UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2002

OR

[   ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to ________.

Commission File Number 0-7761

URBAN IMPROVEMENT FUND LIMITED - 1973
(Exact name of small business issuer (Issuer) as specified
in its charter)

          California                               95-6442510
State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization                 Identification No.)

1201 Third Avenue, Suite 5400, Seattle, Washington   98101-3076
     (Address of principal executive offices)        (ZIP code)

Issuer's telephone number, including area code:	  (206) 622-9900


Indicate by check mark whether the issuer (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 and (2) has been subject to
such filing requirements for the past 90 days.  Yes   X     No      .



PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

BALANCE SHEETS

URBAN IMPROVEMENT FUND LIMITED - 1973
(A Limited Partnership)



ASSETS

                                       June 30,        December 31,
                                         2002              2001

Cash                                $   562,047        $  3,674,394

Receivable from affiliates               21,440              21,440

Investments in and advances
 to Local Limited Partnerships
 accounted for on the equity
 method                              22,471,215          21,332,970

                                    $23,054,702         $25,028,804


LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                     $   15,000         $     1,169

Distribution payable                      1,634               1,634

Management fee payable                   30,000             129,987
                                         46,634             132,790

Partners' Capital:

General Partner - 621 Partnership
 Units authorized, issued and
 Outstanding                          1,150,403           1,244,635

Limited Partners - 11,796
 Partnership units authorized,
 issued and outstanding              21,857,665          23,651,379
                                     23,008,068          24,896,014

Total Liabilities and Partners'
 Capital                            $23,054,702         $25,028,804








Unaudited.  See accompanying notes.


CAPITALIZATION AND PARTNERS CAPITAL

URBAN IMPROVEMENT FUND LIMITED - 1973
(A Limited Partnership)




                                         June 30,     December 31,
                                           2002           2001
General Partner Interest -
 621 Partnership units issued
 and outstanding                      $   621,316     $   621,316

Limited Partners' Interest -
 11,796 Partnership units
 issued and outstanding                11,811,000      11,811,000
                                       12,432,316      12,432,316

Offering expenses                      (1,250,836)     (1,250,836)

Distributions to partners              (8,110,116)     (6,150,056)

Accumulated earnings through
 December 31, 2001                     19,864,590      19,864,590

Income for the six-month
 period ended June 30, 2002                72,114               0
                                       10,575,752      12,463,698

Partners' Capital at End
 of Period                            $23,008,068     $24,896,014









Unaudited.  See accompanying notes.

STATEMENTS OF INCOME

URBAN IMPROVEMENT FUND LIMITED - 1973
(A Limited Partnership)


                          For the Three-Month     For the Six-Month
                             Period Ended           Period Ended
                               June 30,                June 30,
                          2002         2001        2002         2001

Revenues              $   8,721    $  12,916    $  17,502   $  34,647

Cost and expenses:

 Professional fees       10,935       24,523       36,177      36,197

 Management fee          15,000       15,000       30,000      30,000

 Other expense            1,349        9,118       15,411      20,619

 Amortization             2,156          395        4,392       1,432
                         29,440       49,036       85,980      88,248
Income (loss) before
 equity in income of
 Local Limited
 Partnerships           (20,719)     (36,120)     (68,478)    (53,601)

Equity in income
 (loss) of Local
 Limited Partnerships   (21,000)     291,500      140,592     429,963

Net income (loss)     $ (41,719)   $ 255,380    $  72,114   $ 376,352

Allocation of net income:

 Net income (loss)
 Allocated to General
 Partner              $  (2,088)   $  12,769    $   3,606  $   18,818

 Net income (loss)
 Allocated to
 Limited Partners       (39,671)     242,611       68,508     357,544

                      $ (41,759)   $ 255,380    $  72,114   $ 376,362

Net income allocated
 to Limited Partners
 per Limited Partnership
 Unit (11,796 units
 outstanding at
 June 30, 2002 and
 2001)                $      (3)   $      21    $       5   $      30



Unaudited.  See accompanying notes.

