<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> SEP-30-1998 <CASH> 261,468 <SECURITIES> 1,288,202 <RECEIVABLES> 43,542 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 13,140,037 <DEPRECIATION> 000 <TOTAL-ASSETS> 30,326,627<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 17,270,507 <TOTAL-LIABILITY-AND-EQUITY> 30,326,627<F2> <SALES> 000 <TOTAL-REVENUES> 1,018,919<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 1,274,491<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 471,541 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (63,045)<F5> <EPS-PRIMARY> (0.92) <EPS-DILUTED> 000 <FN> <F1>Included in total assets: Investments in Local Limited Partnerships of $15,099,243, Deferred charges, net of $179,023, Tenant security deposits of $82,580, Mortgagee escrow deposits of $176,963 and other assets of $55,569. <F2>Included in Total Liabilities and Equity: Mortgage notes payable of $8,589,308, Accounts payable to affiliates of $672,058, Accounts payable and accrued expenses of $296,990, Interest payable of $599,700, Tenant security deposits payable of $82,488, Payable to affiliated developer of $2,482,000 and Minority interest in Local Limited Partnerships of $333,576. <F3>Total revenue includes: Rental of $867,730, Investment of $52,004 and Other of $99,185. <F4>Included in Other Expenses: Asset management fees of $99,252, General and administrative of $107,889, Rental operations, exclusive of depreciation of $421,282, Bad debt of $245,594, Property management fees of $53,116, Depreciation of $304,112 and Amortization of $43,246. <F5>Net loss reflects: Equity in losses of Local Limited Partnerships of $20,413, Minority interest in losses of Local Limited Partnerships of $98,893, Loss on liquidation of interest in Local Limited Partnership of $3,750 and Gain on transfer and liquidation of real estate of $589,338. </FN>