<ARTICLE>                  5
       
                                                  
<PERIOD-TYPE>                                        9-MOS
<FISCAL-YEAR-END>                                    MAR-31-1998
<PERIOD-END>                                         DEC-31-1997
<CASH>                                               207,993
<SECURITIES>                                         1,030,270
<RECEIVABLES>                                        9,087
<ALLOWANCES>                                         000
<INVENTORY>                                          000
<CURRENT-ASSETS>                                     000
<PP&E>                                               14,124,348
<DEPRECIATION>                                       000
<TOTAL-ASSETS>                                       34,176,335<F1>
<CURRENT-LIABILITIES>                                000
<BONDS>                                              000
<PREFERRED-MANDATORY>                                000
<PREFERRED>                                          000
<COMMON>                                             000
<OTHER-SE>                                           19,973,801
<TOTAL-LIABILITY-AND-EQUITY>                         34,176,335<F2>
<SALES>                                              000
<TOTAL-REVENUES>                                     1,542,011<F3>
<CGS>                                                000
<TOTAL-COSTS>                                        000
<OTHER-EXPENSES>                                     2,138,093<F4>
<LOSS-PROVISION>                                     000
<INTEREST-EXPENSE>                                   766,879
<INCOME-PRETAX>                                      000
<INCOME-TAX>                                         000
<INCOME-CONTINUING>                                  000
<DISCONTINUED>                                       000
<EXTRAORDINARY>                                      000
<CHANGES>                                            000
<NET-INCOME>                                         (1,295,623)<F5>
<EPS-PRIMARY>                                        (18.85)
<EPS-DILUTED>                                        000
<FN>
<F1>Included  in total  assets:  Investments  in Local Limited  Partnerships  of
$18,329,831,  Deferred charges, net $194,103, Tenant security deposits $101,071,
Mortgagee  escrow deposits  $144,165 and other assets  $35,467.  <F2>Included in
Total  Liabilities  and Equity:  Mortgage notes payable of $9,743,875,  Accounts
payable to  affiliates  of $538,820,  Accounts  payable and accrued  expenses of
$350,802,  Interest  payable of $552,869,  Tenant security  deposits  payable of
$85,567,  Payable to affiliated developer of $2,482,000 and Minority interest in
Local Limited  Partnerships of $448,601.  <F3>Total revenue includes:  Rental of
$1,351,191,  Investment of $83,904 and Other of $106,916.  <F4>Included in Other
Expenses:  Asset  management  fees of $172,440,  General and  administrative  of
$273,472, Rental operations,  exclusive of depreciation of $749,203, Bad debt of
$239,249,  Property  management  fees of $94,922,  Depreciation  of $526,037 and
Amortization  of  $82,770.  <F5>Net  loss  reflects:  Equity  in losses of Local
Limited Partnerships of $1,047,830, Minority interest in losses of Local Limited
Partnerships  of $65,109,  loss on  liquidation  of interests  in Local  Limited
Partnerships  of $3,922 and gain on transfer and  liquidation  of real estate of
$1,053,981.
</FN>