<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> SEP-30-1998 <CASH> 840,957 <SECURITIES> 2,637,557 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 784,878 <DEPRECIATION> 000 <TOTAL-ASSETS> 27,255,540<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 26,206,898 <TOTAL-LIABILITY-AND-EQUITY> 27,255,540<F2> <SALES> 000 <TOTAL-REVENUES> 206,569<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 281,781<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 36,365 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,608,504)<F5> <EPS-PRIMARY> (23.10) <EPS-DILUTED> 000 <FN> <F1>Included in Total assets is Mortgagee escrow deposits of $1,325, Tenant security deposit escrow of $3,512, Investments in Local Limited Partnerships, net of $22,948,281, Replacement reserve escrow of $3,421 and Other assets of $35,609. <F2>Included in Total liability and equity is Accounts payable to affiliates of $8,746, Accounts payable and accrued expenses of $45,572, Mortgage note payable of $707,165, Tenant security deposits payable of $3,512, Deferred revenue of $143,278 and Minority interest in Local Limited Partnership of $140,369. <F3>Total revenue includes Rental of $58,463, Investment of $74,558 and Other of $73,548. <F4>Included in Other expenses is General and administrative of $107,066, Asset management fees of $121,112, Rental operations, exclusive of depreciation of $20,017, Depreciation of $21,177 and Amortization of $12,409. <F5>Net loss includes Minority interest in losses of Local Limited Partnership of $185 and Equity in losses of Local Limited Partnerships of $(1,497,112). </FN>