SECOND AMENDED FORM 10-K/A-2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC  20549

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 
OF 1934 (FEE REQUIRES)
For the fiscal year endedMarch 31, 2005Commission File Number0-19022                           
                          Gateway Tax Credit Fund II Ltd.           (Exact name of Registrant as specified in its charter)Florida                                  65-0142704(State or other jurisdiction of               (I.R.S. Employer No.)
 incorporation or organization)880 Carillon Parkway,   St. Petersburg,   Florida    33716    (Address of principal executive offices)            (Zip Code)
Registrant's Telephone No., Including Area Code:(727)567-4830Securities registered pursuant to Section 12(b) of the Act:   None
Securities registered pursuant to Section 12(g) of the Act:
Title of Each Class:   Beneficial Assignee Certificates
Indicate by check mark whether the Registrant: (1) has filed all reports required 
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during 
the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
                                   YESX      NOIndicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K (Sec. 229.405 of this chapter) is not contained herein, and will be contained to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. X                                                   Number of Units
  Title of Each Class                               March 31, 2005Beneficial Assignee Certificates                        2,258
General Partner Interest                                    2

DOCUMENTS INCORPORATED BY REFERENCEParts III and IV - Form S-11 Registration Statement and 
all amendments and supplements thereto.
File No. 33-31821

---

EXPLANATORY NOTE

This document is a second amendment of the Form 10-K for the annual period ended March 31, 2005.  This second amendment amends Item 8 Financial Statements and Supplementary Data for the correction of an error in the wording of the reports of the other auditor relied upon by the principal auditor.  Those opinions, as originally filed, incorrectly stated that the audit was conducted in accordance with "the auditing standards of the Public Company Accounting Oversight Board (United States)". The corrected reports contained herein state that the audit was conducted in accordance with "the standards of the Public Company Accounting Oversight Board (United States)".

Item 8. Financial Statements and Supplementary Data

---

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of Gateway Tax Credit Fund II Ltd.
   We have audited the accompanying balance sheets of each of the five Series (Series 2 through 6) constituting Gateway Tax Credit Fund II Ltd. (a Florida Limited Partnership) as of March 31, 2005 and 2004 and the related  statements of operations, partners' equity (deficit), and cash flows of each of the five Series for each of the three years in the period ended March 31, 2005.  These financial statements are the responsibility of the Partnership's management.  Our responsibility is to express an opinion on these financial statements based on our audits.  We did not audit the financial statements of certain Project Partnerships for which investments included on the balance sheets as of March 31, 2005 and 2004 and net losses included on the statements of operations for each of the three years in the period ended March 31, 2005 are:

|         | Investments
March 31,
-------- | Partnership Loss
Year Ended March 31,
--------------------
|-------- | ------------------------------ | ----------------------------------------------------------
|         |                                | 2005
----                                                 
|Series 2 |                                | $     0                                                   
|Series 3 |                                | 0                                                         
|Series 4 |                                | 0                                                         
|Series 5 |                                | 0                                                         
|Series 6 |                                | 4,200                                                     

Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for such underlying partnerships, is based solely on the reports of the other auditors.
   	We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting.  Accordingly we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits and the reports of other auditors provide a reasonable basis for our opinion.
   	In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of each of the five Series (Series 2 through 6) constituting Gateway Tax Credit Fund II Ltd. as of March 31, 2005 and 2004, and the results of their operations and their cash flows for each of the three years in the period ended March 31, 2005, in conformity with accounting principles generally accepted in the United States of America.
   	Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The schedules listed under Item 14(a)(2) in the index are presented for purposes of complying with the Securities and Exchange Commission's rules and are not part of the basic financial statements.  These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, based on our audits and the reports of other auditors, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.

/s/ Spence, Marston, Bunch, Morris & Co.
                                         SPENCE, MARSTON, BUNCH, MORRIS & CO.
                                         Certified Public Accountants
Clearwater, Florida
September 8, 2005

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PART I - Financial Information
  Item 1.  Financial Statements

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)BALANCE SHEET
MARCH 31, 2005 AND 2004

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2005
----                                                                                                                                                                                                                     | 2004
----                                                                                                                                                                                                                   
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which Series 2 had 6,136 at March 31, 2005 and 2004 issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, Series 2 had 6,136 at March  31, 2005 and 2004, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $ 235,004 
63,596 
----------
298,600 
61,315 
34,391 
----------
$ 394,306 
==========
$  45,045 
----------
45,045 
----------
531,644 
----------
(126,760)
(55,623)
----------
(182,383)
----------
$ 394,306 
========== | $ 221,084 
61,300 
----------
282,384 
115,551 
47,597 
----------
$ 445,532 
==========
$  63,359 
----------
63,359 
----------
467,036 
----------
(30,215)
(54,648)
----------
(84,863)
----------
$ 445,532 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)BALANCE SHEET
MARCH 31, 2005 AND 2004

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2005
----                                                                                                                                                                                                                | 2004
----                                                                                                                                                                                                              
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which Series 3 had 5,456 at March 31, 2005 and 2004 issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, Series 3 had 5,456 at March 31, 2005 and 2004, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $ 218,547 
56,568 
----------
275,115 
54,538 
0 
----------
$ 329,653 
==========
$  49,309 
----------
49,309 
----------
430,440 
----------
(100,780)
(49,316)
----------
(150,096)
----------
$ 329,653 
========== | $ 187,419 
54,525 
----------
241,944 
102,780 
0 
----------
$ 344,724 
==========
$  63,415 
----------
63,415 
----------
353,758 
----------
(23,909)
(48,540)
----------
(72,449)
----------
$ 344,724 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)BALANCE SHEET
MARCH 31, 2005 AND 2004

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2005
----                                                                                                                                                                                                                           | 2004
----                                                                                                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which Series 4 had 6,915 at March 31, 2005 and 2004 issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, Series 4 had 6,915 at March 31, 2005 and 2004, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $  304,447 
71,666 
-----------
376,113 
69,095 
0 
-----------
$  445,208 
===========
$   54,471 
-----------
54,471 
-----------
570,233 
-----------
(117,046)
(62,450)
----------
(179,496)
----------
$  445,208 
=========== | $  273,485 
69,078 
-----------
342,563 
130,212 
0 
-----------
$  472,775 
===========
$   66,784 
-----------
66,784 
-----------
482,520 
-----------
(15,109)
(61,420)
----------
(76,529)
----------
$  472,775 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)BALANCE SHEET
MARCH 31, 2005 AND 2004

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2005
----                                                                                                                                                                                                                                                   | 2004
----                                                                                                                                                                                                                                          
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Restricted Cash
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 Distribution Payable
 Other Payable
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which Series 5 had 8,616 at March 31, 2005 and 2004 issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, Series 5 had 8,616 at March 31, 2005 and 2004, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $  238,360 
157,126 
89,322 
-----------
484,808 
86,118 
202,405 
-----------
$  773,331 
===========
$   72,789 
157,126 
700 
-----------
230,615 
-----------
418,856 
-----------
123,860 
0 
-----------
123,860 
-----------
$  773,331 
=========== | $  349,174 
0 
86,098 
-----------
435,272 
162,292 
229,630 
-----------
$  827,194 
===========
$   96,999 
0 
0 
-----------
96,999 
-----------
464,362 
-----------
338,798 
(72,965)
-----------
265,833 
-----------
$  827,194 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)BALANCE SHEET
MARCH 31, 2005 AND 2004

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2005
----                                                                                                                                                                                                                                           | 2004
----                                                                                                                                                                                                                                       
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Accounts Receivable - Other
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 Other Payble
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which Series 6 had 10,105 at March 31, 2005 and 2004 issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, Series 6 had 10,105 at March 31, 2005 and 2004, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $  444,751 
700 
74,664 
-----------
520,115 
72,775 
781,147 
-----------
$1,374,037 
===========
$   68,579 
500 
-----------
69,079 
-----------
736,464 
-----------
651,535 
(83,041)
-----------
568,494 
-----------
$1,374,037 
=========== | $  401,535 
0 
70,976 
-----------
472,511 
136,979 
858,488 
-----------
$1,467,978 
===========
$   90,272 
0 
-----------
90,272 
-----------
610,503 
-----------
848,257 
(81,054)
-----------
767,203 
-----------
$1,467,978 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)BALANCE SHEET
MARCH 31, 2005 AND 2004

