UNITED STATES

                SECURITIES AND EXCHANGE COMMISSION

                      Washington, D.C. 20549

                            FORM 10-Q

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

           For the quarterly period ended June 30, 2000

                                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 registrant 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)

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


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 and (2) has been subject to such filing
requirements for the past 90 days.  Yes X        No.


<PAGE>

                    PART I - FINANCIAL INFORMATION

                     Item 1 - Financial Statements

                           BALANCE SHEETS

                 URBAN IMPROVEMENT FUND LIMITED - 1973
                        (A Limited Partnership)



                                ASSETS
<TABLE>
<S>
<C>                                            <C>                  <C>
                                           June 30,             December 31,
                                             2000                   1999

Cash                                    $ 1,008,505             $ 1,179,729

Receivable                                   75,000                  20,562

Distribution receivable                      28,887                 198,536

Investments in and advances
 to Local Limited Partnerships
 accounted for on the equity
 method                                   8,562,896               7,610,334

                                         $9,675,288              $9,009,161


                   LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                         $   15,000              $      -0-
Distribution payable                          1,634                 105,443
Management fee payable                       15,000                  95,491
                                             31,634                 200,934

Partners' Capital:
 General Partner - 621
 Partnership units
 authorized, issued
 and outstanding                            482,086                 440,390

Limited Partners - 11,811
 Partnership units
 authorized, issued
 and outstanding                          9,161,568               8,367,837
                                          9,643,654               8,808,227

Total Liabilities and
 Partners' Capital                      $ 9,675,288             $ 9,009,161
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

                  CAPITALIZATION AND PARTNERS CAPITAL

                 URBAN IMPROVEMENT FUND LIMITED - 1973
                        (A Limited Partnership)
<TABLE>
<S>
<C>                                     <C>                     <C>
                                        June 30,                December 31,
                                          2000                      1999
General Partner Interest - 621
 Partnership units issued
 and outstanding                      $   621,316               $   621,316

Limited Partners' Interest -
 11,811 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              (5,463,225)               (5,463,225)

Accumulated earnings through
 December 31, 1999                      3,089,972                 3,089,972

Income for the six-month
 period ended
 June 30, 2000                            835,427                       -0-
                                       (2,788,662)               (3,624,089)

Partners' Capital
 at End of Period                    $  9,643,654              $  8,808,227
</TABLE>



Unaudited.  See accompanying notes.
<PAGE>

                         STATEMENTS OF INCOME

                 URBAN IMPROVEMENT FUND LIMITED - 1973
                        (A Limited Partnership)
<TABLE>
<S>
<C>                          <C>            <C>          <C>          <C>
                              For the Three-Month          For the Six-Month
                                 Period Ended                 Period Ended
                                   June 30,                     June 30,
                              2000           1999        2000          1999

Revenues                   $ 44,829       $   7,217    $  59,586    $  11,398

Cost and expenses:

 Professional fees            7,500           7,500       15,000       15,000

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

 Other expense                8,958           7,218       21,760        7,218

 Amortization                 2,322           3,295        4,644        6,590
                             33,780          33,013       71,404       58,808

Income (loss)
 before equity in
 income of Local
 Limited
 Partnerships                11,049         (25,796)     (11,818)     (47,410)

Equity in income
 of Local Limited
 Partnerships               388,998         339,405      847,245      678,810

Net income                $ 400,047       $ 313,609    $ 835,427    $ 631,400

Allocation of net income:

Net income allocated to
 General Partner          $  20,000       $  15,680    $  41,696    $  31,570

Net income allocated to
 Limited Partners           380,047         297,929      793,731      599,830

                          $ 400,047       $ 313,609    $ 835,427    $ 631,400

Net income allocated to
 Limited Partners per
 Limited Partnership
 Unit (11,811 units
 outstanding at June 30,
 2000 and 1999)           $      32       $      25    $     67     $      51
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

                       STATEMENTS OF CASH FLOWS

                 URBAN IMPROVEMENT FUND LIMITED - 1973
                        (A Limited Partnership)
<TABLE>
<S>
<C>                          <C>            <C>           <C>            <C>
                              For the Three-Month          For the Six-Month
                                 Period Ended                 Period Ended
                                   June 30,                      June 30,
                              2000           1999          2000           1999

CASH FLOWS FROM
OPERATING ACTIVITIES:
 Net income                 $ 400,047    $ 313,609     $ 835,427    $ 631,400
 Adjustments to
 reconcile net
 income to net
 cash used by
 operating
 activities:
  Amortization                  2,322        3,295         4,644        6,590
Equity in income
 of local limited
 partnerships                (388,998)    (339,405)     (847,245)    (678,810)
 Increase in
 distribution
 and affiliate
 receivable                   (75,000)         -0-       115,211         -0-
 Increase (decrease)
 in accounts payable,
 management fees
 payable and pay-
able to affiliates            (96,309)       (7,500)    (169,300)    (72,055)
 Total adjustments           (557,985)     (343,610)    (896,690)   (744,275)
 Net cash used by
 operating activities        (157,938)      (30,001)     (61,263)   (112,875)

