<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>