<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> MAR-31-1999 <CASH> 450,450 <SECURITIES> 2,666,281 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 25,653,434<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 24,401,673 <TOTAL-LIABILITY-AND-EQUITY> 25,653,434<F2> <SALES> 000 <TOTAL-REVENUES> 400,484<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 788,343<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 73,899 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (3,383,033)<F5> <EPS-BASIC> (48.59) <EPS-DILUTED> 000 <FN> <F1>Included in Total assets is Accounts receivable from affiliates of $173,739, Tenant security deposit escrow of $3,758, Investments in Local Limited Partnerships of $21,538,791, Rental property of $778,843, Replacement reserve escrow of $7,425, Other assets of $32,658 and Prepaid assets of $1,489. <F2>Included in Total liabilities and equity is Deferred revenue of $146,818, Accounts payable to affiliates of $143,443, Accounts payable and accrued expenses of $133,838, Mortgage note payable of $706,873, Tenant security deposits payable of $3,803 and minority interest in Local Limited Partnership of $116,986. <F3>Total revenue includes Investment of $159,094, Rental of $117,971 and Other revenue of $123,419. <F4>Included in Other expenses are General and administrative of $453,057, Asset management fees of $243,169, Rental operations of $73,899, Depreciation of $27,043 and Amortization of $24,813. <F5>Net Loss includes Minority interest in losses of Local Limited Partnership of $(17) and Equity in losses of Local Limited Partnerships of $(2,944,720). </FN>