<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-2000 <PERIOD-END> JUN-30-1999 <CASH> 158,547 <SECURITIES> 1,592,743 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 24,348,426<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 23,922,721 <TOTAL-LIABILITY-AND-EQUITY> 24,348,426<F2> <SALES> 000 <TOTAL-REVENUES> 23,539<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 94,727<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (557,442)<F5> <EPS-BASIC> (15.12) <EPS-DILUTED> 000 <FN> <F1>Included in Total assets is Investments in Local Limited Partnerships of $22,582,703 and Other assets of $14,433. <F2>Total liability and equity includes Accounts payable to affiliate of $387,644 and Accrued expenses of $38,061. <F3>Total revenue includes Investment of $22,739 and Other of $800. <F4>Included in Other expenses is Asset management fees, related party of $51,555, General and administrative of $35,686 and Amortization of $7,486. <F5>Net loss includes Equity in losses of Local Limited Partnerships of $486,254. </FN>