STATEMENTS OF CASH FLOWS

URBAN IMPROVEMENT FUND LIMITED - 1973
(A Limited Partnership)



                       For the Three-Month     For the Six-Month
                          Period Ended            Period Ended
                             June 30,                June 30,
                         2002       2001         2002        2001
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income        $    (41,759) $  255,380   $   72,114   $  376,362
Adjustments to
 reconcile net
 income to net
 cash used by
 operating
 activities:
Amortization             2,196         395         4,392     1,432
Equity in income
 of local limited
 partnerships           21,000    (291,500)    (140,592)  (429,963)
Increase in
 distribution
 and affiliate
 receivable                  0     (11,980)           0    (13,408)
Increase (decrease)
 in accounts payable,
 management fees
 payable and
 payable to
 affiliates            (107,847)   (11,430)       (86,156)   (10,462)
 Total adjustments       (8,429)  (314,515)      (222,356)  (452,401)
  Net cash used
  by operating
  activities           (126,410)   (59,135)      (150,242)   (76,039)

CASH FLOWS FROM
 INVESTING ACTIVITIES:
  Current period
  Distributions               0          0         77,992          0
Net advances to
 local limited
 Partnerships           929,573)     9,465     (1,080,037)  (164,502)
 Net cash provided
  by investing
  activities           (929,513)     9,465     (1,002,045)  (164,502)

CASH FLOWS FROM
 FINANCING
 ACTIVITIES:
  Distributions
  to partners        (1,960,060)         0     (1,960,060)        0
                     (1,960,060)         0     (1,960,060)        0
NET DECREASE IN
 CASH AND
CASH EQUIVALENTS     (3,015,683)   (49,670)   (3,112,347)  (240,541)

CASH BALANCE AT
 BEGINNING OF
 PERIOD               3,577,730    542,790      3,674,394   733,661

CASH BALANCE AT
 END OF PERIOD      $   562,047 $  493,120    $   562,047 $  493,120



Unaudited.  See accompanying notes.

NOTES TO SUMMARIZE FINANCIAL INFORMATION
June 30, 2002

URBAN IMPROVEMENT FUND LIMITED - 1973
(A Limited Partnership)

Note 1 - Organization - Urban Improvement Fund Limited - 1973
(the Partnership) was formed under the California Uniform Limited
Partnership Act on February 2, 1973, for the principal purpose of
investing in other limited partnerships (Local Limited Partnerships),
which own federal and state-assisted housing projects.  The
Partnership issued 11,811 units of limited partnership interest
pursuant to a public offering of such units which terminated in
October, 1973.  The General Partner, Interfinancial Real Estate
Management Company invested $621,316.

The Urban Improvement Fund Limited 1973 prospectus, dated September
27, 1973, specified that the General Partner has approximately five
percent interest in profits, losses and special allocations, and the
limited partners will share the remaining interest in profits, losses
and special allocations in proportion to their respective units of
limited partnership interests.

Note 2 - Method of Accounting - As of June 30, 2002, the Partnership
has investments in twelve active real estate limited partnerships
(Local Limited Partnerships). Since the Partnership, as a limited
partner, does not exercise control over the activities of the Local
Limited Partnerships in accordance with the Partnership agreements,
these investments are accounted for using the equity method. The
investment account represents the sum of the capital investment and
unamortized cost of acquisition less the Partnership's share in losses
since the date of acquisition. The Partnership discontinues
recognizing losses and amortizing cost of acquisition under the equity
method when losses have been incurred which equal the cost of the
investment and the unamortized cost of acquisition in a particular
Local Limited Partnership, thus reducing the investment to zero.
Repayment of advances and cash distributions by the Local Limited
Partnerships, after the Partnership investment has been reduced to
zero, are recognized as income by the Partnership in the year
received.  Additional advances to a Local Limited Partnership, after
an investment is reduced to zero, are recognized as losses.

Initial rent-up fees paid by the Partnership to the General Partner,
 deducted when paid for income tax purposes, are capitalized as
acquisition costs of the Local Limited Partnerships for financial
reporting purposes.  These costs and other costs of acquisition are
amortized using the straight-line method over the lives (twenty to
forty years) of the Local Limited Partnership Properties.
Amortization is discontinued when the investment is reduced to zero.

The unaudited interim financial statements furnished in this report
reflect all adjustments which are, in the opinion of management,
necessary to a fair statement of the results for the interim periods
presented.  All such adjustments are of a normal recurring nature.

Taxes on Income

No provision for taxes on income has been recorded, since all taxable
income or loss of the Partnership is allocated to the partners for
inclusion in their respective tax returns.

Cash Equivalents

Marketable securities that are highly liquid and have maturities of
three months or less at the date of purchase are classified as cash
equivalents.

Fair Value of Financial Instruments and Use of Estimates

The Partnership estimates that the aggregate fair value of all
financial instruments at June 30, 2002 does not differ materially from
the aggregate carrying values of its financial instruments recorded in
the balance sheet.  These estimates are not necessarily indicative of
the amounts that the Partnership could realize in a current market
exchange.  The preparation of financial statements requires the use of
estimates and assumptions.  Actual results could differ from those
estimates.

