<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> JUN-30-1997 <CASH> 756,660 <SECURITIES> 2,644,840 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 33,680,905<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 32,472,967 <TOTAL-LIABILITY-AND-EQUITY> 33,680,905<F2> <SALES> 000 <TOTAL-REVENUES> 56,172<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 140,760<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 6,837 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,117,152)<F5> <EPS-PRIMARY> (16.05) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is mortgagee escrow deposits of $4,766, tenant security deposit escrow of $2,886, Investments in Local Limited Partnerships of $29,249,060, rental property of $970,693, a replacement reserve escrow of $2,242 and other assets of $49,758. <F2>Included in Total Liability and Equity is accounts payable to affiliates of $143,149, accounts payable and accrued expenses of $55,034, mortgage notes payable of $712,774, tenant security deposits payable of $2,886, deferred revenue of $175,133 and minority interest in Local Limited Partnership of $118,962 <F3>Total revenue includes investment of $44,428, rental of $9,801 and other of $1,943. <F4>Included in Other Expenses is general and administrative of $68,165, asset management fees $59,177, rental operations of $1,975, property management fee of $590, depreciation of $3,530 and amortization $7,323. <F5>Net loss includes minority interest in losses of Local Limited Partnerships of $31 and equity in losses of Local Limited Partnerships of $1,025,758. </FN>