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2005
----                                                                                                                                                                                                                                                                         | 2004
----                                                                                                                                                                                                                                                        
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Restricted Cash
 Accounts Receivable - Other
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 Distribution Payable
 Other Payable
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which Series 2-6 had 37,228 at March 31, 2005 and 2004 issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, Series 2-6 had 37,228 at March  31, 2005 and 2004, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $1,441,109 
157,126 
700 
355,816 
-----------
1,954,751 
343,841 
1,017,943 
-----------
$3,316,535 
===========
$  290,193 
157,126 
1,200 
-----------
448,519 
-----------
2,687,637 
-----------
430,809 
(250,430)
-----------
180,379 
-----------
$3,316,535 
=========== | $1,432,697 
0 
0 
341,977 
-----------
1,774,674 
647,814 
1,135,715 
-----------
$3,558,203 
===========
$  380,829 
0 
0 
-----------
380,829 
-----------
2,378,179 
-----------
1,117,822 
(318,627)
-----------
799,195 
-----------
$3,558,203 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005
----                                                                                                                                                                                                                                                                | 2004
----                                                                                                                                                                                                                                                               | 2003
----                                                                                                                                                                                                                                                              
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses
 of Project Partnerships and Other  Income
Equity in Losses of Project
 Partnerships
Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial
Assignee Certificate
Number of Beneficial Assignee
Certificates Outstanding | $   13,938 
-----------
13,938 
-----------
67,609 
32,074 
11,930 
697 
-----------
112,310 
-----------
(98,372)
(10,911)
11,763 
-----------
$  (97,520)
===========
$  (96,545)
(975)
-----------
$  (97,520)
===========
$   (15.73)
===========
6,136 
=========== | $   12,820 
-----------
12,820 
-----------
67,822 
32,065 
10,198 
698 
-----------
110,783 
-----------
(97,963)
(8,484)
14,247 
-----------
$  (92,200)
===========
$  (91,278)
(922)
-----------
$  (92,200)
===========
$   (14.88)
===========
6,136 
=========== | $   12,665 
-----------
12,665 
-----------
68,021 
18,483 
12,050 
696 
-----------
99,250 
-----------
(86,585)
(17,624)
18,979 
-----------
$  (85,230)
===========
$  (84,378)
(852)
-----------
$  (85,230)
===========
$   (13.75)
===========
6,136 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,

|Series 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005
----                                                                                                                                                                                                                                         | 2004
----                                                                                                                                                                                                                                                | 2003
----                                                                                                                                                                                                                                               
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of  Project Partnerships and Other  Income
Equity in Losses of Project
 Partnerships
Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial
Assignee Certificate
Number of Beneficial Assignee
Certificates Outstanding | $  18,781 
----------
18,781 
----------
62,717 
33,531 
10,716 
0 
----------
106,964 
----------
(88,183)
0 
10,536 
----------
$ (77,647)
==========
$ (76,871)
(776)
----------
$ (77,647)
==========
$  (14.09)
==========
5,456 
========== | $  22,801 
----------
22,801 
----------
63,022 
33,523 
10,490 
516 
----------
107,551 
----------
(84,750)
(5,137)
12,644 
----------
$ (77,243)
==========
$ (76,471)
(772)
----------
$ (77,243)
==========
$  (14.02)
==========
5,456 
========== | $  21,167 
----------
21,167 
----------
62,667 
19,323 
12,669 
516 
----------
95,175 
----------
(74,008)
(25,505)
16,784 
----------
$ (82,729)
==========
$ (81,902)
(827)
----------
$ (82,729)
==========
$  (15.01)
==========
5,456 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2005
----                                                                                                                                                                                                                                      | 2004
----                                                                                                                                                                                                                                           | 2003
----                                                                                                                                                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee - General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses
 of Project Partnerships and Other  Income
Equity in Losses of Project
 Partnerships
Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial
Assignee Certificate
Number of Beneficial Assignee
Certificates Outstanding | $  16,181 
---------
16,181 
---------
77,205 
42,279 
13,260 
0 
---------
132,744 
---------
(116,563)
0 
13,596 
---------
$(102,967)
==========
$(101,937)
(1,030)
---------
$(102,967)
==========
$  (14.74)
==========
6,915 
========== | $  27,960 
---------
27,960 
---------
77,448 
42,266 
13,098 
671 
---------
133,483 
---------
(105,523)
(8,763)
16,127 
---------
$ (98,159)
==========
$ (97,177)
(982)
---------
$ (98,159)
==========
$  (14.05)
==========
6,915 
========== | $  14,116 
---------
14,116 
---------
77,271 
24,365 
15,376 
1,235 
---------
118,247 
---------
(104,131)
(77,657)
21,475 
---------
$(160,313)
==========
$(158,710)
(1,603)
---------
$(160,313)
==========
$  (22.95)
==========
6,915 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONSFOR THE YEARS ENDED MARCH 31,

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                                                                                                                                                             | 2004
----                                                                                                                                                                                                                                                                                               | 2003
----                                                                                                                                                                                                                                                                                              
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee - General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses
 of Project Partnerships and Other  Income
Equity in Income (Losses) of Project
 Partnerships:
 Current Year Equity in Loss of Project  Partnerships
 Suspended Losses Utilized in Current  Year
 Gain on Sale of Partnership Assets
  Total Equity in Income (Losses) of   Project Partnership
 Loss on Disposition of Partnership  Interests
Interest Income
Net Income (Loss)
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial
Assignee Certificate
Number of Beneficial Assignee
Certificates Outstanding | $ 27,663 
----------
27,663 
----------
92,722 
52,484 
17,788 
2,005 
----------
164,999 
----------
(137,336)
----------
(26,110)
(43,945)
227,407 
----------
157,352 
(21,574)
16,711 
----------
$  15,153 
==========
(57,812)
72,965 
----------
$  15,153 
==========
$   (6.71)
==========
8,616 
========== | $ 16,981 
----------
16,981 
----------
95,180 
52,470 
16,351 
4,560 
----------
168,561 
----------
(151,580)
----------
(133,705)
0 
0 
----------
(133,705)
0 
20,246 
----------
$(265,039)
==========
$(262,389)
(2,650)
----------
$(265,039)
==========
$  (30.45)
==========
8,616 
========== | $ 20,909 
----------
20,909 
----------
95,480 
30,245 
20,045 
4,807 
----------
150,577 
----------
(129,668)
----------
(159,492)
0 
0 
----------
(159,492)
0 
27,167 
----------
$(261,993)
==========
$(259,373)
(2,620)
----------
$(261,993)
==========
$  (30.10)
==========
8,616 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2005
----                                                                                                                                                                                                                                                        | 2004
----                                                                                                                                                                                                                                                         | 2003
----                                                                                                                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee - General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses
 of Project Partnerships and Other  Income
Equity in Losses of Project
 Partnerships
Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial
Assignee Certificate
Number of Beneficial Assignee
Certificates Outstanding | $  32,039 
----------
32,039 
----------
104,509 
55,400 
17,799 
6,106 
----------
183,814 
----------
(151,775)
(65,236)
18,302 
----------
$(198,709)
==========
$(196,722)
(1,987)
----------
$(198,709)
==========
$  (19.47)
==========
10,105 
========== | $  21,129 
----------
21,129 
----------
104,953 
55,384 
18,607 
8,403 
----------
187,347 
----------
(166,218)
(148,498)
19,949 
----------
$(294,767)
==========
$(291,819)
(2,948)
----------
$(294,767)
==========
$  (28.88)
==========
10,105 
========== | $  16,919 
----------
16,919 
----------
105,376 
31,926 
20,786 
8,896 
----------
166,984 
----------
(150,065)
(209,950)
25,421 
----------
$(334,594)
==========
$(331,248)
(3,346)
----------
$(334,594)
==========
$  (32.78)
==========
10,105 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2005
----                                                                                                                                                                                                                                                                                   | 2004
----                                                                                                                                                                                                                                                                    | 2003
----                                                                                                                                                                                                                                                                   
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses
 of Project Partnerships and Other  Income
Equity in Losses of Project
 Partnerships
Suspended Losses Utilized in Current  Year
Gain on Sale of Project Partnership
  
