<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>