<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-2000 <PERIOD-END> DEC-31-1999 <CASH> 497,501 <SECURITIES> 2,297,697 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 761,438 <DEPRECIATION> 000 <TOTAL-ASSETS> 23,139,443<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 22,095,342 <TOTAL-LIABILITY-AND-EQUITY> 23,139,443<F2> <SALES> 000 <TOTAL-REVENUES> 260,223<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 686,292<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 52,970 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (2,267,373)<F5> <EPS-BASIC> (32.57) <EPS-DILUTED> 000 <FN> <F1>Included in Total assets is Tenant security deposit escrow of $3,805, Investments in Local Limited Partnerships of $19,541,320, Prepaid assets of $1,489, Replacement reserve escrow of $5,951, and Other assets of $30,242. <F2>Included in Total liability and equity is Accounts payable to affiliates of $12,971, Accounts payable and accrued expenses of $76,552, Mortgage note payable of $704,555, Tenant security deposits payable of $3,809, Deferred revenue of $129,360, and Minority interest in Local Limited Partnerships of $116,854. <F3>Included in Total revenue is Rental of $90,446, Investment of $118,463, and Other of $51,314. <F4>Included in Other expenses is General and administrative of $257,039, Bad debt expense of $173,739, Asset management fees, related party of $184,490, Rental operations, exclusive of depreciation of $32,084, Depreciation of $20,326, and Amortization of $18,614. <F5>Included in Net loss is Minority interest in losses of Local Limited Partnership of $(132) and Equity in losses of Local Limited Partnerships of $1,788,466. </FN>