Total Equity in Income (Losses) of   Project Partnerships
Loss on Disposition of Partnership  Interests
Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners | $  108,602 
-----------
108,602 
-----------
404,762 
215,768 
71,493 
8,808 
-----------
700,831 
-----------
(592,229)
(102,257)
(43,945)
227,407 
-----------
81,205 
(21,574)
70,908 
-----------
$  (461,690)
============
$  (529,887)
68,197 
------------
$  (461,690)
============ | $  101,691 
-----------
101,691 
-----------
408,425 
215,708 
68,744 
14,848 
-----------
707,725 
-----------
(606,034)
(304,587)
0 
0 
-----------
(304,587)
0 
83,213 
-----------
$  (827,408)
============
$  (819,134)
(8,274)
------------
$  (827,408)
============ | $   85,776 
-----------
85,776 
-----------
408,815 
124,342 
80,926 
16,150 
-----------
630,233 
-----------
(544,457)
(490,228)
0 
0 
-----------
(490,228)
0 
109,826 
-----------
$  (924,859)
============
$  (915,611)
(9,248)
------------
$  (924,859)
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 2                                                                                                                           | Assignees
---------                                                                                                 | General
Partners
--------                                                                                   | Total
-----                                                                                                       
|---------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2002
Net Loss
Balance at March 31, 2003
Net Loss
Balance at March 31, 2004
Net Loss
Balance at March 31, 2005 | $  145,441 
(84,378)
-----------
61,063 
(91,278)
-----------
(30,215)
(96,545)
-----------
$ (126,760)
=========== | $  (52,874)
(852)
-----------
(53,726)
(922)
-----------
(54,648)
(975)
-----------
$  (55,623)
=========== | $   92,567 
(85,230)
-----------
7,337 
(92,200)
-----------
(84,863)
(97,520)
-----------
$ (182,383)
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 3                                                                                                                           | Assignees
---------                                                                                                 | General
Partners
--------                                                                                   | Total
-----                                                                                                       
|---------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2002
Net Loss
Balance at March 31, 2003
Net Loss
Balance at March 31, 2004
Net Loss
Balance at March 31, 2005 | $  134,464 
(81,902)
-----------
52,562 
(76,471)
-----------
(23,909)
(76,871)
-----------
$ (100,780)
=========== | $  (46,941)
(827)
-----------
(47,768)
(772)
-----------
(48,540)
(776)
-----------
$  (49,316)
=========== | $   87,523 
(82,729)
-----------
4,794 
(77,243)
-----------
(72,449)
(77,647)
-----------
$ (150,096)
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 4                                                                                                                           | Assignees
---------                                                                                                   | General
Partners
--------                                                                                 | Total
-----                                                                                                          
|---------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2002
Net Loss
Balance at March 31, 2003
Net Loss
Balance at March 31, 2004
Net Loss
Balance at March 31, 2005 | $  240,778 
(158,710)
-----------
82,068 
(97,177)
-----------
(15,109)
(101,937)
-----------
$ (117,046)
=========== | $ (58,835)
(1,603)
----------
(60,438)
(982)
----------
(61,420)
(1,030)
----------
$ (62,450)
========== | $  181,943 
(160,313)
-----------
21,630 
(98,159)
-----------
(76,529)
(102,967)
-----------
$ (179,496)
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 5                                                                                                                                           | Assignees
---------                                                                                                              | General
Partners
--------                                                                                      | Total
-----                                                                                                                    
|-------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2002
Net Loss
Balance at March 31, 2003
Net Loss
Balance at March 31, 2004
Net Income
Distributions
Balance at March 31, 2005 | $  860,560 
(259,373)
-----------
601,187 
(262,389)
-----------
338,798 
(57,812)
(157,126)
-----------
$  123,860 
=========== | $ (67,695)
(2,620)
----------
(70,315)
(2,650)
----------
(72,965)
72,965 
0 
----------
$       0 
========== | $  792,865 
(261,993)
-----------
530,872 
(265,039)
-----------
265,833 
15,153 
(157,126)
-----------
$  123,860 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 6                                                                                                                           | Assignees
---------                                                                                                             | General
Partners
--------                                                                                   | Total
-----                                                                                                               
|---------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2002
Net Loss
Balance at March 31, 2003
Net Loss
Balance at March 31, 2004
Net Loss
Balance at March 31, 2005 | $ 1,471,324 
(331,248)
------------
1,140,076 
(291,819)
------------
848,257 
(196,722)
------------
$   651,535 
============ | $ (74,760)
(3,346)
----------
(78,106)
(2,948)
----------
(81,054)
(1,987)
----------
$ (83,041)
========== | $ 1,396,564 
(334,594)
-----------
1,061,970 
(294,767)
-----------
767,203 
(198,709)
-----------
$  568,494 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|TOTAL SERIES 2 - 6                                                                                                                               | Assignees
---------                                                                                                                         | General
Partners
--------                                                                                         | Total
-----                                                                                                                         
|------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2002
Net Loss
Balance at March 31, 2003
Net Loss
Balance at March 31, 2004
Net Loss
Distributions
Balance at March 31, 2005 | $ 2,852,567 
(915,611)
------------
1,936,956 
(819,134)
------------
1,117,822 
(529,887)
(157,126)
------------
$   430,809 
============ | $(301,105)
(9,248)
----------
(310,353)
(8,274)
----------
(318,627)
(68,197)
0 
----------
$(250,430)
========== | $ 2,551,462 
(924,859)
-----------
1,626,603 
(827,408)
-----------
799,195 
(461,690)
(157,126)
-----------
$  180,379 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 2
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2005
----                                                                                                                                                                              | 2004
----                                                                                                                                                                               | 2003
----                                                                                                                                                                             
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
  Net Loss
  Adjustments to Reconcile Net Loss   to Net Cash Used in Operating   Activities:
    Amortization
    Accreted Interest Income on
    Investments in Securities
    Equity in Losses of Project
    Partnerships
    Interest Income from
    Redemption of Securities
    Distributions Included in
    Other Income
    Changes in Operating Assets
    and Liabilities:
      Increase in Payable to
      General Partners
        Net Cash Used in
        Operating Activities
Cash Flows from Investing Activities:
  Distributions Received from
  Project Partnerships
  Redemption of Investment in
  Securities
        Net Cash Provided by
        Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year | $(97,520)
697 
(9,361)
10,911 
37,584 
(13,438)
46,294 
----------
(24,833)
----------
15,038 
23,715 
----------
38,753 
----------
13,920 
221,084 
----------
$ 235,004 
========== | $(92,200)
698 
(13,179)
8,484 
33,934 
(12,820)
13,938 
----------
(61,145)
----------
14,422 
24,652 
----------
39,074 
----------
(22,071)
243,155 
----------
$ 221,084 
========== | $(85,230)
696 
(16,515)
17,624 
30,400 
(12,665)
33,077 
----------
(32,613)
----------
14,265 
25,698 
----------
39,963 
----------
7,350 
235,805 
----------
$ 243,155 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 3
-------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2005
----                                                                                                                                                                       | 2004
----                                                                                                                                                                                | 2003
----                                                                                                                                                                              
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
  Net Loss
  Adjustments to Reconcile Net Loss   to Net Cash Used in Operating   Activities:
    Amortization
    Accreted Interest Income on
    Investments in Securities
    Equity in Losses of Project
    Partnerships
    Interest Income from
    Redemption of Securities
    Distributions Included In
    Other Income
    Changes in Operating Assets
    and Liabilities:
      Increase in Payable to
      General Partners
        Net Cash Used in
        Operating Activities
Cash Flows from Investing Activities:
  Distributions Received from
  Project Partnerships
  Redemption of Investment
  in Securities
        Net Cash Provided by
        Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year | $ (77,647)
0 
(8,327)
0 
33,433 
(18,781)
62,576 
----------
(8,746)
----------
18,781 
21,093 
----------
39,874 
----------
31,128 
187,419 
----------
$ 218,547 
========== | $ (77,243)
516 
(11,722)
5,137 
30,183 
(22,801)
16,190 
----------
(59,740)
----------
23,780 
21,929 
----------
45,709 
----------
(14,031)
201,450 
----------
$ 187,419 
========== | $ (82,729)
516 
(14,689)
25,505 
27,037 
(21,167)
22,976 
----------
(42,551)
----------
23,114 
22,859 
----------
45,973 
----------
3,422 
198,028 
----------
$ 201,450 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 4
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005
----                                                                                                                                                                         | 2004
----                                                                                                                                                                             | 2003
----                                                                                                                                                                                
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
  Net Loss
  Adjustments to Reconcile Net Loss   to Net Cash Used in Operating   Activities:
    Amortization
    Accreted Interest Income on
    Investments in Securities
    Equity in Losses of Project
    Partnerships
    Interest Income from
    Redemption of Securities
    Distributions Included In
    Other Income
    Changes in Operating Assets
    and Liabilities:
      Increase in Payable to
      General Partners
         Net Cash Used in 
         Operating Activities
Cash Flows from Investing Activities:
  Distributions Received from
  Project Partnerships
  Redemption of Investment in
  Securities
        Net Cash Provided by
        Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year | $(102,967)
0 
(10,549)
0 
42,355 
(16,173)
75,400 
----------
(11,934)
----------
16,173 
26,723 
----------
42,896 
----------
30,962 
273,485 
----------
$ 304,447 
========== | $ (98,159)
671 
(14,851)
8,763 
38,238 
(27,960)
34,302 
----------
(58,996)
----------
30,805 
27,780 
----------
58,585 
----------
(411)
273,896 
----------
$ 273,485 
========== | $(160,313)
1,235 
(18,610)
77,657 
34,256 
(14,116)
32,963 
----------
(46,928)
----------
19,685 
28,960 
----------
48,645 
----------
1,717 
272,179 
----------
$ 273,896 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 5
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2005
----                                                                                                                                                                                                              | 2004
----                                                                                                                                                                                             | 2003
----                                                                                                                                                                                          
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
  Net Income (Loss)
  Adjustments to Reconcile Net Loss   to Net Cash Provided by (Used in)   Operating Activities:
    Amortization
    Accreted Interest Income on
    Investments in Securities
    Equity in Losses of Project
    Partnerships
    Gain on Sale of Partnership     Assets
    Loss on Disposition of     Partnership Interests
    Interest Income from
    Redemption of Securities
    Distributions Included In
    Other Income
    Changes in Operating Assets
    and Liabilities:
      Increase (decrease) in Payable       to General Partners
      Increase in Other Payable
        Net Cash Used in Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from
  Project Partnerships
  Redemption of Investment in
  Securities
        Net Cash Provided by
        Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year | $  15,153 
2,005 
(13,147)
70,055 
(227,407)
21,574 
52,790 
(27,063)
(69,716)
700 
----------
(175,056) 
----------
30,934 
33,308 
----------
64,242 
----------
(110,814)
349,174 
----------
$ 238,360 
========== | $(265,039)
4,560 
(18,510)
133,705 
0 
0 
47,662 
(16,981)
18,393 
0 
----------
(96,210)
----------
25,358 
34,624 
----------
59,982 
----------
(36,228)
385,402 
----------
$ 349,174 
========== | $(261,993)
4,807 
(23,195)
159,492 
0 
0 
42,695 
(20,909)
37,552 
0 
----------
(61,551)
----------
30,482 
36,094 
----------
66,576 
----------
5,025 
380,377 
----------
$ 385,402 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|SERIES 6
-------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                                              | 2004
----                                                                                                                                                                                           | 2003
----                                                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
  Net Loss
  Adjustments to Reconcile Net Loss   to Net Cash Used in Operating   Activities:
    Amortization
    Accreted Interest Income on
    Investments in Securities
    Equity in Losses of Project
    Partnerships
    Interest Income from
    Redemption of Securities
    Distributions Included In
    Other Income
    Changes in Operating Assets
    and Liabilities:
      Increase in Accounts Receivable
      Increase in Payable to
      General Partners
      Increase in Other Payables
        Net Cash Used in Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from
  Project Partnerships
  Redemption of Investment in
  Securities
        Net Cash Provided by
        Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year | $(198,709)
6,106 
(14,483)
65,236 
44,194 
(32,039)
(700)
104,268 
500 
----------
(25,627)
----------
38,038 
30,805 
----------
68,843 
----------
43,216 
401,535 
----------
$ 444,751 
========== | $(294,767)
8,403 
(18,286)
148,498 
38,520 
(21,129)
0 
30,821 
0 
----------
(107,940)
----------
30,412 
31,478 
----------
61,890 
----------
(46,050)
447,585 
----------
$ 401,535 
========== | $(334,594)
8,896 
(21,459)
209,950 
33,739 
(16,919)
0 
49,906 
0 
----------
(70,481)
----------
30,427 
32,262 
----------
62,689 
----------
(7,792)
455,377 
----------
$ 447,585 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2005, 2004 AND 2003

