<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>