UNITED STATES
     SECURITIES AND EXCHANGE COMMISSION
           Washington, D.C. 20549
                           

                 FORM 12b-25


NOTIFICATION OF LATE FILING
(CHECK ONE):

[X] Form 10-K       [ ] Form 20-F  [ ] Form
11-K      [ ] Form 10-Q  [ ] Form N-SAR

     For the Period Ended:     December 31, 1997                 

          [ ]  Transition Report on Form 10-K
          [ ]  Transition Report on Form 20-F
          [ ]  Transition Report on Form 11-K
          [ ]  Transition Report on Form 10-Q
          [ ]  Transition Report on Form N-
SAR
          For the Transition Period Ended:

                                              
                               
Read Attached Instruction Sheet Before
Preparing Form.  Please Print or Type.

   Nothing in this form shall be construed
to imply that the Commission has verified any
information contained herein.
                                              
                               

If the notification relates to a portion of
the filing checked above, identify the
Item(s) to which the notification relates:    
  N/A    
                                              
                               



Part I -    Registrant Information

Full Name of Registrant:      Krupp
Institutional Mortgage Fund Limited          
            Partnership

Former Name if Applicable:              N/A   
 

470 Atlantic Avenue, Boston, Massachusetts    
                   02210       
(Address of principal executive offices)     
                  (Zip Code)

                                              
                               

Part II - Rules 12b-25(b) and (c)
                                              
                               

If the subject report could not be filed
without unreasonable effort or expense and the
registrant seeks relief pursuant to Rule 12b-
25(b), the following should be completed.
(Check box if appropriate)

[ ]    (a)  The reasons described in
reasonable detail in Part III of this form   
could not be eliminated without unreasonable
effort or expense;
    
[X]    (b)  The subject annual report, semi-
annual report, transition report on Form 10-K,
Form 20-F, Form 11-K, Form N-SAR, or portion
thereof, will be filed on or before the
fifteenth calendar day following the
prescribed due date; or the subject quarterly
report of transition report on Form 10-Q, or
portion thereof will be filed on or before the
fifth calendar day following the prescribed
due date; and

[ ]    (c)  The accountant's statement or other exhibit required
            by Rule 12b-25(c) has been attached if applicable.
                                                                  
           

Part III - Narrative
                                              
                               

State below in reasonable detail the reasons
why Form 10-K, 20-F, 11-K, 10-Q, N-SAR or the
transition report or portion thereof could not
be filed within the prescribed time period:

   The Partnership was unable to finish
compiling the financial data necessary to file
complete and accurate financial statements.
                                              
                               

Part IV - Other Information
                                              
                               

   (1)      Name and telephone number of
person to contact in regard to this     
notification:

         Wayne H. Zarozny         617        
        423-2233     
              (Name)          (Area Code)    
   (Telephone Number)

   (2)      Have all other periodic reports
required under Section 13 or 15(d) of the
Securities and Exchange Act of 1934 or Section
30 of the Investment Company Act of 1940
during the preceding 12 months or for such
shorter period that the registrant was
required to file such report(s) been filed? 
If the answer is no, identify report(s).

                                             
   [X] Yes  [ ] No

   (3)      Is it anticipated that any
significant change in results of operations
from the corresponding period for the last
fiscal year will be reflected by the earnings
statements to be included in the subject
report or portion thereof?

                                             
   [X] Yes  [ ] No

If so: attach an explanation of the
anticipated change, both narratively and
quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the
results cannot be made:

   Total income in 1997, increased $721,288 as
compared to 1996, due to bad debt recovery
recorded in 1997 and an increase in interest
income on mortgage notes.  The Partnership
recorded recovery of bad debt totaling
$672,987 on the outstanding mortgage notes
receivable balance on its related mortgage
loans, based on the selling prices of the
underlying properties less estimated costs to
sell.  Interest income increased $48,301 as a
result of increased cash flow payments
received from the underlying properties. 

   Total expenses in 1997, as compared to
   1996, remained relatively stable.



                  SIGNATURE


Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934,
the registrant has duly caused this report to
be signed on its behalf by the undersigned,
thereunto duly authorized, on the 1st day of
April, 1998.


               KRUPP INSTITUTIONAL MORTGAGE
FUND LIMITED
               PARTNERSHIP

               By:
               The Krupp Corporation, a 
                  General Partner


               By:/s/ Wayne H. Zarozny        
                  Wayne H. Zarozny, Treasurer
                  of The Krupp Corporation