<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> MAR-31-1999 <CASH> 180,030 <SECURITIES> 1,455,618 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 24,889,168<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 24,492,589 <TOTAL-LIABILITY-AND-EQUITY> 24,889,168<F2> <SALES> 000 <TOTAL-REVENUES> 103,830<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 385,905<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (2,027,965)<F5> <EPS-BASIC> (55.01) <EPS-DILUTED> 000 <FN> <F1>Total assets includes: Investments in Local Limited Partnerships of $23,234,665, and Other assets of $18,855. <F2>Total liabilities and equity include: Accounts payable to affiliate of $342,233 and Accrued expenses of $54,346. <F3>Total revenue includes: Investment of $96,265 and Other of $7,565. <F4>Other expenses include: Asset management fees of $206,220, General and administrative of $140,575, and Amortization of $39,110. <F5>Net loss includes: Equity in losses of Local Limited Partnerships of $1,745,890. </FN>