|TOTAL SERIES 2 - 6
------------------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2005
----                                                                                                                                                                                                                                  | 2004
----                                                                                                                                                                                                                   | 2003
----                                                                                                                                                                                                              
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
  Net Loss
  Adjustments to Reconcile Net Loss
  to Net Cash Used in Operating   Activities:
    Amortization
    Accreted Interest Income on     Investments in Securities
    Equity in Losses of Project     Partnerships
    Gain on Sale of Partnership Assets
    Loss on Disposition of Partnership     Interests
    Interest Income from Redemption
    of Securities
    Distributions Included In Other
    Income
    Changes in Operating Assets and     Liabilities:
      Increase in Accounts Receivable
      Increase in Payable to
      General Partners
      Increase in Other Payable
        Net Cash Used in Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from
  Project Partnerships
  Redemption of Investment in
  Securities
         Net Cash Provided by
         Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at 
End of Year | $(461,690)
8,808 
(55,867)
146,202 
(227,407)
21,574 
210,356 
(107,494)
(700)
218,822 
1,200 
-----------
(246,196)
-----------
118,964 
135,644 
-----------
254,608 
-----------
8,412 
1,432,697 
-----------
$ 1,441,109 
=========== | $(827,408)
14,848 
(76,548)
304,587 
0 
0 
188,537 
(101,691)
0 
113,644 
0 
-----------
(384,031)
-----------
124,777 
140,463 
-----------
265,240 
-----------
(118,791)
1,551,488 
-----------
$ 1,432,697 
=========== | $(924,859)
16,150 
(94,468)
490,228 
0 
0 
168,127 
(85,776)
0 
176,474 
0 
-----------
(254,124)
-----------
117,973 
145,873 
-----------
263,846 
-----------
9,722 
1,541,766 
-----------
$ 1,551,488 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005, 2004 AND 2003,

NOTE 1 - ORGANIZATION:  Gateway Tax Credit Fund II Ltd. ("Gateway"), a Florida Limited Partnership, was formed September 12, 1989, under the laws of Florida.  Operations commenced on September 14, 1990 for Series 2, September 28, 1990 for Series 3, February 1, 1991 for Series 4, July 1, 1991 for Series 5 and January 1, 1992 for Series 6.  Gateway has invested, as a limited partner, in other limited partnerships ("Project Partnerships") each of which owns and operates one or more apartment complexes expected to qualify for Low-Income Housing Tax Credits.  Gateway will terminate on December 31, 2040, or sooner, in accordance with the terms of the Limited Partnership Agreement.  As of March 31, 2005, Gateway had received capital contributions of $1,000 from the General Partners and $37,228,000 from Beneficial Assignee Certificate investors (the "Assignees").  The fiscal year of Gateway for reporting purposes ends on March 31.
  Pursuant to the Securities Act of 1933, Gateway filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective September 12, 1989, which covered the offering (the "Public Offering") of Gateway's Beneficial Assignee Certificates ("BACs") representing assignments of units for the beneficial interest of the limited partnership interest of the Assignor Limited Partner.  The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. 
  Raymond James Partners, Inc. and Raymond James Tax Credit Funds, Inc., wholly-owned subsidiaries of Raymond James Financial, Inc., are the General Partner and the Managing General Partner, respectively.
  Gateway offered BACs in five series.  BACs in the amounts of $6,136,000, $5,456,000, $6,915,000, $8,616,000 and $10,105,000 for Series 2, 3, 4, 5 and 6, respectively had been issued as of March 31, 2005.  Each Series is treated as a separate partnership, investing in a separate and distinct pool of Project Partnerships.  Net proceeds from each Series are used to acquire Project Partnerships which are specifically allocated to such Series.  Income or loss and all tax items from the Project Partnerships acquired by each Series are specifically allocated among the Assignees of such Series.
  Operating profits and losses, cash distributions from operations and tax credits are allocated 99% to the Assignees and 1% to the General Partners.  Profit or loss and cash distributions from sales of properties will be allocated as formulated in the Limited Partnership Agreement.NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:Basis of Accounting  Gateway utilizes the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when obligations are incurred.

Gateway accounts for its investments as the sole limited partner in Project Partnerships ("Investments in Project Partnerships"), using the equity method of accounting, because management believes that Gateway does not have a majority control of the major operating and financial policies of the Project Partnerships in which it invests, and reports the equity in losses of the Project Partnerships on a 3-month lag in the Statements of Operations.  Under the equity method, the Investments in Project Partnerships initially include:
  1) Gateway's capital contribution,
  2) Acquisition fees paid to the General Partner for services rendered in selecting      properties for acquisition, and
  3) Acquisition expenses including legal fees, travel and other miscellaneous costs      relating to acquiring properties.
Quarterly the Investments in Project Partnerships are increased or decreased as follows:
  1) Increased for equity in income or decreased for equity in losses of the Project      Partnerships,
  2) Decreased for cash distributions received from the Project Partnerships, and	9;

3) Decreased for the amortization of the acquisition fees and expenses.
  Amortization is calculated on a straight-line basis over 35 years, as this is the average estimated useful life of the underlying assets.  The amortization expense is shown on the Statements of Operations.
  Pursuant to the limited partnership agreements for the Project Partnerships, cash losses generated by the Project Partnerships are allocated to the general partners of those partnerships.  In subsequent years, cash profits, if any, are first allocated to the general partners to the extent of the allocation of prior years' cash losses.
  Since Gateway invests as a limited partner, and therefore is not obligated to fund losses or make additional capital contributions, it does not recognize losses from individual Project Partnerships to the extent that these losses would reduce the investment in those Project Partnerships below zero.  The suspended losses will be used to offset future income from the individual Project Partnerships.
  Gateway reviews its investments in Project Partnerships to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.  If the sum of the expected future cash flows is less than the carrying amount of the investment, Gateway recognizes an impairment loss.  No impairment loss has been recognized in the accompanying financial statements.
  Gateway, as a limited partner in the Project Partnerships, is subject to risks inherent in the ownership of property which are beyond its control, such as fluctuations in occupancy rates and operating expenses, variations in rental schedules, proper maintenance and continued eligibility of tax credits.  If the cost of operating a property exceeds the rental income earned thereon, Gateway may deem it in its best interest to voluntarily provide funds in order to protect its investment.  Gateway does not guarantee any of the mortgages or other debt of the Project Partnerships.Cash and Cash Equivalents  It is Gateway's policy to include short-term investments with an original maturity of three months or less in Cash and Cash Equivalents.  Short-term investments are comprised of money market mutual funds.Concentration of Credit Risk  Financial instruments which potentially subject Gateway to concentrations of credit risk consist of cash investments in a money market mutual fund that is a wholly-owned subsidiary of Raymond James Financial, Inc.Use of Estimates in the Preparation of Financial Statements  The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures.  These estimates are based on management's knowledge and experience.  Accordingly, actual results could differ from these estimates.Investment in Securities  Effective April 1, 1995, Gateway adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities ("FAS 115").  Under FAS 115, Gateway is required to categorize its debt securities as held-to-maturity, available-for-sale or trading securities, dependent upon Gateway's intent in holding the securities.  Gateway's intent is to hold all of its debt securities (U. S. Government Security Strips) until maturity and to use these reserves to fund Gateway's ongoing operations.  Interest income is recognized ratably on the U. S. Government Strips using the effective yield to maturity.Income Taxes  No provision for income taxes has been made in these financial statements, as income taxes are a liability of the partners rather than of Gateway.Reclassifications  For comparability, the 2004 and 2003 figures have been reclassified, where appropriate, to conform with the financial statement presentation used in 2005.Recent Accounting Pronouncements
  In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN46"), "Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51."  Gateway has adopted FIN 46 and applied its requirements to all Project Partnerships in which Gateway held an interest.  Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics, (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights.  FIN 46 requires VIE to be consolidated in the financial statements of the entity that is determined to be the primary beneficiary of the VIE.  The primary beneficiary, as is applicable to Gateway's circumstances, is the party in the Project Partnership equity group that is most closely associated with the Project Partnership.
  As of March 31, 2005, Gateway determined that it held variable interests in 143 VIE's, which consist of Project Partnerships, which Gateway is not the primary beneficiary.  Gateway's maximum exposure to loss as a result of its involvement with unconsolidated VIE's is limited to Gateway's recorded investments in and receivables from those VIE's, which is approximately $1,017,943 at March 31, 2005.  Gateway may be subject to additional losses to the extent of any financial support that Gateway voluntarily provides to those Project Partnerships in the future.

