<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> DEC-31-1996 <CASH> 501,380 <SECURITIES> 2,789,137 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 22,263<F1> <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 35,055,582<F2> <CURRENT-LIABILITIES> 170,420<F3> <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 34,713,946 <TOTAL-LIABILITY-AND-EQUITY> 35,055,582<F4> <SALES> 000 <TOTAL-REVENUES> 111,880<F5> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 365,888<F6> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (3,215,235)<F7> <EPS-PRIMARY> (46.18) <EPS-DILUTED> 000 <FN> <F1> Current Assets includes Prepaid insurance of $6,771 and Interest receivable of $15,492. <F2>Total Assets includes Investments in Local Limited Partnerships of $31,742,802. <F3>Included in Current Liabilities are Accounts payable to affiliates of $114,572 and accounts payable and accrued expenses of $55,848. <F4>Included in Total Liabilities and Equity is Deferred revenue of $171,216. <F5>Total Revenue includes Investment of $117,969 and Other revenue of $(6,089). <F6>Included in Other Expenses are General and Administrative of $171,832, Asset management fees of $171,858 and Amortization of $22,198. <F7>Net Loss includes Equity in losses of Local Limited Partnerships of $2,961,227. </FN>