<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> SEP-30-1997 <CASH> 211,694 <SECURITIES> 1,503,217 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 28,028,615<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 27,837,052 <TOTAL-LIABILITY-AND-EQUITY> 28,028,615<F2> <SALES> 000 <TOTAL-REVENUES> 54,770<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 201,996<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,082,165)<F5> <EPS-PRIMARY> (29.35) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is Investments in Local Limited Partnerships of $26,276,748, Organizational costs, net of $14,167 and Other assets of $22,789. <F2>Total liability and equity includes Accounts payable to affiliate of $169,946 and Accrued expenses of $21,617. <F3>Total revenue includes Investment of $53,445 and Other of $1,325. <F4>Included in Other Expenses is Asset Management fees, related party of $99,218, General and administrative of $82,806, and Amortization of $19,972. <F5>Net loss includes Equity in losses of Local Limited Partnerships of $934,939. </FN>