<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-2000 <PERIOD-END> DEC-31-1999 <CASH> 274,479 <SECURITIES> 825,856 <RECEIVABLES> 100,061 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 19,794,687 <DEPRECIATION> 000 <TOTAL-ASSETS> 37,813,748<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 18,902,530 <TOTAL-LIABILITY-AND-EQUITY> 37,813,748<F2> <SALES> 000 <TOTAL-REVENUES> 1,707,630<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 2,208,139<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 591,819 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> 1,756,524<F5> <EPS-BASIC> 25.56 <EPS-DILUTED> 000 <FN> <F1>Included in Total Assets: Investments in Local Limited Partnerships of $15,038,687, Deferred charges, net of $398,881, Tenant security deposits of $109,625, Mortgagee escrow deposits of $1,244,674 and other assets of $26,798. <F2>Included in Total Liabilities and Equity: Mortgage notes payable of $15,153,800, Accounts payable to affiliates of $2,108,437, Accounts payable and accrued expenses of $179,774, Interest payable of $46,053, Tenant security deposits payable of $99,501, Other Liabilities of $409,766 and Minority interest in Local Limited Partnerships of $913,887. <F3>Total revenue includes: Rental of $1,518,386, Investment of $53,784 and Other of $135,460. <F4>Included in Other Expenses: Asset management fees of $136,273, General and administrative of $306,019, Rental operations, exclusive of depreciation of $747,734, Bad debt of $215,345, Property management fees of $76,847, Depreciation of $495,397 and Amortization of $230,524. <F5>Net Income reflects: Equity in income of Local Limited Partnerships of $302,428, Minority interest in losses of Local Limited Partnerships of $147,498, Loss on liquidation of interest in Local Limited Partnership of $6,486, Gain on transfer of assets of $218,408 and Gain on transfer cancellation of indebtedness of $2,482,000. </FN>