<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> JUN-30-1998 <CASH> 197,660 <SECURITIES> 1,567,301 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 26,352,709<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 26,002,931 <TOTAL-LIABILITY-AND-EQUITY> 26,352,709<F2> <SALES> 000 <TOTAL-REVENUES> 23,958<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 103,565<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (519,442)<F5> <EPS-PRIMARY> (14.09) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is Investments in Local Limited Partnerships of $24,556,732, Organizational costs, net of $6,667 and Other assets of $24,349. <F2>Total liability and equity includes Accounts payable to affiliate of $312,252 and Accrued expenses of $37,526. <F3>Total revenue includes Investment of $23,208 and Other of $750. <F4>Included in Other Expenses is Asset Management fees, related party of $50,765, General and administrative of $42,814 and Amortization of $9,986. <F5>Net loss includes Equity in losses of Local Limited Partnerships of $439,835. </FN>