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                      SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C.  20549

                            ______________________


                                  FORM 10-Q

              QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

                    OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended MARCH 31, 1999  Commission file number 0-18042


                     COMMUNITY INVESTMENT PARTNERS, L.P.
_____________________________________________________________________________
            (Exact name of registrant as specified in its charter)


            MISSOURI                                 43-1531582
_____________________________________________________________________________
(State or other jurisdiction of                     (IRS Employer
incorporation or organization)                   Identification No.)

         12555 Manchester Road
          St. Louis, Missouri                          63131
_____________________________________________________________________________
(Address of principal executive offices)            (Zip Code)



Registrant's telephone number, including area code          (314) 515-2000
                                                           __________________

          Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports, and (2)
has been subject to such filing requirements for the past 90 days.
YES [ X ]  NO [     ]

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                 COMMUNITY INVESTMENT PARTNERS, L.P.

                               INDEX
                                                                Page
                                                               Number
Part I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

         Schedule of Portfolio Investments                       3
         Statement of Financial Condition                        4
         Statement of Income                                     5
         Statement of Cash Flows                                 6
         Statement of Changes in Partnership Capital             7
         Notes to Financial Statements                           8

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations                     9


Part II. OTHER INFORMATION <F*>

Item 1.  Legal Proceedings                                      10
Item 6.  Exhibits and Reports on Form 8-K                       10

         Signatures                                             11

[FN]
<F*>     Items 2,3,4 and 5 are omitted as they are not applicable



                                    2
                              <PAGE>
<PAGE>
                                      Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>

                                 COMMUNITY INVESTMENT PARTNERS, L.P.
                                  SCHEDULE OF PORTFOLIO INVESTMENTS
                                         AS OF MARCH 31, 1999
<CAPTION>
____________________________________________________________________________________________

Company                     Nature of Business
Investment Date             Investment                             Cost        Fair Value
____________________________________________________________________________________________
<C>                         <S>                                  <C>           <C>

SAZTEC INTERNATIONAL, INC.  Provides services for database
(SAZZ)                      construction and information
                            conversion

  June 7, 1990              27,100 shares Common Stock           $ 78,324       $  7,046

INTERMEDIA                  Organized to install and provide
COMMUNICATIONS OF           private, dedicated telecommunication
FLORIDA (ICIX)              lines using fiber optic cable

  May 31, 1991              13,070 shares Common Stock             18,397        347,989

CITATION COMPUTERS          Provides clinical
(CITA)                      laboratory information

  October 31, 1991          13,680 shares of Common
                            Stock                                  33,578         23,940

ISOLYSER COMPANY, INC.      Makes healthcare disposables
(OREX)                      from hot-water soluble
                            polymer

  August 30, 1996           68,563 shares of Common
                            Stock                                 262,203        182,117
                                                                 --------       --------

                            TOTAL INVESTMENTS                    $392,502       $561,092
                                                                 ========       ========




____________________________________________________________________________________________

The accompanying notes are an integral part of these financial statements.

</TABLE>

                                    3
                                           <PAGE>
<PAGE>

                                      Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>
                          COMMUNITY INVESTMENT PARTNERS, L.P.

                           STATEMENT OF FINANCIAL CONDITION
                                     (UNAUDITED)

<CAPTION>
                                                               March 31,    December 31,
                                                                 1999           1998
__________________________________________________________________________________________

                                        ASSETS
                                        ------
<S>                                                            <C>            <C>
Investments at Fair Value
  (cost $392,502 and $392,502, respectively)                   $561,092       $327,320
Cash and Cash Equivalents                                       212,075        212,383
                                                               --------       --------
TOTAL ASSETS                                                   $773,167       $539,703
                                                               ========       ========


                          LIABILITIES AND PARTNERSHIP CAPITAL
                          -----------------------------------
Liabilities:
Accounts Payable and Accrued Expenses                          $ 17,500       $ 14,000
                                                               --------       --------
  TOTAL LIABILITIES                                              17,500         14,000
                                                               --------       --------
Partnership Capital:

Capital - Limited Partners                                      623,359        436,053
Capital - General Partners                                      132,308         89,650
                                                               --------       --------

  TOTAL PARTNERSHIP CAPITAL                                     755,667        525,703
                                                               --------       --------
TOTAL LIABILITIES AND
  PARTNERSHIP CAPITAL                                          $773,167       $539,703
                                                               ========       ========

__________________________________________________________________________________________

The accompanying notes are an integral part of these financial statements.

