<ARTICLE>  5
<LEGEND>
                                                 EXHIBIT 27.1
                   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 NOVEMBER
30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.

</LEGEND>
<MULTIPLIER>                                1
                                           
                                         
<PERIOD-TYPE>                               6-MOS
<FISCAL-YEAR-END>                           MAY-31-1996
<PERIOD-END>                                NOV-30-1996
<CASH>                                      299,281
<SECURITIES>                                0
<RECEIVABLES>                               54,424
<ALLOWANCES>                                0
<INVENTORY>                                 281,975
<CURRENT-ASSETS>                            635,680
<PP&E>                                      60,379
<DEPRECIATION>                              0
<TOTAL-ASSETS>                              696,059
<CURRENT-LIABILITIES>                       275,005
<BONDS>                                     0
<PREFERRED-MANDATORY>                       0
<PREFERRED>                                 0
<COMMON>                                    486,887
<OTHER-SE>                                  (65,833)
<TOTAL-LIABILITY-AND-EQUITY>                696,059
<SALES>                                     0
<TOTAL-REVENUES>                            0
<CGS>                                       0
<TOTAL-COSTS>                               0
<OTHER-EXPENSES>                            7,755
<LOSS-PROVISION>                            0
<INTEREST-EXPENSE>                          (708)
<INCOME-PRETAX>                             0
<INCOME-TAX>                                0
<INCOME-CONTINUING>                         0
<DISCONTINUED>                              0
<EXTRAORDINARY>                             0
<CHANGES>                                   0
<NET-INCOME>                               (8,463)
<EPS-PRIMARY>                               0
<EPS-DILUTED>                               0