<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-2001 <PERIOD-END> SEP-30-2000 <CASH> 416,815 <SECURITIES> 2,659,506 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 20,906,273<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 20,531,436 <TOTAL-LIABILITY-AND-EQUITY> 20,906,273<F2> <SALES> 000 <TOTAL-REVENUES> 235,175<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 264,656<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (896,005)<F5> <EPS-BASIC> (12.87) <EPS-DILUTED> 000 <FN> <F1>Included in Total Assets: Investments in Local Limited Partnerships, net of $17,660,093, Restricted cash of $135,145 and Other assets of $34,714 <F2>Included in Total Liabilities and Equity: Accounts payable to affiliates of $199,012, Accounts payable and accrued expenses of $40,680 and Deferred revenue of $135,145 <F3>Included in Total Revenue: Investment of $86,737 and Other of $148,438 <F4>Included in Other Expenses: General and administrative of $127,176, Asset management fees of $125,682 and Amortization of $11,798 <F5>Included in Net Loss: Equity in losses of Local Limited Partnerships of $866,524 </FN>