---

NOTE 3 - INVESTMENT IN SECURITIES:  The March 31, 2005 Balance Sheet includes Investment in Securities consisting of U.S. Government Security Strips which represents their cost, plus accreted interest income of $80,534 for Series 2, $71,633 for Series 3, $90,753 for Series 4, $113,112 for Series 5 and $89,306 for Series 6.  For convenience, the Investment in Securities are commonly held in a brokerage account with Raymond James and Associates, Inc.  A separate accounting is maintained for each series' share of the investments.

|         | Estimated Market
Value     
---------------- | Cost Plus Accreted
Interest    
----------------- | Gross Unrealized 
Gains and (Losses)
----------------
|-------- | -------------------------------------------- | ------------------------------------------------- | -----------------------------------------------------
|Series 2 | $  127,481                                   | $  124,911                                        | $   2,570                                            
|Series 3 | 113,355                                      | 111,106                                           | 2,249                                                
|Series 4 | 143,666                                      | 140,761                                           | 2,905                                                
|Series 5 | 179,006                                      | 175,440                                           | 3,566                                                
|Series 6 | 154,155                                      | 147,439                                           | 6,716                                                

As of March 31, 2005, the cost and accreted interest of debt securities by contractual maturities is as follows:

|                                        | Series 2
--------   | Series 3
--------   | Series 4
--------  
|--------------------------------------- | ------------------- | ------------------- | -------------------
|Due within 1 year                       | $  63,596           | $  56,568           | $  71,666          
|After 1 year through 5 years            | 61,315
---------    | 54,538
---------    | 69,095
---------   
|Total Amount Carried on   Balance Sheet | $ 124,911
========= | $ 111,106
========= | $ 140,761
=========



|                                        | Series 5
--------     | Series 6
--------     | Total
--------       
|--------------------------------------- | --------------------- | --------------------- | ---------------------
|Due within 1 year                       | $   89,322            | $   74,664            | $  355,816           
|After 1 year through 5 years            | 86,118
----------     | 72,775
----------     | 343,841
----------   
|Total Amount Carried on   Balance Sheet | $  175,440
========== | $  147,439
========== | $  699,657
==========

---

NOTE 4 - RELATED PARTY TRANSACTIONS:  The Payable to General Partners primarily represents the asset management fees owed to the General Partners at the end of the period.  It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing.  Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.  For the years ended March 31, 2005, 2004 and 2003 the General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses incurred by Gateway as follows:
  Asset Management Fee - The Managing General Partner is entitled to be paid an annual asset management fee equal to 0.25% of the aggregate cost of Gateway's interest in the projects owned by the Project Partnerships.  The asset management fee will be paid only after all other expenses of Gateway have been paid.  These fees are included in the Statements of Operations.

|         | 2005
----           | 2004
----           | 2003
----          
|-------- | ------------------- | ------------------- | -------------------
|Series 2 | $  67,609           | $  67,822           | $  68,021          
|Series 3 | 62,717              | 63,022              | 62,667             
|Series 4 | 77,205              | 77,448              | 77,271             
|Series 5 | 92,722              | 95,180              | 95,480             
|Series 6 | 104,509
---------   | 104,953
---------   | 105,376
---------  
|Total    | $ 404,762
========= | $ 408,425
========= | $ 408,815
=========

General and Administrative Expenses - The Managing General Partner is reimbursed for general and administrative expenses of Gateway on an accountable basis.  This expense is included in the Statements of Operations.

|         | 2005
----       | 2004
----       | 2003
----      
|-------- | --------------- | --------------- | ---------------
|Series 2 | $  32,074       | $  32,065       | $  18,483      
|Series 3 | 33,531          | 33,523          | 19,323         
|Series 4 | 42,279          | 42,266          | 24,365         
|Series 5 | 52,484          | 52,470          | 30,245         
|Series 6 | 55,400
-------- | 55,384
-------- | 31,926
--------
|         | $215,768        | $215,708        | $124,342       
|Total    | ========        | ========        | ========       

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:SERIES 2
  As of March 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 22 Project Partnerships which own and operate government assisted multi-family housing complexes.
  Cash flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
  The following is a summary of Investments in Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | MARCH 31, 2005
--------------                                                                                 | MARCH 31, 2004
--------------                                                                                
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1) 
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition  fees and expenses
Investments in Project Partnerships | $ 4,524,678 
(4,710,669)
(86,005)
-----------
(271,996)
390,838 
(84,451)
-----------
$   34,391 
=========== | $ 4,524,678 
(4,699,758)
(84,405)
-----------
(259,485)
390,838 
(83,756)
-----------
$   47,597 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,027,429 for the year ended March 31, 2005 and cumulative suspended losses of $4,358,678 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):SERIES 3
  As of March 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 23 Project Partnerships which own and operate government assisted multi-family housing complexes.
  Cash flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
  The following is a summary of Investments in Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | MARCH 31, 2005
--------------                                                                                    | MARCH 31, 2004
--------------                                                                                   
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1) 
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition  fees and expenses
Investments in Project Partnerships | $ 3,888,713 
(4,133,478)
(164,417)
-----------
(409,182)
491,746 
(82,564)
-----------
$         0 
============ | $ 3,888,713 
(4,133,478)
(164,417)
-----------
(409,182)
491,746 
(82,564)
-----------
$         0 
============

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,850,760 for the year ended March 31, 2005 and cumulative suspended losses of $5,123,116 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):SERIES 4
  As of March 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 29 Project Partnerships which own and operate government assisted multi-family housing complexes.
  Cash flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
  The following is a summary of Investments in Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | MARCH 31, 2005
--------------                                                                                   | MARCH 31, 2004
--------------                                                                                  
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1) 
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition  fees and expenses
Investments in Project Partnerships | $ 4,952,519 
(5,268,905)
(124,819)
-----------
(441,205)
562,967 
(121,762)
-----------
$        0 
=========== | $ 4,952,519 
(5,268,905)
(124,819)
-----------
(441,205)
562,967 
(121,762)
-----------
$        0 
===========

1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $4,920,242 for the year ended March 31, 2005 and cumulative suspended losses of $4,113,695 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):SERIES 5
  As of March 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 35 Project Partnerships which own and operate government assisted multi-family housing complexes.
  Cash flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
  The following is a summary of Investments in Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | MARCH 31, 2005
--------------                                                                                   | MARCH 31, 2004
--------------                                                                                  
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1) 
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition fees  and expenses
Investments in Project Partnerships | $ 6,010,273 
(6,104,694)
(196,610)
-----------
(291,031)
632,419 
(138,983)
-----------
$  202,405 
=========== | $ 6,164,472 
(6,247,828)
(196,488)
-----------
(279,844)
650,837 
(141,363)
-----------
$  229,630 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,631,211 for the year ended March 31, 2005 and cumulative suspended losses of $4,928,362 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):SERIES 6
  As of March 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 38 Project Partnerships which own and operate government assisted multi-family housing complexes.
  Cash flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
  The following is a summary of Investments in Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | MARCH 31, 2005
--------------                                                                                    | MARCH 31, 2004
--------------                                                                                   
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1) 
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition fees  and expenses
Investments in Project Partnerships | $ 7,462,215 
(7,044,277)
(219,390)
-----------
198,548 
785,179 
(202,580)
-----------
$   781,147 
============ | $ 7,462,215 
(6,979,041)
(213,391)
-----------
269,783 
785,179 
(196,474)
-----------
$   858,488 
============

