<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>