<ARTICLE> 5
<LEGEND>
        This schedule contains summary financial  information extracted from the
unaudited  financial  statements of Liberty Housing Partners Limited Partnership
at and for the period  ended  December 31, 1997 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                          65,685
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                65,685
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               2,228,945
<CURRENT-LIABILITIES>                          462,846
<BONDS>                                     11,544,195
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                 (9,778,096)
<TOTAL-LIABILITY-AND-EQUITY>                 2,228,945
<SALES>                                              0
<TOTAL-REVENUES>                               142,373
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               145,864
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           2,214,122
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (2,217,613)
<EPS-PRIMARY>                                 (101.75)
<EPS-DILUTED>                                        0