquisition fees      and expenses, amortization, and the impairment reserve of $(684,128)      primarily because of suspended losses on Gateway's  books.                                                               |

----

|  TransactionMonth      / Year |   Project      Partnership      |  Net Proceeds          |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal | Component      of Discontinued Operations                                                                            |
|------------------------------------|-------------------------------------------|----------------------------------|-----------------------------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------|
| November      2008                 | The      Meadows Associates               | $   198,792  | $    7.78      | $    198,793  | $                  -  |
| 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                               | 226,840                           | -                                                                                                               |
| June      2008                     | Middlefield,      Limited                 | 117,530                     | 4.60                               | 117,530                           | -                                                                                                               |
| June      2008                     | Pulaski      Village                      | 128,770                     | 5.03                               | 128,770                           | -                                                                                                               |
|                               | Other,      net (see below)               | -                           | -                                  | 3,295                             | 240                                                                                                             |
|                               |                                      |                             |                                    | $    742,729  | $    1,056,103                                                                              |

----

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

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

----

----

----

|  TransactionMonth      / Year |   Project      Partnership      |  Net Proceeds          |  Net      ProceedsPer      LP Unit |  Gain      (Loss)on      Disposal | Component      of Discontinued Operations                                                                            |
|------------------------------------|-------------------------------------------|----------------------------------|-----------------------------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------|
| November      2008                 | The      Meadows Associates               | $   198,792  | $    7.78      | $    198,793  | $                  -  |
| 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                               | 226,840                           | -                                                                                                               |
| June      2008                     | Middlefield,      Limited                 | 117,530                     | 4.60                               | 117,530                           | -                                                                                                               |
| June      2008                     | Pulaski      Village                      | 128,770                     | 5.03                               | 128,770                           | -                                                                                                               |
|                               | Other,      net (see below)               | -                           | -                                  | 3,295                             | 240                                                                                                             |
|                               |                                      |                             |                                    | $    742,729  | $    1,056,103                                                                              |

----

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

----

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

| Limestone      Estates |   |
|------------------------|--------|

| Buena      Vista Housing, Ltd., L.P.    | Hannah’s      Mill Apartments, Ltd. |
|-----------------------------------------|-------------------------------------------|
| Mabank      1988 Limited                | Casa      Linda Limited Partnership       |
| La      Villa Elena Limited Partnership | Rio      Abajo                            |
| Sage      Limited Partnership           | 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. | Spring      Creek Apartments, Ltd. (GA) |
|-------------------------------------|-----------------------------------------|
| Madison,      Ltd.                  | Concord      IV Limited Partnership     |
| Middleport      Limited Partnership | Longleaf      Apartments, Ltd.          |

----

| Sylacauga      Garden Apartments III, Ltd.    | Spring      Creek Apartments, Ltd. (AL)                      |
|-----------------------------------------------|--------------------------------------------------------------|
| Monroe      Family, Ltd.                      | Hartwell      Elderly, Ltd., L.P.                            |
| Sabinal      Housing Ltd.                     | Kingsland      Housing Ltd.                                  |
| Mathis      Retirement Ltd.                   | Eagle’s      Bay Limited Partnership                   |
| Stone      Arbor Limited Partnership          | Suncrest      Limited Partnership                            |
| Woodcroft      Limited Partnership            | Laynecrest      Associates Limited Partnership               |
| Martindale      Limited Partnership           | Village      Apartments of Centralia II, Limited Partnership |
| Village      Apartments of Fortville II, L.P. | Village      Apartments of Morgantown, Limited Partnership   |
| Village      Apartments of Summitville, L.P.  |                                                         |

----

----

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

| Date:      February 19,      2009 | By:/s/ Ronald M.      DinerRonald      M. Diner         |
|-----------------------------------|---------------------------------------------------------|
|                              | President                                               |
|                              |                                                    |
|                              |                                                    |
| Date:      February 19,      2009 | By:/s/ Jonathan      OorlogJonathan      Oorlog         |
|                              | Vice      President and Chief Financial Officer         |
|                              |                                                    |
|                              |                                                    |
| Date:      February 19,      2009 | By:/s/ Sandra C.      HumphreysSandra      C. Humphreys |
|                              | Secretary      and Treasurer                            |