</TABLE>

                                    4
                                           <PAGE>
<PAGE>
                                  Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>
                              COMMUNITY INVESTMENT PARTNERS, L.P.

                                      STATEMENT OF INCOME
                                          (UNAUDITED)

<CAPTION>
                                                             Three Months   Three Months
                                                                Ended          Ended
                                                            March 31, 1999 March 31, 1998
_________________________________________________________________________________________

                                       INCOME
                                       ------
<S>                                                            <C>           <C>
Dividend and Interest Income                                   $      -      $   3,703
                                                               --------      ---------

   TOTAL INCOME                                                       -          3,703
                                                               --------      ---------

                                       EXPENSES
                                       --------

Professional Fees                                                 6,295          3,986
Directors Fees                                                        -          1,000
Other                                                                 -              -
                                                               --------      ---------

   TOTAL EXPENSES                                                 6,295          4,986
                                                               --------      ---------

Net (Loss) before Realized Gains and
   Unrealized Gains (Losses)                                     (6,295)        (1,283)
Net Realized Gains on
   Sale of Investments                                            2,487        527,207
Net Unrealized Gains (Losses) on
   Investments                                                  233,772       (211,724)
                                                               --------      ---------

NET (LOSS) INCOME                                              $229,964       $314,200
                                                               ========      =========


Per Unit Information:
   Net (Loss) Income                                           $   2.13      $    2.91
                                                               ========      =========


   Net Asset Value                                             $   7.01      $   15.79
                                                               ========      =========


Units Outstanding:
   Limited Partners                                              87,820         87,820
   General Partners                                              20,000         20,000

_________________________________________________________________________________________

The accompanying notes are an integral part of these financial statements.

</TABLE>

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                                           <PAGE>
<PAGE>
                               Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>

                            COMMUNITY INVESTMENT PARTNERS, L.P.

                                  STATEMENT OF CASH FLOWS
                                        (UNAUDITED)

<CAPTION>
                                                            Three Months  Three Months
                                                               Ended          Ended
                                                           March 31, 1999 March 31, 1998
__________________________________________________________________________________________
<S>                                                           <C>            <C>
CASH FLOWS (USED) PROVIDED BY OPERATING ACTIVITIES:

   Net income                                                 $ 229,964      $ 314,200
   Adjustments to reconcile net income to net
    cash provided by operating activities -
   Sale of portfolio investments                                      -        602,690
   Net realized gains on sale of portfolio investments                -       (527,207)
   Unrealized (gains) losses on portfolio investments          (233,772)       211,724
   Decrease in accrued interest receivable                            -         56,167
   Increase in accounts
     and accrued expenses                                         3,500          3,250
                                                              ---------      ---------
   Net cash (used) provided by
    operating activities                                           (308)       660,824
                                                              ---------      ---------

CASH FLOWS USED IN FINANCING ACTIVITIES:

   Capital distribution                                               -       (754,740)
                                                              ---------      ---------

   Net cash used in financing activities                              -       (754,740)
                                                              ---------      ---------

   Net decrease in cash and cash equivalents                       (308)       (93,916)

CASH AND CASH EQUIVALENTS, beginning of period                  212,383        146,085
                                                              ---------      ---------

CASH AND CASH EQUIVALENTS, end of period                      $ 212,075         52,169
                                                              =========      =========

__________________________________________________________________________________________


The accompanying notes are an integral part of these financial statements.

</TABLE>

                                    6
                                           <PAGE>
<PAGE>
                                      Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>
                                  COMMUNITY INVESTMENT PARTNERS, L.P.

                            STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
                                               (UNAUDITED)

<CAPTION>
                                                          Three Months Ended March 31, 1999 and 1998

                                                         Limited Partners General Partners     Total
________________________________________________________________________________________________________
<S>                                                          <C>             <C>            <C>
Balance, December 31, 1997                                   $1,754,109      $ 389,828      $2,143,937
Net Income                                                      255,916         58,284         314,200
Distribution                                                   (614,740)      (140,000)       (754,740)
                                                             ----------      ---------      ----------

Balance, March 31, 1998                                      $1,395,285      $ 308,112      $1,703,397
                                                             ==========      =========      ==========


Balance, December 31, 1998                                   $  436,053      $  89,650      $  525,703
Net Income                                                      187,306         42,658         229,964
                                                             ----------      ---------      ----------

Balance, March 31, 1999                                      $  623,359      $ 132,308      $  755,667
                                                             ==========      =========      ==========

________________________________________________________________________________________________________
The accompanying notes are an integral part of these financial statements.