Segment Reporting

SFAS No. 131, "Disclosure about Segments of an Enterprise and Related
Information" established standards for the way that public business
enterprises report information about operating segments in annual
financial statements and requires that those enterprises report
selected information about operating segments in interim financial
reports.  It also established standards for related disclosures about
products and services, geographic areas and major customers.  The
Partnership has only one reportable segment.  Due to the very nature
of the Partnership's operations, the General Partner believes that
segment-based disclosures will not result in a more meaningful
presentation than the financial statements as currently presented.

Recent Accounting Pronouncements

In August 2001, the Financial Accounting Standards Board issued SFAS
No. 144, "Accounting for the Impairment or Disposal of Long-Lived
Assets."  SFAS No. 144 provides accounting guidance for financial
accounting and reporting for the impairment or disposal of long-lived
assets.  SFAS No. 144 supersedes SFAS No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be
Disposed Of."  SFAS No. 144 is effective for fiscal years beginning
after December 15, 2001.  The General Partner does not anticipate that
its adoption will have a material effect on the financial position or
results of operations of the Partnership.

Note 3 - Management of Urban Improvement Fund Limited 1973 - Under
the terms of the Limited Partnership Agreement, the Partnership is
required to pay the General Partner an annual management fee equal to
one-quarter of one percent of invested assets or $182,000 (the fee
will not be more than fifty percent of the Partnership's annual net
cash flow as defined, subject to an annual minimum of $60,000).
Management fees payable to the General Partner have been accrued if
cash flow was not sufficient to pay the fee in the year incurred.

Upon liquidation, unpaid management fees will have first priority to
the proceeds. The Partnership will also pay the General Partner a
liquidation fee for the sale of projects.  The liquidation fee is the
lesser of (i) ten percent of the net proceeds to the Partnership from
the sale of a project(s) or (ii) one percent of the sales price plus
three percent of the net proceeds after deducting an amount sufficient
to pay long-term capital gains taxes.  No part of such fee shall
accrue or be paid  unless:  (i) the Limited Partners' share of the
proceeds has been distributed to them, (ii) the Limited Partners shall
have first received an amount equal to their invested capital
attributable to the project(s) sold, and (iii) the Limited Partners
have received an amount sufficient to pay long-term capital gains
taxes from the sale of the project(s), if any, calculated at the
maximum rate then in effect.

The General Partner of the Partnership is a corporation in which Paul
H. Pfleger has a one-hundred percent interest.  Partnership Services,
Inc. (PSI), another corporation in which Paul H. Pfleger is a one-
hundred percent shareholder, has contracted with the General Partner
and the Partnership to provide certain management and other services
in any projects in which the Partnership has an interest.  In
addition, as shown in the following table, PSI is the General Partner
in five of the Local Limited Partnerships:

                                            Date PSI Became
          Local Limited Partnerships        General Partner

          Glenn Arms Associates              April 1975
          Hedin House Associates             December 1978
          Himbola Manor                      January 1980
          WOGO Associates of Fresno          August 1976
          W Street Associates                December 1977

Note 4 - Investments in Local Limited Partnerships - As of June 30,
2002, the Partnership has investments in twelve active real estate
Limited Partnerships (Local Limited Partnerships), which are accounted
for on the equity method.  The investment account represents the sum
of the capital investment and unamortized costs of acquisitions less
the Partnership's share in losses since  the date of acquisition. The
Partnership discontinues recognizing losses and amortizing cost of
acquisition under the equity method when the investment in a
particular Local Limited Partnership is reduced to zero, unless the
Partnership intends to commit additional funds to the Local Limited
Partnership.

The investments in Local Limited Partnerships are comprised of:

                                    June 30, 2002      December 31, 2001

Capital contributions               $12,579,062           $12,579,062
Distributions                        (4,193,519)           (4,115,527)
Equity in income (losses)            11,300,805            11,160,213
Advances                              2,528,989             1,448,952
Unamortized costs of acquisitions       255,878               260,270

                                    $22,471,215           $21,332,970

During 2001, the property of WOGO Associates of Fresno was sold in a
tax-free exchange.  In June 2002, the proceeds were reinvested in a
conventional multifamily residential project.

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

The Partnership has followed the practice of investing available
funds not used in the purchase of properties or in operations into
short-term investments.  Revenue resulted from such short-term
investments.  The Partnership is dependent upon interest earned and
the distributions and repayment of advances from Local Limited
Partners for cash flow.  The Partnership advanced funds to selected
partnerships in prior years.  The General Partner does not believe
these net advances will significantly affect the operations of the
Partnership.