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $3,911,618 for the year ended March 31, 2005 and cumulative suspended losses of $3,303,141 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):TOTAL SERIES 2 - 6
  The following is a summary of Investments in Project Partnerships:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | MARCH 31, 2005
--------------                                                                                          | MARCH 31, 2004
--------------                                                                                         
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1) 
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition  fees and expenses
Investments in Project Partnerships | $ 26,838,398 
(27,262,023)
(791,241)
-----------
(1,214,866)
2,863,149 
(630,340)
-----------
$ 1,017,943 
=========== | $ 26,992,597 
(27,329,010)
(783,520)
-----------
(1,119,933)
2,881,567 
(625,919)
-----------
$ 1,135,715 
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):  In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31,                                                                                                                                                                                                                                                                                                                                                                                                                                    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2004 
-------                                                                                                                                                                                                                                                                                                                                                                                                                                   
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and
    partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnership's share of net loss
Suspended losses
Equity in Losses of Project Partnerships | (Unaudited)
$ 1,968,967 
15,779,910 
770 
------------
$17,749,647 
============
$   483,214 
22,746,522 
------------
23,229,736 
------------
(5,354,226)
(125,863)
------------
(5,480,089)
------------
$17,749,647 
============
$ 4,270,346 
------------
2,079,978 
2,007,179 
869,716 
------------
4,956,873 
------------
$ (686,527)
============
$   (6,865)
============
$ (679,662)
668,751 
------------
$  (10,911)
============

As of December 31, 2004, the largest Project Partnership constituted 12.0% and 13.7%, and as of December 31, 2003 the largest Project Partnership constituted 12.2% and 14.5% of the combined total assets by series and combined total revenues by series, respectively.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):  In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31,                                                                                                                                                                                                                                                                                                                                                                                                                                 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2004 
-------                                                                                                                                                                                                                                                                                                                                                                                                                                
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and
    partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnership's share of net loss
Suspended losses
Equity in Losses of Project Partnerships | (Unaudited)
$ 2,560,603 
12,872,999 
166,839 
-----------
$15,600,441 
===========
$   508,518 
21,412,108 
-----------
21,920,626 
-----------
(6,676,166)
355,981 
-----------
(6,320,185)
-----------
$15,600,441 
============
$ 4,301,073 
-----------
2,100,539 
1,967,487 
973,367 
-----------
5,041,393 
-----------
$  (740,320)
============
$   (12,676)
============
$  (727,644)
727,644 
-----------
$         0 
============

As of December 31, 2004, the largest Project Partnership constituted 8.5% and 6.4%, and as of December 31, 2003 the largest Project Partnership constituted 8.4% and 6.7% of the combined total assets by series and combined total revenues by series, respectively.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):  In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | DECEMBER 31,                                                                                                                                                                                                                                                                                                                                                                                                                              
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2004 
-------                                                                                                                                                                                                                                                                                                                                                                                                                             
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and 
    partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnership's share of net loss
Suspended losses
Equity in Losses of Project Partnerships | (Unaudited)
$ 2,310,917 
20,049,998 
33,120 
-----------
$22,394,035 
===========
$   910,446 
26,191,312 
-----------
27,101,758 
-----------
(5,435,023)
727,300 
-----------
(4,707,723)
-----------
$22,394,035 
============
$ 4,938,004 
-----------
2,576,638 
2,138,281 
1,045,249 
-----------
5,760,168 
-----------
$  (822,164)
===========
$   (15,617)
===========
$  (806,547)
806,547 
-----------
$        0 
===========

As of December 31, 2004, the largest Project Partnership constituted 7.8% and 5.8%, and as of December 31, 2003 the largest Project Partnership constituted 7.8% and 5.6% of the combined total assets by series and combined total revenues by series, respectively.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
  In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of 
December 31 of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | DECEMBER 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2004 
-------                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and     partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Gain on Sale
    Total Income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnership's share of net loss
Suspended losses
Equity in Income (Losses) of Project Partnerships | (Unaudited)
$ 3,075,902 
22,749,373 
51,964 
-----------
$25,877,239 
============
$   736,200 
31,392,413 
-----------
32,128,613 
-----------
(5,930,379)
(320,995)
-----------
(6,251,374)
-----------
$25,877,239 
============
$ 5,792,482 
227,407 
-----------
6,019,889 
-----------
3,096,406 
2,229,541 
1,247,246 
-----------
6,573,193 
-----------
$  (553,304)
============
$    (7,807)
============
$  (545,497)
746,794 
-----------
$   201,297 
============

As of December 31, 2004, the largest Project Partnership constituted 8.3% and 8.0%, and as of December 31, 2003 the largest Project Partnership constituted 7.9% and 8.2% of the combined total assets by series and combined total revenues by series, respectively.
  One of the Project Partnerships, Highland View, LP, sold its property in December 2004.  The sale of the property resulted in a gain allocated to Gateway of $227,407.  Gateway received sale proceeds totaling $157,127, which will be distributed to the Limited Partners at $18.24 per limited partnership unit.  Gateway had previously suspended losses reported by this Project Partnership in conformity with its policy to not record losses which reduce the investment below zero.  As a result of the net increase in the investment from the sale transaction.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):Gateway was able to recognize $43,945 in suspended losses.  Gateway's ending investment in this Project Partnership, after adjusting for the gain on sale, cash proceeds received and suspended losses, was $21,574, which is reported as a loss on disposition in the Combined Statements of Operations.  In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of 
December 31 of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31,                                                                                                                                                                                                                                                                                                                                                                                                                                           
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2004 
-------                                                                                                                                                                                                                                                                                                                                                                                                                                          
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and     partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnership's share of net loss
Suspended losses
Equity in Losses of Project Partnerships | (Unaudited)
$ 4,075,629 
27,082,558 
3,934 
------------
$31,162,121 
===========
$   760,481 
34,688,448 
------------
35,448,929 
------------
(3,799,474)
(487,334)
------------
(4,286,808)
------------
$31,162,121 
============
$ 6,536,265 
------------
3,184,179 
2,666,928 
1,367,028 
------------
7,218,135 
------------
$  (681,870)
============
$    (8,157)
============
$  (673,713)
608,477 
------------
$   (65,236)
============

As of December 31, 2004, the largest Project Partnership constituted 6.4% and 6.5%, and as of December 31, 2003 the largest Project Partnership constituted 6.5% and 6.5% of the combined total assets by series and combined total revenues by series, respectively.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):  In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of 
December 31 of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | DECEMBER 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2004 
-------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and 
    partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Gain on Sale
    Total Income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnership's share of net loss
Suspended losses
Equity in Income (Losses) of Project Partnerships | (Unaudited)
$ 13,992,018 
98,534,838 
256,627 
-------------
$112,783,483 
=============
$  3,398,859 
136,430,803 
------------
139,829,662 
------------
(27,195,268)
149,089 
------------
(27,046,179)
------------
$112,783,483 
=============
$ 25,838,170 
227,407 
------------
26,065,577 
------------
13,037,740 
11,009,416 
5,502,606 
------------
29,549,762 
------------
$ (3,484,185)
=============
$    (51,122)
=============
$ (3,433,063)
3,558,213 
------------
$    125,150 
=============

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):  The Partnership's equity by Series as reflected by the Project Partnerships differs from the Partnership's Investments in Project Partnerships before acquisition fees and expenses and amortization by Series primarily because of suspended losses on the Partnerships books and differences in the accounting treatment of miscellaneous items.
  By Series these differences are as follows:

|         | Equity Per Project Partnership   
------------------ | Equity Per Partnership
----------------------
|-------- | ---------------------------------------------------- | ---------------------------------------------
|Series 2 | $ (5,354,226)                                        | $  (271,966)                                 
|Series 3 | (6,676,166)                                          | (409,182)                                    
|Series 4 | (5,435,023)                                          | (441,205)                                    
|Series 5 | (5,930,379)                                          | (291,031)                                    
|Series 6 | (3,799,474)                                          | 198,548                                      

NOTE 6 - TAXABLE INCOME (LOSS):  The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:

|SERIES 2                                                                                                                                         | 2005
----                         | 2004
----                         | 2003
----                         
|------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------- | --------------------------------- | ----------------------------------
|Net Loss per Financial Statements                                                                                                                | $  (97,520)                       | $  (92,200)                       | $  (85,230)                       
|Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes                       | (797,850)                         | (856,310)                         | (796,760)                         
|Adjustments to convert March 31, fiscal year end to December 31, taxable year end                                                                | 1,376                             | 8,988                             | 964                               
|Items Expensed for Financial Statement purposes not expensed for Tax purposes:
  Asset Management Fee
  Amortization Expense
  Other Adjustments | 53,428 
696 
(14,217)
----------- | 12,850 
696 
(18,415)
----------- | 35,197 
(131)
(10,860)
-----------
|Partnership loss for tax purposes as of December 31                                                                                              | $  (854,087)
============         | $  (944,391)
============         | $  (856,820)
============         
|                                                                                                                                                 | December 31,
2004   
------------ | December 31,
2003   
------------ | December 31,
2002   
------------ 
|Federal Low Income Housing Tax Credits (Unaudited)                                                                                               | $       892 
============         | $       892 
============         | $    17,131 
============         



