<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> MAR-31-1999 <PERIOD-END> MAR-31-1999 <CASH> 361,069 <SECURITIES> 703,642 <RECEIVABLES> 31,351 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 12,916,254 <DEPRECIATION> 000 <TOTAL-ASSETS> 29,698,965<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 17,150,190 <TOTAL-LIABILITY-AND-EQUITY> 29,698,965<F2> <SALES> 000 <TOTAL-REVENUES> 2,234,267<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 2,129,809<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 1,029,682 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (166,712)<F5> <EPS-BASIC> (2.43) <EPS-DILUTED> 000 <FN> <F1>Included in Total Assets: Tenant security deposits of $92,851, Investments in Local Limited Partnerships of $15,022,986, Mortgaged escrow deposits of $117,008, Deferred charges, net of $196,874, $168,970 and Other assets of $284,834. <F2>Included in Total Liabilities and Equity: Accounts payable to affiliates of $104,275, Accounts payable and accrued expenses of $251,458, Mortgage notes payable of $8,547,201, Interest payable of $655,016, Tenant security deposits payable of $78,985, Payable to affiliated developer of $2,482,000 and Minority interest in Local Limited Partnerships of $426,367. <F3>Total Revenue includes: Rental of $1,802,684, Investment of $93,535, bad debt recoveries of $119,331 and other of $218,717. <F4>Included in Other Expenses: Asset management fees, related party of $199,280, General and administrative of $268,965, Rental operations, exclusive of depreciation of $871,715, Property management fees of 103,724, Bad Debt Expense $12,792, Depreciation of $587,103 and Amortization of $86,230. <F5> Net Loss reflects: Equity in income of Local Limited Partnerships of $25,001, Minority interest in losses of Local Limited Partnerships of $139,073, Loss on liquidation of interests in Local Limited Partnerships of $(3,750) and Gain on transfer of assets of $589,338. </FN>