Under the terms of the Limited Partnership Agreement, the Partnership
is required to pay the General Partner an annual management fee equal
to one-quarter of one percent of invested assets or $182,000 (the fee
will not be more than fifty percent of the Partnership's annual net
cash flow as defined, subject to an annual minimum of $60,000).  The
Partnership recorded management fee expense of $15,000 for the three
months ended June 30, 2002.

The components of the Partnership's equity in net income of the Local
Limited Partnerships for June 30, 2002 and 2001, is summarized as
follows:

                           For the Three-Month   For the Six-Month
                               Period Ended        Period Ended
                                 June 30,            June 30,
                             2002       2001      2002      2001
Distribution received
 from partnerships
 with zero investment:
  Edgewood II          $        0   $       0   $  77,992    $     0

Repayment from
 (advances to)
 partnerships with
 zero investment:
  Himbola Manor                 0      (2,000)         0      (2,000)
  W Street                      0           0          0    (155,037)
                                0      (2,000)         0    (157,037)

Income from investments
 with non-zero
 investment:
  The Alexander           (54,400)     84,000  (151,250)    168,000
  Antonia Manor                 0      48,750         0      97,500
  Glenn Arms               61,950      36,000    97,300      72,000
  Hedin Associates          3,050       6,000    31,600      12,000
  Himbola Manor            35,800           0    62,000           0
  Maria Manor                   0      65,000         0     130,000
  Marlton Manor, Ltd.     (55,450)     53,750    47,050     107,500
  W Street                (11,950)          0   (24,100)          0
                                      293,500    62,600     587,000
                        $ (21,000)  $ 291,500  $ 140,592  $ 429,963

Liquidity

The Partnership's only source of cash flow is from distributions
from its investments Local Limited Partnerships or the sale or
refinancing of the Local Limited Partnerships.  There are no
current discussions with potential buyers or properties being
actively marketed.

The Local Limited Partnerships have regulatory agreements which
restrict distributions to the computation of surplus cash.  The
computation of surplus cash is calculated by subtracting accounts
payable and accrued expenses from cash on hand at the end of the
year.

At June 30, 2002, the Partnership had management fees payable to
the General Partner of $29,000. The Partnership has used excess
cash to repay these obligations in the past and the General Partner
expects to continue making payments as cash is available.

The Issuer is dependent upon distributions from its investments in
Local Limited Partnership for cash flow.  The Issuer may not be able
to generate sufficient cash flow from operations or from distributions
from its interests in Local Limited Partnerships to pay future
obligations as they become due without additional financing or
advances from the General Partner.  The General Partner is under no
obligation to advance additional funds to the Issuer.  The General
Partner, however, anticipates it will receive adequate distributions
from the Local Limited Partnerships to maintain operations.

Capital Resources

The General Partner believes that additional situations may arise
where it would be advantageous to the Partners to exchange properties
in a tax-free transaction. The Partnership's basis in its properties
has been reduced through depreciation deductions and other losses to
levels substantially below the amount of debt secured by the
properties.  Additionally, the rental properties owned and operated by
the Local Limited Partnerships have typically computed depreciation
for financial reporting purposes using the straight-line method over
the estimated economic useful life of the property.  For income tax
reporting  purposes, depreciation generally has been computed over the
same or shorter periods using accelerated methods.  As a result, the
carrying values of the Partnership's investments in Local Limited
Partnerships are substantially greater for financial reporting
purposes than for income tax reporting purposes.  Upon sale or other
disposition of a property by the Local Limited Partnership, the gain
recognized by the Partnership for income tax reporting purposes may be
substantially greater than the gain recorded for financial reporting
purposes.  Accordingly, if the properties are sold, the Partnership,
in all likelihood, would recognize taxable gain in excess of the cash
available for distribution.  If sale proceeds are reinvested in a
manner which permits the original sale to be treated as a like-kind
exchange, the Partnership can defer this gain until the new property
is sold.  Additionally, the Partnership will receive the benefit of
any cash flow or appreciation in value of the new property.  If
reinvestments were made, it is likely that the acquired properties
would be conventional, multi-family residential projects.



PART II - OTHER INFORMATION

Items 1 through 5 not applicable
Item 6 Exhibits and Reports on Form 8-K
a)  None

b)  The issuer has not filed a report on Form 8-K during the
quarter ending June 30, 2002.



SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the issuer has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.




URBAN IMPROVEMENT FUND LIMITED - 1973
(Issuer)
By:  Interfinancial Real Estate Management
Company, General Partner




Date   October 29, 2002     /s/Michael Fulbright
                               (Signature)
                    By:  Michael Fulbright, Secretary





Date  October 29, 2002        /s/John M. Orehek
                                (Signature)
                   By: John M. Orehek, Senior Vice President