<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> DEC-31-1996 <CASH> 378,569 <SECURITIES> 1,079,478 <RECEIVABLES> 23,259 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 268,151<F1> <PP&E> 16,201,490 <DEPRECIATION> 000 <TOTAL-ASSETS> 39,022,830<F2> <CURRENT-LIABILITIES> 5,029,689<F3> <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 23,673,595 <TOTAL-LIABILITY-AND-EQUITY> 39,022,830<F4> <SALES> 000 <TOTAL-REVENUES> 1,527,408<F5> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 2,285,147<F6> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 803,624 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (3,100,244)<F7> <EPS-PRIMARY> (45.11) <EPS-DILUTED> 000 <FN> <F1>Included in current assets: Mortgagee escrow deposits $135,965, Tenant security deposits $89,406 and Other current assets $42,780. <F2>Included in total assets: Investments in Local Limited Partnerships $20,862,051, Deferred charges, net $209,832. <F3>Included in Current Liabilities: Accounts payable to affiliates $293,746, Accounts payable and accrued expenses $433,401, Current portion of debt $3,591,709, Interest payable of $620,811 and Tenant security deposits payable of $90,022. <F4>Included in Total Liabilities and Equity: Payable to affiliated developer $2,482,000, $7,483,918 of long-term debt and Minority interest in Local Limited Partnerships $353,628. <F5>Total revenue includes: Rental $1,334,813, Investment $71,936, Other $120,659. <F6>Included in Other Expenses: Asset management fees, related party $193,029, General and administrative $261,054, Bad debt $254,331, Property management fees $97,069, Rental operations, exclusive of depreciation $823,786, Depreciation $568,790 and Amortization $87,088. <F7>Net loss reflects: Equity in losses of Local Limited Partnerships of $1,606,673 and Minority interest in losses of Local Limited Partnerships $67,792. </FN>