<ARTICLE>                  5

                                                  
<PERIOD-TYPE>                                        3-MOS
<FISCAL-YEAR-END>                                    MAR-31-2000
<PERIOD-END>                                         JUN-30-1999
<CASH>                                               584,989
<SECURITIES>                                         642,828
<RECEIVABLES>                                        33,660
<ALLOWANCES>                                         000
<INVENTORY>                                          000
<CURRENT-ASSETS>                                     000
<PP&E>                                               11,648,366
<DEPRECIATION>                                       000
<TOTAL-ASSETS>                                       28,549,567<F1>
<CURRENT-LIABILITIES>                                000
<BONDS>                                              000
<COMMON>                                             000
<PREFERRED-MANDATORY>                                000
<PREFERRED>                                          000
<OTHER-SE>                                           17,142,650
<TOTAL-LIABILITY-AND-EQUITY>                         28,549,567<F2>
<SALES>                                              000
<TOTAL-REVENUES>                                     524,865<F3>
<CGS>                                                000
<TOTAL-COSTS>                                        000
<OTHER-EXPENSES>                                     849,347<F4>
<LOSS-PROVISION>                                     000
<INTEREST-EXPENSE>                                   200,949
<INCOME-PRETAX>                                      000
<INCOME-TAX>                                         000
<INCOME-CONTINUING>                                  000
<DISCONTINUED>                                       000
<EXTRAORDINARY>                                      000
<CHANGES>                                            000
<NET-INCOME>                                         (6,456)<F5>
<EPS-BASIC>                                        (0.09)
<EPS-DILUTED>                                        000
<FN>
<F1>Included  in Total  Assets:  Investments  in Local Limited  Partnerships  of
$15,124,282,  Deferred  charges,  net of $209,934,  Tenant security  deposits of
$99,209,  Mortgagee  escrow  deposits of $181,264  and other  assets of $25,035.
<F2>Included  in  Total  Liabilities  and  Equity:   Mortgage  note  payable  of
$8,342,683,  Accounts  payable to affiliates of $116,699,  Accounts  payable and
accrued  expenses  of $71,093,  Interest  payable of  $46,302,  Tenant  security
deposits payable of $71,010,  Payable to affiliated  developer of $2,482,000 and
Minority  interest in Local Limited  Partnership of $277,130.  <F3>Total revenue
includes:  Rental of  $421,142,  Investment  of  $17,941  and Other of  $85,782.
<F4>Included in Other  Expenses:  Asset  management fee of $46,669,  General and
administrative  of $67,590,  Rental  operations,  exclusive of  depreciation  of
$168,021, Bad debt of $221,039, Property management fee of $21,277, Depreciation
of $137,654 and  Amortization  of $187,097.  <F5>Net  Loss  reflects:  Equity in
income of Local Limited Partnerships of $198,566, Minority interest in losses of
Local Limited Partnerships of $108,487, Loss on liquidation of interest in Local
Limited Partnership of $6,486 and Gain on transfer on assets $218,408.
</FN>