<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> DEC-31-1998 <CASH> 213,538 <SECURITIES> 1,562,948 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 25,417,131<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 24,961,171 <TOTAL-LIABILITY-AND-EQUITY> 25,417,131<F2> <SALES> 000 <TOTAL-REVENUES> 81,772<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 279,241<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,567,863)<F5> <EPS-PRIMARY> (42.53) <EPS-DILUTED> 000 <FN> <F1>Total assets include Investments in Local Limited Partnerships of $23,619,828, Organizational costs, net of $1,667 and Other assets of $19,150 <F2>Total liability and equity includes Accounts payable to affiliates of $414,435 and Accrued expenses of $41,525 <F3>Total revenue includes Investment of $74,207 and Other of $7,565 <F4>Other Expenses include Asset Management fees, related party of $152,295, General and administrative of $96,988 and Amortization of $29,958. <F5>Net loss includes Equity in losses of Local Limited Partnerships of $1,370,394. </FN>