<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 449,567 <SECURITIES> 2,840,127 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 33,871,495<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 33,573,219 <TOTAL-LIABILITY-AND-EQUITY> 33,871,495<F2> <SALES> 000 <TOTAL-REVENUES> 204,683<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 498,031<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (4,337,761)<F5> <EPS-PRIMARY> (62.30) <EPS-DILUTED> 000 <FN> <F1>Total Assets includes Investments in Local Limited Partnerships of $30,531,768 and other assets of $50,033. <F2>Included in Total Liabilities and Equity is Deferred revenue of $174,357. Accounts payable to affiliates of $88,227 and accounts payable and accrued expenses of $35,692. <F3>Total Revenue includes Investment of $191,349 and Other revenue of $13,334. <F4>Included in Other Expenses are General and Administrative of $237,545, Asset management fees of $231,035 and Amortization of $29,451. <F5>Net Loss includes Equity in losses of Local Limited Partnerships of $4,044,413. </FN>