<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> DEC-31-1997 <CASH> 321,550 <SECURITIES> 1,391,210 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 27,479,966<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 27,238,665 <TOTAL-LIABILITY-AND-EQUITY> 27,479,966<F2> <SALES> 000 <TOTAL-REVENUES> 83,784<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 301,841<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,679,588)<F5> <EPS-PRIMARY> (45.56) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is Investments in Local Limited Partnerships of $25,728,914, Organizational costs, net of $11,667 and Other assets of $26,625. <F2>Total liability and equity includes Accounts payable to affiliate of $211,247 and Accrued expenses of $30,054. <F3>Total revenue includes Investment of $79,099 and Other of $4,685. <F4>Included in Other Expenses is Asset Management fees, related party of $148,827, General and administrative of $123,056, and Amortization of $29,958. <F5>Net loss includes Equity in losses of Local Limited Partnerships of $1,461,531. </FN>