<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> JUN-30-1996 <CASH> 102,025 <SECURITIES> 2,073,119 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 20,804 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 31,008,515<F1> <CURRENT-LIABILITIES> 126,552 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 30,881,963 <TOTAL-LIABILITY-AND-EQUITY> 31,008,515 <SALES> 000 <TOTAL-REVENUES> 18,620<F2> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 128,149<F3> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (283,739)<F4> <EPS-PRIMARY> (7.60) <EPS-DILUTED> 000 <FN> <F1>Included in total assets: Investments in Local Limited Partnerships $28,301,699, Restricted cash $484,201, Organizational costs, net $26,667 <F2>Total revenue includes: Investment $1,886 and Other $16,734. <F3>Included in Other Expenses: Asset Management fees $48,071, General and Administrative $70,091, and Amortization $9,987. <F4>Net loss includes: Equity in losses of Local Limited Partnerships of $174,210. </FN>