</TABLE>

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                                                   <PAGE>
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                      Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

                  COMMUNITY INVESTMENT PARTNERS, L.P.

                    NOTES TO FINANCIAL STATEMENTS
                              (UNAUDITED)

BASIS OF PRESENTATION

   Community Investment Partners, L.P. (CIP) is a limited partnership
which has elected to be a business development company under the
Investment Company Act of 1940, as amended. As a business development
company, the partnership is required to invest at least 70% of its total
assets in qualifying investments as specified in the Investment Company
Act. CIP Management, L.P., LLLP (Management), a limited liability
limited partnership, is the Managing General Partner of CIP. Management
is responsible for making all decisions regarding CIP's investment
portfolio. CIP is no longer making initial investments.

   All portfolio investments are carried at cost until significant
developments affecting an investment provide a basis for revaluation.
Thereafter, portfolio investments are carried at fair value as obtained
from outside sources or at a value determined quarterly by the Managing
General Partner under the supervision of the Independent General
Partners. Due to the inherent uncertainty of valuation, those estimated
values for portfolio investments carried at cost may differ
significantly from the values that would have been used had a ready
market for the investment existed, and the differences could be material
to the financial statements. Investments in securities traded on a
national securities exchange are valued at the latest reported sales
price on the last business day of the period. If no sale has taken
place, the securities are valued at the last bid price. If no bid price
has been reported, or if no exchange quotation is available, the
securities are valued at the quotation obtained from an outside broker.
Investment transactions are recorded on a trade date basis. Income is
recorded on an accrual basis.



                                    8
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                      Part I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations

                  COMMUNITY INVESTMENT PARTNERS, L.P.

                    MANAGEMENT'S FINANCIAL DISCUSSION

RESULTS OF OPERATIONS

   Net income for the first quarter of 1999 was $229,964, compared to
net income of $314,200 for the first quarter of 1998. Net income for the
quarter ending March 31, 1999 was comprised of $233,772 in unrealized
gains. Unrealized gains were primarily due to significant increases in
share prices of Intermedia Communications, Inc. and Isolyser Company,
Inc.
   Additional investments have not been made during the first quarter of
1999. The future income or loss of the Partnership is contingent upon
the performance of the portfolio investments and the ability to find
suitable investment alternatives.

INVESTMENT TRANSACTIONS

The Partnership did not participate in any portfolio investment
transactions during the period ended March 31, 1999.

LIQUIDITY AND CAPITAL RESOURCES

   Total Partnership capital was $755,667 as of March 31, 1999, which
consisted of $623,359 in limited partner capital and $132,308 in general
partner capital. Net income for the quarter was allocated to the limited
partners in the amount of $187,306 and to the general partners in the
amount of $42,658.
   As of March 31, 1999, the Partnership had $212,075 in cash and cash
equivalents.


SUBSEQUENT EVENTS

   None


YEAR 2000 ISSUE

   Although the Partnership has no Year 2000 issues that would result
from its own information systems, the Partnership has investments in
publicly and privately placed securities and loans. The Partnership may
be exposed to credit risk to the extent that the related borrowers are
materially adversely impacted by the Year 2000 issue.

                                    9
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                    Part II. OTHER INFORMATION



                 COMMUNITY INVESTMENT PARTNERS, L.P.

Item 1: Legal Proceedings

        The partnership is not a party to any material pending legal
proceedings.

Item 6: Exhibits and Reports on Form 8-K

        (a) Exhibits
        None

        (b) Reports on Form 8-K
        No reports were filed on Form 8-K for the quarter ended June
30, 1998.

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                         SIGNATURES


        Pursuant to the requirements of the Securities Exchange Act of
1934 the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.


             COMMUNITY INVESTMENT PARTNERS, L.P.

             By: CIP Management, L.P., LLLP, Managing General Partner
             By: CIP Management, Inc., its Managing General Partner
<TABLE>
<S>                                  <C>                                           <C>

/s/      Daniel A. Burkhardt
         _______________________     President, Treasurer and Director             May 10, 1999
         Daniel A. Burkhardt


/s/      Ray L. Robbins
         _______________________     Vice-President and Director                   May 10, 1999
         Ray L. Robbins

</TABLE>
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