<ARTICLE>                  5

                                                  
<PERIOD-TYPE>                                        6-MOS
<FISCAL-YEAR-END>                                    MAR-31-2000
<PERIOD-END>                                         SEP-30-1999
<CASH>                                               427,352
<SECURITIES>                                         732,263
<RECEIVABLES>                                        97,516
<ALLOWANCES>                                         000
<INVENTORY>                                          000
<CURRENT-ASSETS>                                     000
<PP&E>                                               11,512,190
<DEPRECIATION>                                       000
<TOTAL-ASSETS>                                       28,287,628<F1>
<CURRENT-LIABILITIES>                                000
<BONDS>                                              000
<COMMON>                                             000
<PREFERRED-MANDATORY>                                000
<PREFERRED>                                          000
<OTHER-SE>                                           16,843,620
<TOTAL-LIABILITY-AND-EQUITY>                         28,287,628<F2>
<SALES>                                              000
<TOTAL-REVENUES>                                     1,029,894<F3>
<CGS>                                                000
<TOTAL-COSTS>                                        000
<OTHER-EXPENSES>                                     1,392,715<F4>
<LOSS-PROVISION>                                     000
<INTEREST-EXPENSE>                                   339,609
<INCOME-PRETAX>                                      000
<INCOME-TAX>                                         000
<INCOME-CONTINUING>                                  000
<DISCONTINUED>                                       000
<EXTRAORDINARY>                                      000
<CHANGES>                                            000
<NET-INCOME>                                         (304,155)<F5>
<EPS-BASIC>                                        (4.42)
<EPS-DILUTED>                                        000
<FN>
<F1>Included  in total  assets:  Investments  in Local Limited  Partnerships  of
$14,972,568,  Deferred  charges,  net of $205,052,  Tenant security  deposits of
$81,963,  Mortgagee  escrow  deposits of $226,945  and other  assets of $31,779.
<F2>Included  in  Total  Liabilities  and  Equity:  Mortgage  notes  payable  of
$8,320,488,  Accounts  payable to affiliates of $155,180,  Accounts  payable and
accrued  expenses  of $97,222,  Interest  payable of  $46,179,  Tenant  security
deposits payable of $70,255,  Payable to affiliated  developer of $2,482,000 and
Minority  interest in Local Limited  Partnerships  of $272,684.  <F3>Included in
Total revenue: Rental of $843,840,  Investment of $36,797 and Other of $149,257.
<F4>Included in Other Expenses:  Asset  management fees of $89,604,  General and
administrative  of $211,599,  Rental  operations,  exclusive of  depreciation of
$348,990,   Bad  debt  of  $215,345,   Property   management  fees  of  $43,293,
Depreciation  of $275,307,  and  Amortization  of $208,577.  <F5>Included in Net
loss:  Equity in income  of Local  Limited  Partnerships  of  $73,420,  Minority
interest  in  losses  of  Local  Limited  Partnerships  of  $112,933,   Loss  on
liquidation  of  interest  in Local  Limited  Partnership  of $6,486 and Gain on
transfer of assets of $218,408.
</FN>