<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> JUN-30-1998 <CASH> 263,920 <SECURITIES> 3,270,355 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 795,968 <DEPRECIATION> 000 <TOTAL-ASSETS> 28,041,423<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 26,874,666 <TOTAL-LIABILITY-AND-EQUITY> 28,041,423<F2> <SALES> 000 <TOTAL-REVENUES> 76,204<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 146,993<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 19,500 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (893,230)<F5> <EPS-PRIMARY> (12.83) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is tenant security deposit escrow of $3,017, Investments in Local Limited Partnerships of $23,649,420, replacement reserve escrow of $2,400 and other assets of $56,343. <F2>Included in Total Liability and Equity is accounts payable to affiliates of $129,551, accounts payable and accrued expenses of $46,221, mortgage note payable of $706,159, tenant security deposits payable of $3,017, deferred revenue of $141,356 and minority interest in Local Limited Partnership of $140,453. <F3>Total revenue includes rental of $29,475, investment of $44,265, and other of $2,464. <F4>Included in Other Expenses is general and administrative of $59,139 asset management fees of $60,556, rental operations, exclusive of depreciation of $10,082, depreciation of $10,000 and amortization of $7,216. <F5>Net loss includes minority interest in losses of Local Limited Partnerships of $101 and equity in losses of Local Limited Partnerships of $803,042. </FN>