<ARTICLE> 5
<LEGEND>

                     FINANCIAL DATA SCHEDULE

           (PURSUANT TO RULE 601(c) OF REGULATION S-B,
             APPENDIX A/ARTICLE 5 OF REGULATION S-X)

         THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE UNAUDITED FINANCIAL STATEMENTS OF FEDERAL AFFORDABLE HOUSING
CORPORATION AS OF AND FOR THE FISCAL QUARTER ENDED FEBRUARY 28, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

</LEGEND>
<MULTIPLIER>                                1
                                            
                                         
<PERIOD-TYPE>                               9-MOS
<FISCAL-YEAR-END>                           MAY-31-1996
<PERIOD-END>                                FEB-28-1997
<CASH>                                      307,568
<SECURITIES>                                0
<RECEIVABLES>                               67,271
<ALLOWANCES>                                0
<INVENTORY>                                 350,120
<CURRENT-ASSETS>                            724,959
<PP&E>                                      56,096
<DEPRECIATION>                              0
<TOTAL-ASSETS>                              781,056
<CURRENT-LIABILITIES>                       368,331
<BONDS>                                     0
<PREFERRED-MANDATORY>                       0
<PREFERRED>                                 0
<COMMON>                                    486,887
<OTHER-SE>                                  (74,162)
<TOTAL-LIABILITY-AND-EQUITY>                781,056
<SALES>                                     0
<TOTAL-REVENUES>                            0
<CGS>                                       0
<TOTAL-COSTS>                               0
<OTHER-EXPENSES>                            7,454
<LOSS-PROVISION>                            0
<INTEREST-EXPENSE>                         (875)
<INCOME-PRETAX>                             0
<INCOME-TAX>                                0
<INCOME-CONTINUING>                         0
<DISCONTINUED>                              0
<EXTRAORDINARY>                             0
<CHANGES>                                   0
<NET-INCOME>                               (8,329)
<EPS-PRIMARY>                               0
<EPS-DILUTED>                               0