<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> JUN-30-1998 <CASH> 394,803 <SECURITIES> 1,088,068 <RECEIVABLES> 38,997 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 13,692,531 <DEPRECIATION> 000 <TOTAL-ASSETS> 31,482,352<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 17,086,199 <TOTAL-LIABILITY-AND-EQUITY> 31,482,352<F2> <SALES> 000 <TOTAL-REVENUES> 543,017<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 541,705<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 245,143 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (233,962)<F5> <EPS-PRIMARY> (3.40) <EPS-DILUTED> 000 <FN> <F1>Included in total assets: Investments in Local Limited Partnerships of $15,815,653, Deferred charges, net of $184,049, Tenant security deposits of $93,557, Mortgagee escrow deposits of $155,381 and other assets of $19,313. <F2>Included in Total Liabilities and Equity: Mortgage notes payable of $9,696,482, Accounts payable to affiliates of $648,890, Accounts payable and accrued expenses of $379,100, Interest payable of $691,673, Tenant security deposits payable of $81,351, Payable to affiliated developer of $2,482,000 and Minority interest in Local Limited Partnerships of $416,657. <F3>Total revenue includes: Rental of $435,763, Investment of $25,368 and Other of $81,886. <F4>Included in Other Expenses: Asset management fees of $49,626, General and administrative of $64,744, Rental operations, exclusive of depreciation of $219,332, Bad debt of $699, Property management fees of $28,346, Depreciation of $157,338 and Amortization of $21,620. <F5>Net loss reflects: Equity in losses of Local Limited Partnerships of $5,943 and Minority interest in losses of Local Limited Partnerships of $15,812. </FN>