<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> JUN-30-1996 <CASH> 349,786 <SECURITIES> 2,926,259 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 24,657<F1> <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 37,109,936<F2> <CURRENT-LIABILITIES> 126,428<F3> <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 36,804,190 <TOTAL-LIABILITY-AND-EQUITY> 37,109,936<F4> <SALES> 000 <TOTAL-REVENUES> 57,220<F5> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 134,095<F6> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,108,316)<F7> <EPS-PRIMARY> (15.92) <EPS-DILUTED> 000 <FN> <F1>Included in current assets: Prepaid insurance $8,705 and Interest receivable $15,952 <F2>Included in total assets: Investments in Local Limited Partnerships $33,809,234 <F3>Included in current liabilities: Accounts payable to affiliates $76,421 and accounts payable and accrued expenses $50,007. <F4>Included in Total Liabilities and Equity: Deferred revenue $179,318 <F5>Total revenue includes: Investment $48,394, Other $8,826 <F6>Included in Other Expenses: General and Administrative $69,180, Asset management fees $57,286, Amortization $7,629. <F7>Net loss includes: Equity in losses of Local Limited Partnerships of $1,031,441 </FN>