<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> SEP-30-1996 <CASH> 511,978 <SECURITIES> 1,228,826 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 15,609 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 30,250,607<F1> <CURRENT-LIABILITIES> 111,349 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 30,139,258 <TOTAL-LIABILITY-AND-EQUITY> 30,250,607 <SALES> 000 <TOTAL-REVENUES> 39,783<F2> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 221,195<F3> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (1,028,116)<F4> <EPS-PRIMARY> (27.88) <EPS-DILUTED> 000 <FN> <F1>Included in total assets: Investments in Local Limited Partnerships $27,980,029, Restricted cash $489,998, Organizational costs, net $24,167 <F2>Total revenue includes: Investment $41,652 and Other $(1,869). <F3>Included in Other Expenses: Asset Management fees $96,002, General and Administrative $109,239, and Amortization $15,954. <F4>Net loss includes: Equity in losses of Local Limited Partnerships of $846,704. </FN>