<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> JUN-30-1997 <CASH> 256,700 <SECURITIES> 1,020,371 <RECEIVABLES> 20,161 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 15,060,043 <DEPRECIATION> 000 <TOTAL-ASSETS> 36,027,560<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 20,539,997 <TOTAL-LIABILITY-AND-EQUITY> 36,027,560<F2> <SALES> 000 <TOTAL-REVENUES> 552,079<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 669,678<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 257,839 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (724,950)<F5> <EPS-PRIMARY> (10.55) <EPS-DILUTED> 000 <FN> <F1>Included in total assets: Investments in Local Limited Partnerships of $19,201,225, Deferred charges, net $204,156, Tenant security deposits $95,224, Mortgagee escrow deposits $147,476 and other assets $22,204. <F2>Included in Total Liabilities and Equity: Mortgage notes payable of $11,071,077, Accounts payable to affiliates of $419,200, Accounts payable and accrued expenses of $427,229, Interest payable of $594,088, Tenant security deposits payable of $92,320, Payable to affiliated developer of $2,482,000 and Minority interest in Local Limited Partnerships of $401,649. <F3>Total revenue includes: Rental of $452,882, Investment of $24,709 and Other of $74,488. <F4>Included in Other Expenses: Asset management fees of $57,480, General and administrative of $90,575, Rental operations, exclusive of depreciation of $256,956, Bad debt of $17,556, Property management fees of $32,552, Depreciation of $186,690 and Amortization of $27,869. <F5>Net loss reflects: Equity in losses of Local Limited Partnerships of $369,352 and Minority interest in losses of Local Limited Partnerships of $19,840. </FN>