---

NOTE 6 - TAXABLE INCOME (LOSS)(Continued):
  The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:

|SERIES 3                                                                                                                                         | 2005
----                         | 2004
----                         | 2003
----                          
|------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------- | --------------------------------- | -----------------------------------
|Net Loss per Financial Statements                                                                                                                | $   (77,647)                      | $   (77,243)                      | $   (82,729)                       
|Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes                       | (752,598)                         | (762,553)                         | (622,341)                          
|Adjustments to convert March 31, fiscal year end to December 31, taxable year end                                                                | 2,140                             | 18,639                            | 426                                
|Items Expensed for Financial Statement purposes not expensed for Tax purposes:
  Asset Management Fee
  Amortization Expense
  Other Adjustments | 67,931 
129 
(20,866)
----------- | 17,077 
63 
(37,484)
-----------  | 25,116 
1,120 
(19,990)
-----------
|Partnership loss for tax purposes as of December 31                                                                                              | $  (780,911)
============         | $  (841,501)
============         | $  (698,398)
============          
|                                                                                                                                                 | December 31,
2004   
------------ | December 31,
2003   
------------ | December 31,
2002   
------------  
|Federal Low Income Housing Tax Credits (Unaudited)                                                                                               | $        0 
============          | $      941 
============          | $    7,517 
============           

The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2005 are as follows:
                                  	Financial 		Tax
                                  	Reporting 		Reporting
                                  		Purposes 		Purposes 		Differences
Investments in Local
  Limited Partnerships	        $       0      $(6,099,083)   $6,099,083
Other Assets                   $ 329,653      $   987,524    $ (657,871)
Liabilities                    $ 479,749      $     4,161    $  475,588

NOTE 6 - TAXABLE INCOME (LOSS)(Continued):
  The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:

|SERIES 4                                                                                                                                         | 2005
----                          | 2004
----                          | 2003
----                          
|------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------- | ---------------------------------- | -----------------------------------
|Net Loss per Financial Statements                                                                                                                | $  (102,967)                       | $   (98,159)                       | $  (160,313)                       
|Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes                       | (907,174)                          | (825,899)                          | (827,686)                          
|Adjustments to convert March 31, fiscal year end to December 31, taxable year end                                                                | (971)                              | 18,236                             | 1,588                              
|Items Expensed for Financial Statement purposes not expensed for Tax purposes:
  Asset Management Fee
  Amortization Expense
  Other Adjustments | 79,874 
(256)
(14,332)
----------- | 37,611 
(802)
(40,257)
----------- | 35,743 
2,947 
(15,207)
-----------
|Partnership loss for tax purposes as of December 31                                                                                              | $  (945,826)
============          | $  (909,270)
============          | $  (962,928)
============          
|                                                                                                                                                 | December 31,
2004   
------------  | December 31,
2003   
------------  | December 31,
2002   
------------  
|Federal Low Income Housing Tax Credits (Unaudited)                                                                                               | $     1,484 
============          | $     8,520 
============          | $    20,620 
============          

The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2005 are as follows:
                               		Financial 		9;	
  Tax
                                		Reporting 		9;	
 Reporting
                                		Purposes	 	9;
 Purposes 		        Differences
Investments in Local
  Limited Partnerships       		$        0      $ (7,213,834)     $ 7,213,834
Other Assets                 		$  445,208      $  1,282,235      $  (837,027)
Liabilities                  		$  624,704      $      6,719      $   617,985

---

NOTE 6 - TAXABLE INCOME (LOSS)(Continued):  The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:

|SERIES 5                                                                                                                                         | 2005
----                            | 2004
----                           | 2003
----                          
|------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------ | ----------------------------------- | -----------------------------------
|Net Income (Loss) per Financial Statements                                                                                                       | $    15,153                          | $  (265,039)                        | $  (261,993)                       
|Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes                       | (948,134)                            | (996,157)                           | (886,046)                          
|Adjustments to convert March 31, fiscal year end to December 31, taxable year end                                                                | (7,065)                              | 20,717                              | 4,599                              
|Items Expensed for Financial Statement purposes not expensed for Tax purposes:
  Asset Management Fee
  Amortization Expense
  Other Adjustments | (58,836)
4,380 
(46,206)
----------- | 19,420 
4,576 
(34,151)
----------- | 41,264 
5,110 
(21,532)
-----------
|Partnership loss for tax purposes as of December 31                                                                                              | $(1,040,708)
============            | $(1,250,634)
============           | $(1,118,598)
============          
|                                                                                                                                                 | December 31,
2004   
------------    | December 31,
2003   
------------   | December 31,
2002   
------------  
|Federal Low Income Housing Tax Credits (Unaudited)                                                                                               | $    20,278 
============            | $    75,409 
============           | $   471,321 
============          

The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2005 are as follows:
                                		Financial     		Tax
                                		Reporting     		Reporting
                                		Purposes     		Purposes         		DifferencesInvestments in Local
  Limited Partnerships          $ 202,405        $(7,218,248)     $ 7,420,653Other Assets                    $ 570,926        $ 1,607,629      $(1,036,703)
Liabilities                     $ 649,471        $     6,156      $   643,315

---

NOTE 6 - TAXABLE INCOME (LOSS)(Continued):  The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:

|SERIES 6                                                                                                                                         | 2005
----                             | 2004
----                            | 2003
----                           
|------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------- | ------------------------------------ | ------------------------------------
|Net Loss per Financial Statements                                                                                                                | $  (198,709)                          | $  (294,767)                         | $  (334,594)                        
|Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes                       | (849,870)                             | (788,055)                            | (805,019)                           
|Adjustments to convert March 31, fiscal year end to December 31, taxable year end                                                                | 3,894                                 | 12,119                               | 5,776                               
|Items Expensed for Financial Statement purposes not expensed for Tax purposes:
  Asset Management Fee
  Amortization Expense
  Other Adjustments | 111,482 
8,034 
(36,754)
------------ | 34,124 
8,478 
(28,421)
------------ | 53,540 
6,552 
(17,654)
------------
|Partnership loss for tax purposes as of December 31                                                                                              | $   961,923 
============             | $(1,056,522)
============            | $(1,091,399)
============           
|                                                                                                                                                 | December 31,
2004   
-----------      | December 31,
2003   
-----------     | December 31,
2002   
-----------    
|Federal Low Income Housing Tax Credits (Unaudited)                                                                                               | $    38,926 
============             | $   154,714 
============            | $ 1,311,025 
============           

The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2005 are as follows:
                                     	Financial 	Tax
                                     	Reporting 	Reporting
                                     	Purposes 	Purposes  		9;	
    DifferencesInvestments in Local
  Limited Partnerships          $  781,147         $(5,862,980)    $ 6,644,127
Other Assets                    $  592,890         $ 1,780,281     $(1,187,391)
Liabilities                     $  805,543         $     6,824     $   798,719

---

NOTE 6 - TAXABLE INCOME (LOSS)(Continued):  The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:

|TOTAL SERIES 2 - 6                                                                                                                               | 2005
----                              | 2004
----                              | 2003
----                            
|------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------- | -------------------------------------- | -------------------------------------
|Net Loss per Financial Statements                                                                                                                | $  (461,690)                           | $  (827,408)                           | $  (924,859)                         
|Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes                       | (4,255,626)                            | (4,228,974)                            | (3,937,852)                          
|Adjustments to convert March 31, fiscal year end to December 31, taxable year end                                                                | (626)                                  | 78,699                                 | 13,353                               
|Items Expensed for Financial Statement purposes not expensed for Tax purposes:
  Asset Management Fee
  Amortization Expense
  Other Adjustments | 253,879 
12,983 
(132,375)
----------- | 121,082 
13,011 
(158,728)
----------- | 190,860 
15,598 
(85,243)
-----------
|Partnership loss for tax purposes as of December 31                                                                                              | $(4,583,455)
============              | $(5,002,318)
============              | $(4,728,143)
============            

The difference in the total value of the Partnership's Investment in Project Partnerships is approximately $6,583,695 higher for Series 2, $6,099,083 higher for Series 3, $7,213,834 higher for Series 4, $7,420,653 higher for Series 5 and $6,644,127 higher for Series 6 for financial reporting purposes than for tax return purposes because (i) there were depreciation differences between financial reporting purposes and tax return purposes and (ii) certain expenses are not deductible for tax return purposes.
  The differences in the assets and liabilities of the Fund for financial reporting purposes and tax reporting purposes for the year ended March 31, 2005 are as follows:
                                		Financial 		Tax
                                		Reporting 		Reporting
                                		Purposes	 	Purposes         		DifferencesInvestments in Local
  Limited Partnerships       $1,017,943      $(32,943,449)    $33,961,392
Other Assets                 $2,298,592      $  6,754,494     $(4,455,902)
Liabilities                  $3,136,156      $     27,909     $ 3,108,247

