<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 213,966 <SECURITIES> 1,486,224 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 26,827,966<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 26,519,402 <TOTAL-LIABILITY-AND-EQUITY> 26,827,966<F2> <SALES> 000 <TOTAL-REVENUES> 98,132<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 422,584<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (2,408,077)<F5> <EPS-PRIMARY> (65.32) <EPS-DILUTED> 000 <FN> <F1>Total assets includes: Investments in Local Limited Partnerships of $25,099,334, Organization costs, net of $9,167 and other assets of $19,275. <F2>Other liabilities include Accounts payable to affiliates of $268,817 and Accrued expenses of $39,747. <F3>Total revenue includes: Investment of $92,781 and Other of $5,351. <F4>Other Expenses include: Asset Management fees of $199,592, General and Administrative of $183,048, and Amortization of $39,944. <F5>Net loss includes: Equity in losses of Local Limited Partnerships of $2,083,625. </FN>