<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> SEP-30-1996 <CASH> 321,906 <SECURITIES> 2,903,812 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 23,355<F1> <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 35,912,554<F2> <CURRENT-LIABILITIES> 122,054<F3> <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 35,611,182 <TOTAL-LIABILITY-AND-EQUITY> 35,912,554<F4> <SALES> 000 <TOTAL-REVENUES> 105,760<F5> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 259,116<F6> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (2,306,761)<F7> <EPS-PRIMARY> (33.13) <EPS-DILUTED> 000 <FN> <F1>Included in Current Assets: Prepaid insurance $7,738 and Interest receivable $15,617 <F2>Included in Total Assets: Investments in Local Limited Partnerships $32,663,481 <F3>Included in Current Liabilities: Accounts payable to affiliates $66,735 and accounts payable and accrued expenses $55,319. <F4>Included in Total Liabilities and Equity: Deferred revenue $179,318 <F5>Total Revenue includes: Investment $96,834, Other $8,926 <F6>Included in Other Expenses: General and Administrative $129,364, Asset management fees $114,572, Amortization $15,180. <F7>Net Loss includes: Equity in losses of Local Limited Partnerships of $2,153,405 </FN>