---

NOTE 7 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):Series 2Year 2005                Quarter 1	     Quarter 2     Quarter 3     Quarter 4                         6/30/2004     9/30/2004     12/31/2004    3/31/2005Total Revenues           $   3,945     $        0    $   3,702     $   6,291
Net Income (Loss)        $ (23,076)    $  (41,293)   $ (28,733)    $  (4,418)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $   (3.72)     $   (6.66)    $  (4.64)     $   (.71)Series 3Year 2005               Quarter 1	     Quarter 2     Quarter 3     Quarter 4
                         6/30/2004     9/30/2004    12/31/2004     3/31/2005
Total Revenues           $   9,002     $        0   $   5,380      $   4,399
Net Income (Loss)        $ (12,843)    $  (27,395)  $ (17,660)     $ (19,749)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $   (2.33)     $   (4.97)   $  (3.21)     $   (3.58)Series 4Year 2005                Quarter 1Quarter 2     Quarter 3     Quarter 4
                         6/30/2004      9/30/2004     12/31/2004     3/31/2005Total Revenues           $   4,944      $   5,693     $   1,884      $   3,660
Net Income (Loss)        $ (22,017)     $ (28,145)    $ (26,708)     $ (26,097)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $   (3.15)     $   (4.03)     $  (3.82)      $  (3.74)

---

NOTE 7 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Continued):Series 5Year 2005	#9;                  Quarter 1	     Quarter 2	     Quarter 3     Quarter 4
                           6/30/2004     9/30/2004     12/31/2004     3/31/2005
Total Revenues            $   7,658     $   8,902     $   2,172      $   8,931
Net Income (Loss)         $ (34,298)    $ (39,929)    $ (37,000)     $ 126,380
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding  $   (3.94)    $   (4.59)    $   (4.25)     $    6.07
Series 6Year 2005	#9;                 Quarter 1     Quarter 2     Quarter 3     Quarter 4
                          6/30/2004     9/30/2004     12/31/2004     3/31/2005Total Revenues            $   7,557     $   9,396     $  10,174     $   4,912
Net Income (Loss)         $ (49,952)    $ (46,487)    $ (48,996)    $ (53,274)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding  $   (4.89)    $   (4.55)    $   (4.81)    $   (5.22)
Series 2 - 6Year 2005	                 Quarter 1     Quarter 2     Quarter 3     Quarter 4
                          6/30/2004     9/30/2004     12/31/2004     3/31/2005Total Revenues            $  33,106     $  23,991     $  23,312      $  28,493
Net Income (Loss)         $(142,186)    $(183,249)    $(159,097)     $  22,842

---

NOTE 7 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Continued):Series 2Year 2004                Quarter 1	     Quarter 2     Quarter 3     Quarter 4                         6/30/2003     9/30/2003     12/31/2003    3/31/2004Total Revenues           $       0     $    1,957    $   3,793     $   7,070
Net Income (Loss)        $ (38,406)    $  (28,418)   $ (24,264)    $  (1,112)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $   (6.20)     $   (4.59)    $  (3.91)     $   (.18)Series 3Year 2004                Quarter 1	     Quarter 2     Quarter 3     Quarter 4
                         6/30/2003     9/30/2003    12/31/2003     3/31/2004
Total Revenues           $   6,205     $   10,112   $       0      $   6,484
Net Income (Loss)        $ (21,261)    $  (14,615)  $ (23,305)     $ (18,062)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $   (3.86)     $   (2.65)   $  (4.23)     $   (3.28)
Series 4Year 2004                Quarter 1Quarter 2     Quarter 3     Quarter 4
                         6/30/2003      9/30/2003     12/31/2003     3/31/2004Total Revenues           $   6,563      $  19,578     $       0      $   1,819
Net Income (Loss)        $ (30,836)     $ (13,103)    $ (29,743)     $ (24,477)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $   (4.41)     $   (1.88)     $  (4.26)      $  (3.50)

---

NOTE 7 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Continued):Series 5Year 2004	#9;              Quarter 1 	    Quarter 2 	     Quarter 3     Quarter 4
                           6/30/2003     9/30/2003     12/31/2003     3/31/2004
Total Revenues            $  12,492     $       0     $     750      $   3,739
Net Income (Loss)         $ (46,203)    $ (78,011)    $ (71,278)     $ (69,547)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding  $   (5.31)    $   (8.96)    $   (8.19)     $   (7.99)
Series 6Year 2004	#9;             Quarter 1     Quarter 2     Quarter 3     Quarter 4
                          6/30/2003     9/30/2003     12/31/2003     3/31/2004Total Revenues            $   3,514     $   6,988     $   1,000     $   9,627
Net Income (Loss)         $(107,395)    $ (45,853)    $(116,673)    $ (24,846)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding  $  (10.52)    $   (4.49)    $  (11.43)    $   (2.44)
Series 2-6Year 2004	                 Quarter 1     Quarter 2     Quarter 3     Quarter 4
                          6/30/2003     9/30/2003     12/31/2003     3/31/2004Total Revenues            $  28,774     $  38,635     $   5,543      $  28,739
Net Income (Loss)         $(244,101)    $(180,000)    $(265,263)     $(138,044)

---



Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800

INDEPENDENT AUDITORS' REPORT
                                   -----------------------------

To the Partners 
Sylacauga Heritage Apartments Ltd.
Sylacauga, Alabama
We have audited the accompanying balance sheets of Sylacauga Heritage Apartments, Ltd., a limited partnership, as of December 31, 2004 and 2003, and the related statements of operations, partners' deficit and cash flows for the years then ended.  These financial statements are the responsibility of the partnership's management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted the audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership's internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that the audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sylacauga Heritage Apartments, Ltd., as of December 31, 2004 and 2003, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States.

The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 10, 2005

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Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800

INDEPENDENT AUDITORS' REPORT
                              ------------------------------

To the Partners 
Lakeshore Apartments Ltd.
Tuskegee, Alabama
We have audited the accompanying balance sheets of Lakeshore Apartments, Ltd., a limited partnership, as of December 31, 2004 and 2003, and the related statements of operations, partners' deficit and cash flows for the years then ended.  These financial statements are the responsibility of the partnership's management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted the audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership's internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that the audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakeshore Apartments, Ltd., as of December 31, 2004 and 2003, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States.

The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 27, 2005

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Donald W. Causey & Associates, P.C.
16 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800

INDEPENDENT AUDITORS' REPORT
                              ------------------------------

To the Partners 
Countrywood Apartments Ltd.
Centerville, Alabama
We have audited the accompanying balance sheets of Countrywood Apartments, Ltd., a limited partnership, as of December 31, 2004 and 2003, and the related statements of operations, partners' deficit and cash flows for the years then ended.  These financial statements are the responsibility of the partnership's management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted the audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership's internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that the audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Countrywood Apartments, Ltd., as of December 31, 2004 and 2003, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States.

The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountant
Gadsden, Alabama
February 24, 2005

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Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800

INDEPENDENT AUDITORS' REPORT
                             --------------------------------

To the Partners 
Wildwood Apartments Ltd.
Pineville, Louisiana
We have audited the accompanying balance sheets of Wildwood Apartments, Ltd., a limited partnership, as of December 31, 2004 and 2003, and the related statements of operations, partners' deficit and cash flows for the years then ended.  These financial statements are the responsibility of the partnership's management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted the audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership's internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that the audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Wildwood Apartments, Ltd., as of December 31, 2004 and 2003, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States.

The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 24, 2005

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Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800

INDEPENDENT AUDITORS' REPORT
                              --------------------------------

To the Partners 
Meadowcrest Apartments Ltd.
Luverne, Alabama
We have audited the accompanying balance sheets of Meadowcrest Apartments, Ltd., a limited partnership, as of December 31, 2004 and 2003, and the related statements of operations, partners' deficit and cash flows for the years then ended.  These financial statements are the responsibility of the partnership's management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted the audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership's internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that the audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Meadowcrest Apartments, Ltd., as of December 31, 2004 and 2003, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States.

The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 27, 2005

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SIGNATURES

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

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

Date: January 20, 2006            By:/s/ Ronald M. Diner                                  Ronald M. Diner
                                  President
Date: January 20, 2006            By:/s/ Jonathan Oorlog
                                  Jonathan Oorlog
                                  Vice President and Chief Financial Officer
Date: January 20, 2006            By:/s/ Sandra C. Humphreys                                  Sandra C. Humphreys
                                  Secretary and Treasurer

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EXHIBIT 31.1
CERTIFICATIONS*

I, Ron Diner, certify that:

1. I have reviewed this annual report on Form 10-K of Gateway Tax Credit Fund II, Ltd.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information include in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.



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EXHIBIT 31.2
CERTIFICATIONS*

I, Jonathan Oorlog, certify that:

1. I have reviewed this annual report on Form 10-K of Gateway Tax Credit Fund II, Ltd.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information include in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: January 20, 2006           By:/s/ Jonathan Oorlog                                 Jonathan Oorlog
                                 Vice President and Chief Financial Officer