<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 273,412 <SECURITIES> 1,442,676 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 29,078,258<F1> <CURRENT-LIABILITIES> 167,520<F2> <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 28,910,738 <TOTAL-LIABILITY-AND-EQUITY> 29,078,258 <SALES> 000 <TOTAL-REVENUES> 100,536<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 425,888<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (2,247,908)<F5> <EPS-PRIMARY> (60.98) <EPS-DILUTED> 000 <FN> <F1>Included in total assets: Investments in Local Limited Partnerships of $26,813,245, Restricted cash of $503,031, Organizational costs, net of $19,167 and other assets of $26,727. <F2> Liabilities include Accounts payable to affiliate of $128,791 and Accrued expenses of $38,729. <F3>Total revenue includes: Investment of $81,930 and Other of $18,606. <F4>Included in Other Expenses: Asset Management fees of $193,635, General and Administrative of $195,069, and Amortization of $37,184. <F5>Net loss includes: Equity in losses of Local Limited Partnerships of $1,922,556. </FN>