<ARTICLE>                  5
       
                                                  
<PERIOD-TYPE>                                        9-MOS
<FISCAL-YEAR-END>                                    MAR-31-1999
<PERIOD-END>                                         DEC-31-1998
<CASH>                                               142,355
<SECURITIES>                                         366,434
<RECEIVABLES>                                        28,839
<ALLOWANCES>                                         000
<INVENTORY>                                          000
<CURRENT-ASSETS>                                     000
<PP&E>                                               13,036,923
<DEPRECIATION>                                       000
<TOTAL-ASSETS>                                       29,218,559<F1>
<CURRENT-LIABILITIES>                                000
<BONDS>                                              000
<COMMON>                                             000
<PREFERRED-MANDATORY>                                000
<PREFERRED>                                          000
<OTHER-SE>                                           16,856,036
<TOTAL-LIABILITY-AND-EQUITY>                         29,218,559<F2>
<SALES>                                              000
<TOTAL-REVENUES>                                     1,514,103<F3>
<CGS>                                                000
<TOTAL-COSTS>                                        000
<OTHER-EXPENSES>                                     2,082,424 <F4>
<LOSS-PROVISION>                                     000
<INTEREST-EXPENSE>                                   697,097
<INCOME-PRETAX>                                      000
<INCOME-TAX>                                         000
<INCOME-CONTINUING>                                  000
<DISCONTINUED>                                       000
<EXTRAORDINARY>                                      000
<CHANGES>                                            000
<NET-INCOME>                                         (466,549)<F5>
<EPS-PRIMARY>                                        (6.79)
<EPS-DILUTED>                                        000
<FN>
<F1>Included  in Total Assets:  Investments  in Local Limited  Partnerships  of
$15,208,303,  Deferred  charges,  net of $173,996,  Tenant security  deposits of
$85,843,  Mortgagee  escrow  deposits of $146,745  and other  assets of $29,121.
<F2>Included  in  Total  Liabilities  and  Equity:  Mortgage  notes  payable  of
$8,569,778,  Accounts  payable to  affiliates of $32,319,  Accounts  payable and
accrued  expenses of $273,546,  Interest  payable of $512,393,  Tenant  security
deposits payable of $82,078,  Payable to affiliated  Developer of $2,482,000 and
Minority interest in Local Limited  Partnerships of $410,409.  <F3>Total revenue
includes:  Rental of  $1,315,369,  Investment  of $78,774 and Other of $119,960.
<F4>Included in Other Expenses:  Asset management fees of $148,878,  General and
administrative  of $194,979,  Rental  operations,  exclusive of  depreciation of
$631,469,   Bad  debt  of  $514,095,   Property   management  fees  of  $77,285,
Depreciation  of $450,886 and  Amortization  of $64,832.  <F5>Net loss reflects:
Equity in income of Local Limited Partnerships of $99,000,  Minority interest in
losses  of Local  Limited  Partnerships  of  $114,281,  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>