<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> DEC-31-1996 <CASH> 426,097 <SECURITIES> 1,359,721 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 19,258 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 29,943,845<F1> <CURRENT-LIABILITIES> 166,154<F2> <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 29,777,691 <TOTAL-LIABILITY-AND-EQUITY> 29,943,845 <SALES> 000 <TOTAL-REVENUES> 57,387<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 306,969<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,388,692)<F5> <EPS-PRIMARY> (37.67) <EPS-DILUTED> 000 <FN> <F1>Included in total assets: Investments in Local Limited Partnerships $27,621,713 Restricted cash $495,389, Organizational costs, net $21,667 <F2>Current liabilities include Accounts payable to affiliate of $137,420 and Accrued expenses of $28,734. <F3>Total revenue includes: Investment $40,245 and Other $17,142. <F4>Included in Other Expenses: Asset Management fees $144,026, General and Administrative $139,015, and Amortization $23,928. <F5>Net loss includes: Equity in losses of Local Limited Partnerships of $1,139,110. </FN>