<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>