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 March 31, 1997

                                                         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      .


                                      PART I   FINANCIAL INFORMATION

                                       Item 1   Financial Statements

                                              BALANCE SHEETS

                                 URBAN IMPROVEMENT FUND LIMITED   1973
                                         (A Limited Partnership)

                                                  ASSETS

                                                March 31,       December 31,
                                                   1997             1996    

     Cash                                       $ 163,175         $ 271,692

Investments in and advances to Local
  Limited Partnerships accounted for
  on the equity method                          3,818,240         3,469,756

                                               $3,981,415        $3,741,448



                                        LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                               $    6,964        $      556
Distribution payable                                1,634             1,634
Management fee payable                             28,387            90,510
                                                   36,985            92,700

Partners' Capital:
  General Partner   621 Partnership units 
  authorized, issued and outstanding              197,200           182,416

  Limited Partners   11,811 Partnership
  units authorized, issued and outstanding      3,747,230         3,466,332
                                                3,944,430         3,648,748

Total Liabilities and Partners' Capital        $3,981,415        $3,741,448


Unaudited.  See accompanying notes.

                  CAPITALIZATION AND PARTNERS CAPITAL

                 URBAN IMPROVEMENT FUND LIMITED   1973
                        (A Limited Partnership)

                                          March 31,               December 31,
                                           1997                         1996 
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                 (1,448,178)             (1,448,178)

Accumulated loss through
         December 31, 1996                (6,084,554)             (6,084,554)

Income for the three month period ended
         March 31, 1997                      295,682                     -0- 
                                          (5,788,872)             (6,084,554)

Partners' Capital at End of Period       $ 3,944,430             $ 3,648,748 

Unaudited.  See accompanying notes.


                         STATEMENTS OF INCOME

                 URBAN IMPROVEMENT FUND LIMITED   1973
                        (A Limited Partnership)

                                                      For the Three-Month
                                                         Period Ended
                                                           March 31,
                                                  1997                   1996

Revenues                                     $   2,438               $   1,504 

Cost and expenses:

  Professional fees                              6,963                   7,899 

  Management fee                                15,000                  15,000 

  Other expense                                  1,276                     -0- 

         Amortization                            2,526                   2,386 
                                                25,765                  25,285 

Loss before equity in income
         of Local Limited Partnerships         (23,327)                (23,781)

Equity in income of Local
         Limited Partnerships                  319,009                 274,076 

Net income                                   $ 295,682              $  250,295 

Allocation of net income:

  Net income allocated to
         General Partner                     $  14,784              $   12,515 
 
  Net income allocated to
         Limited Partners                      280,898                 237,780 

                                             $ 295,682              $  250,295 

Net income allocated to Limited 
  Partners per Limited Partnership
         Unit (11,811 units outstanding at
         March 31, 1997 and 1996)            $      24              $       20 

Unaudited.  See accompanying notes.


                               STATEMENTS OF CASH FLOWS

                         URBAN IMPROVEMENT FUND LIMITED   1973
                                  (A Limited Partnership)


                                                      For the Three-Month
                                                         Period Ended
                                                           March 31,
                                                  1997                 1996

CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income                                     $ 295,682          $ 250,295 
  Adjustments to reconcile net income
    to net cash used by operating activities:
    Amortization                                    2,526              2,386 
     Equity in income of local limited
     partnerships                                (319,009)          (274,076)
     Increase (decrease) in accounts payable,
         management fees payable and payable 
         to affiliates                            (55,716)             6,963 
           Total adjustments                     (372,199)          (264,727)

      Net cash provided (used) by operating
         activities                               (76,517)           (14,432)

CASH FLOWS FROM INVESTING ACTIVITIES:
         Net advances paid by (to) local limited
         partnerships                             (32,000)             7,436 

             Net cash provided (used) by investing
               activities                         (32,000)             7,436 

NET INCREASE (DECREASE) IN CASH AND
         CASH EQUIVALENTS                        (108,517)            (6,996)

CASH BALANCE AT BEGINNING OF PERIOD               271,692            130,115 

CASH BALANCE AT END OF PERIOD                   $ 163,175          $ 123,119 


Unaudited.  See accompanying notes.

                       NOTES TO SUMMARIZE FINANCIAL INFORMATION
                                     March 31, 1997

                        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.  hese 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.  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 
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.

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.

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:

                                                       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

  OGO Associates of Los Arboles                         August 1976

  OGO Associates of Mountclef                           August 1976

  Sheridan Manor IV                                      March 1975

  Sheridan Manor X                                       March 1975

  The Alexander                                          April 1975

  WOGO Associates of Carondelet                         August 1976

  WOGO Associates of Fresno                             August 1976

  W Street Associates                                 December 1977

Note 4   Investments in Local Limited Partnerships   As of March 31, 1997 and
December 31, 1996, 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 
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:
                                        March 31, 1997      December 31, 1996

Capital contributions                   $ 6,445,579             $ 6,445,579
Distributions                            (2,122,155)             (2,122,155)
Equity in losses                         (2,184,840)             (2,503,849)
Advances                                    705,363                 673,363
Unamortized costs of acquisitions           974,293                 976,818
                                        $ 3,818,240             $ 3,469,756


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 $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 $15,000 for the quarter ended March 31, 1997 and 1996.

The components of the Partnership's equity in net income (loss) of the Local
Limited Partnerships for March 31, 1997 and 1996, is summarized as follows:

                                                         For the Three Month
                                                            Period Ended
                                                              March 31, 
                                                         1997          1996
Repayment from (advances to) partnerships
  with zero investment
    OGO Associates of Los Arboles                $     -0-          $   9,907 
    OGO Associates of Mountclef                        -0-                (62)
    Sheridan Manor X                                   -0-                 (4)
    WOGO Associates of Carondelet                      -0-                (30)
    WOGO Associates of Fresno                          -0-               (257)
                                                       -0-              9,554 

Income from investments with non-
  zero investment:
    The Alexander                                   87,659             80,670 
    Antonia Manor                                   55,484             35,908 
    Glenn Arms                                      29,179                -0- 
    Hedin Associates                                11,924              3,195 
    Maria Manor                                     64,757             52,865 
    Marlton Manor, Ltd.                             56,032             79,504 
    Sheridan IV                                     13,974             12,380 
                                                   319,009            264,522 

                                                 $ 319,009          $ 274,076 


                                      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 March 31, 1997.


                                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:  08-25-97

By:  Michael Fulbright, Secretary

Date:  08-25-97

(Signature)

By:  John M. Orehek, Senior Vice President