<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-2000 <PERIOD-END> JUN-30-1999 <CASH> 316,601 <SECURITIES> 2,739,839 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 772,068 <DEPRECIATION> 000 <TOTAL-ASSETS> 24,939,627<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <COMMON> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <OTHER-SE> 23,655,379 <TOTAL-LIABILITY-AND-EQUITY> 24,939,627<F2> <SALES> 000 <TOTAL-REVENUES> 90,865<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 154,837<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 6,143 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (723,917)<F5> <EPS-BASIC> (10.40) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is Tenant security deposit escrow of $3,770, Investments in Local Limited Partnerships of $20,715,276, Replacement reserve escrow of $5,529 and other assets of $28,140. <F2>Included in Total Liability and Equity is accounts payable to affiliates of $196,311, Accounts payable and accrued expenses of $111,739, Mortgage note payable of $706,873, Tenant security deposits payable of $3,724, Deferred revenue of $148,571 and Minority interest in Local Limited Partnership of $117,030. <F3>Total revenue includes rental of $29,922, Investment of $40,737, and Other of $20,206. <F4>Included in Other Expenses is general and administrative of $67,349 Asset management fees of $61,501, Rental operations, exclusive of depreciation of $13,247, Depreciation of $6,775 and Amortization of $5,965. <F5>Net loss includes minority interest in losses of Local Limited Partnerships of $44 and Equity in losses of Local Limited Partnerships of $653,758. </FN>