<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> MAR-31-2000 <PERIOD-END> MAR-31-2000 <CASH> 523,352 <SECURITIES> 2,332,268 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 21,702,984<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 21,406,997 <TOTAL-LIABILITY-AND-EQUITY> 21,702,984<F2> <SALES> 000 <TOTAL-REVENUES> 235,508<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 665,462<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (3,006,310)<F5> <EPS-BASIC> (43.18) <EPS-DILUTED> 000 <FN> <F1>Included in Total assets: Investments in Local Limited Partnerships of $18,818,290 and Other assets of $29,074 <F2>Included in Total liabilities and equity: Deferred revenue of $131,198, Accounts payable to affiliates of $121,184 and Accounts payable and accrued expenses of $43,605 <F3>Included in Total revenue: Investment of $156,312 and Other revenue of $79,196 <F4>Included in Other expenses: General and administrative of $219,794, Asset management fees of $247,331, Provision for valuation of investment in Local Limited Partnership of $174,739 and Amortization of $23,598 <F5>Included in Net Loss: Equity in losses of Local Limited Partnerships of $(2,576,356) </FN>