<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> JUN-30-1996 <CASH> 323,676 <SECURITIES> 1,264,523 <RECEIVABLES> 19,572 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 252,800<F1> <PP&E> 16,489,741 <DEPRECIATION> 000 <TOTAL-ASSETS> 40,648,413<F2> <CURRENT-LIABILITIES> 4,663,472 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 25,595,717 <TOTAL-LIABILITY-AND-EQUITY> 40,648,413<F3> <SALES> 000 <TOTAL-REVENUES> 486,370<F4> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 828,948<F5> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 270,378 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,168,184)<F6> <EPS-PRIMARY> (17.00) <EPS-DILUTED> 000 <FN> <F1>Included in current assets: Mortgage escrow deposits $142,419, Tenant security deposits $88,668 and Other current assets $21,713. <F2>Included in total assets: Investments in Local Limited Partnerships $22,078,215, Deferred charges, net $219,886. <F3>Included in Total Liabilities and Equity: Payable to affiliated developer $2,482,000, $7,508,835 of long-term debt and Minority interest in Local Limited Partnerships $398,389. <F4>Total revenue includes: Rental $443,720, Investment $28,949, Other $13,701. <F5>Included in Other Expenses: Asset management fees $64,343, General and administrative $60,394, Bad debt $200,394, Property management fees $18,739, Rental operations, exclusive of depreciation $274,535, Depreciation $177,865 and Amortization $32,678. <F6>Net loss reflects: Equity in losses of Local Limited Partnerships of $578,259 and Minority interest in losses of Local Limited Partnerships 23,031. </FN>