<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> SEP-30-1997 <CASH> 542,914 <SECURITIES> 2,807,734 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 32,667,569<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 31,534,565 <TOTAL-LIABILITY-AND-EQUITY> 32,667,569<F2> <SALES> 000 <TOTAL-REVENUES> 134,216<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 277,666<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 27,319 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (2,063,154)<F5> <EPS-PRIMARY> (29.63) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is mortgagee escrow deposits of $5,948, tenant security deposit escrow of $2,886, Investments in Local Limited Partnerships of $28,299,135, rental property of $960,104, a replacement reserve escrow of $1,805 and other assets of $47,043. <F2>Included in Total Liability and Equity is accounts payable to affiliates of $67,933, accounts payable and accrued expenses of $58,900, mortgage notes payable of $711,747, tenant security deposits payable of $2,886, deferred revenue of $156,635 and minority interest in Local Limited Partnership of $134,903. <F3>Total revenue includes investment of $91,136, rental of $39,309 and other of $3,771. <F4>Included in Other Expenses is general and administrative of $118,639, asset management fees of $118,354, rental operations of $9,518, property management fee of $2,391, depreciation of $14,119 and amortization of $14,645. <F5>Net loss includes minority interest in losses of Local Limited Partnerships of $135 and equity in losses of Local Limited Partnerships of $1,892,520. </FN>