<ARTICLE>                  5
       
                                                  
<PERIOD-TYPE>                                        3-MOS
<FISCAL-YEAR-END>                                    MAR-31-1997
<PERIOD-END>                                         JUN-30-1996
<CASH>                                               441,780
<SECURITIES>                                         3,277,223
<RECEIVABLES>                                        000
<ALLOWANCES>                                         000
<INVENTORY>                                          000
<CURRENT-ASSETS>                                     000
<PP&E>                                               000
<DEPRECIATION>                                       000
<TOTAL-ASSETS>                                       38,118,007<F1>
<CURRENT-LIABILITIES>                                257,521<F2>
<BONDS>                                              000
<PREFERRED-MANDATORY>                                000
<PREFERRED>                                          000
<COMMON>                                             000
<OTHER-SE>                                           37,860,486
<TOTAL-LIABILITY-AND-EQUITY>                         38,118,007
<SALES>                                              000
<TOTAL-REVENUES>                                     108,335<F3>
<CGS>                                                000
<TOTAL-COSTS>                                        000
<OTHER-EXPENSES>                                     146,161<F4>
<LOSS-PROVISION>                                     000
<INTEREST-EXPENSE>                                   000
<INCOME-PRETAX>                                      000
<INCOME-TAX>                                         000
<INCOME-CONTINUING>                                  000
<DISCONTINUED>                                       000
<EXTRAORDINARY>                                      000
<CHANGES>                                            000
<NET-INCOME>                                         (633,016)<F5>
<EPS-PRIMARY>                                        (12.30)
<EPS-DILUTED>                                        000
<FN>
<F1>Included  in total assets:  Investments in Local Limited  Partnerships  $34,124,310,  Restricted cash $230,205,
Organizational costs, net $16,667 and Other current assets of $27,822.
<F2>Included  in current  liabilities:  Accounts  payable to  affiliate  $217,655,  Accounts  payable  and  accrued
expenses $39,866.
<F3>Total revenue includes: Investment $41,752 and Other $66,583.
<F4>Included  in  Other  Expenses:   Asset  Management  fees  $68,826,  General  and  Administrative  $65,878,  and
Amortization $11,457.
<F5>Net loss reflects:  Equity in losses of Local Limited Partnerships of $595,190.
</FN>