CASH FLOWS FROM
INVESTING ACTIVITIES:
 Current period
 distributions                 28,789        50,664       28,789     50,664
 Net advances paid
 by (repaid from)
 local limited
 partnerships                (120,000)      (45,194)    (138,750)  (548,824)
 Net cash provided by
 investing activities         (91,211)        5,470     (109,961)  (498,160)

NET DECREASE IN CASH
 AND CASH EQUIVALENTS        (249,149)      (24,531)    (171,224)  (611,035)

CASH BALANCE AT
 BEGINNING OF
 PERIOD                     1,257,654       596,714    1,179,729  1,183,218

CASH BALANCE AT
 END OF PERIOD             $1,008,505     $ 572,183   $1,008,505 $  572,183
</TABLE>



Unaudited.  See accompanying notes.
<PAGE>

             NOTES TO SUMMARIZE FINANCIAL INFORMATION
                          June 30, 2000

              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 June 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 - 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.
<PAGE>

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 period received.  Additional advances to
Local Limited Partnership, after an investment is reduced to zero, are
recognized as losses in the period paid.

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 adjust-
ments 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.

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 $133,770 (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 will also pay the General Partner a
liquidation fee for the sale of projects.
<PAGE>

The General Partner of the Partnership is a corporation in which Paul H.
Pfleger has a majority interest.  Partnership Services, Inc. (PSI), another
corporation in which Paul H. Pfleger is a majority 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 has become the General Partner
in fourteen of the Local Limited Partnerships in which the Partnership has
investments:
<TABLE>
<S>
                  <C>                                    <C>
                                                         Date PSI Became
                 Local Limited Partnerships              General Partner

                   Antonia Manor                           April 1975

                   Glenn Arms Associates                   April 1975

                   Hedin House Associates                  December 1978

                   Himbola Manor                           January 1980

                   Maria Manor                             April 1975

                   Marlton Manor Associates                April 1975

                   The Alexander                           April 1975

                   WOGO Associates of Fresno               August 1976

                   W Street Associates                     December 1977
</TABLE>

Note 4 - Investments in Local Limited Partnerships - As of June 30, 2000 and
December 31, 1999, the Partnership has investments in nineteen 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

<PAGE>
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:
<TABLE>
<S>
<C>                              <C>               <C>
                                 June 30, 2000     December 31, 1999

Capital contributions              $4,493,277       $ 4,493,277
Distributions                      (1,766,575)       (1,737,786)
Equity in losses                    4,567,959         3,720,714
Advances                              699,624           560,874
Unamortized costs
 of acquisitions                      568,611           573,255
                                  $ 8,562,896       $ 7,610,334
</TABLE>

         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 invest-
ments.  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 $133,770 (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 $30,000 for the six months ended June 30, 2000 and 1999.
<PAGE>

The components of the Partnership's equity in net income (loss) of the Local
Limited Partnerships for June 30, 2000 and 1999, is summarized as follows:
<TABLE>
<S>
<C>                            <C>          <C>           <C>           <C>
                               For the Three Month        For the Six Month
                                  Period Ended               Period Ended
                                    June 30,                    June 30,
                               2000          1999          2000         1999

Distribution received
 from partnerships
 with zero investment:
  W Street                $   21,998   $     -0-      $   21,998      $   -0-

Repayment from
 (advances to)
 partnerships with
 zero investment
 Freedom Associates              -0-         -0-         (18,753)         -0-
 W Street                   (110,000)        -0-        (110,000)         -0-
                            (110,000)        -0-        (128,753)         -0-

Income from
 investments with
 non-zero investment:
 The Alexander               179,000     110,434         358,000      220,868
 Antonia Manor                58,000      26,337         116,000       52,674
 Glenn Arms                   36,000      32,678          72,000       65,356
 Hedin Associates              6,000      13,096          12,000       26,192
 Maria Manor                  95,000      78,626         190,000      157,252
 Marlton Manor, Ltd.         103,000      61,402         206,000      122,804
 (1)Sheridan IV                  -0-      15,178             -0-       30,356
 (1)Sheridan X                   -0-       1,294             -0-        2,588
 (1)WOGO II                      -0-         360             -0-          720
                             477,000     339,405         954,000      678,810

                           $ 388,998   $ 339,405       $ 847,245    $ 678,810
</TABLE>
(1) On August 27, 1999, Sheridan Manor IV, Sheridan Manor X and WOGO II sold
their real estate.
<PAGE>

                          PART II - OTHER INFORMATION

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

       b) The registrant has not filed a report on Form 8-K during the
          quarter ending June 30, 2000.

<PAGE>



                             SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) 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.




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



Date: August 15, 2000             Michael Fulbright
                                      (Signature)

                           By:  Michael Fulbright, Secretary





Date: August 15, 2000                John M. Orehek
                                      (Signature)

                           By:  John M. Orehek, Senior Vice President


<PAGE>