<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> DEC-31-1997 <CASH> 384,407 <SECURITIES> 2,876,887 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 31,454,312<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 30,370,096 <TOTAL-LIABILITY-AND-EQUITY> 31,454,312<F2> <SALES> 000 <TOTAL-REVENUES> 227,881<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 413,252<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 47,772 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (3,232,122)<F5> <EPS-PRIMARY> (46.42) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is mortgagee escrow deposits of $7,130, tenant security deposit escrow of $2,886, Investments in Local Limited Partnerships of $27,185,132, rental property of $949,515, a replacement reserve escrow of $2,345 and other assets of $46,010. <F2>Included in Total Liability and Equity is accounts payable to affiliates of $9,245, accounts payable and accrued expenses of $67,853, mortgage notes payable of $710,691, tenant security deposits payable of $2,886, deferred revenue of $158,724 and minority interest in Local Limited Partnership of $134,817. <F3>Total revenue includes investment of $136,992, rental of $68,042 and other of $22,847. <F4>Included in Other Expenses is general and administrative of $170,677, asset management fees of $177,531, rental operations of $14,246, property management fee of $4,122, depreciation of $24,708 and amortization of $21,968. <F5>Net loss includes minority interest in losses of Local Limited Partnerships of $221 and equity in losses of Local Limited Partnerships of $2,999,200. </FN>