<ARTICLE> 5
<LEGEND>

              FEDERAL AFFORDABLE HOUSING CORPORATION
                           FORM 10 Q-SB
                           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 AUGUST 31, 1996, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

</LEGEND>
<MULTIPLIER>                                 1
                                             
                                     
<PERIOD-TYPE>                                3-MOS
<FISCAL-YEAR-END>                            MAY-31-1996
<PERIOD-END>                                 AUG-31-1996
<CASH>                                       301,308
<SECURITIES>                                 0
<RECEIVABLES>                                46,509
<ALLOWANCES>                                 0
<INVENTORY>                                  261,512
<CURRENT-ASSETS>                             609,329
<PP&E>                                       65,193
<DEPRECIATION>                               0
<TOTAL-ASSETS>                               674,522
<CURRENT-LIABILITIES>                        245,005
<BONDS>                                      0
<PREFERRED-MANDATORY>                        0
<PREFERRED>                                  0
<COMMON>                                     486,887
<OTHER-SE>                                   (57,370)
<TOTAL-LIABILITY-AND-EQUITY>                 674,522
<SALES>                                      0
<TOTAL-REVENUES>                             0
<CGS>                                        0
<TOTAL-COSTS>                                0
<OTHER-EXPENSES>                             9,442
<LOSS-PROVISION>                             0
<INTEREST-EXPENSE>                          (617)
<INCOME-PRETAX>                              0
<INCOME-TAX>                                 0
<INCOME-CONTINUING>                          0
<DISCONTINUED>                               0
<EXTRAORDINARY>                              0
<CHANGES>                                    0
<NET-INCOME>                                 (8,825)
<EPS-PRIMARY>                                0
<EPS-DILUTED>                                0