<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>