<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>