[COMMENT1]	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, 2001

	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 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

	June 30,	December 31,
	   2001    	   2000

Cash				$    493,120	$    733,661

Receivable from affiliates	117,297	103,887

Investments in and advances to Local
  Limited Partnerships accounted for
  on the equity method	 22,558,033	 21,965,002

					$23,168,450	$22,802,550


	LIABILITIES AND PARTNERS? CAPITAL

Accounts payable	$         0	$    25,462

Distribution payable	1,634	1,634

Management fee payable	    29,000	    14,000
					30,634	41,096

Partners' Capital:

General Partner - 621 Partnership units
authorized, issued and outstanding	1,042,617	1,025,658

Limited Partners - 11,796 Partnership
units authorized, issued and outstanding	 22,095,199	 21,735,796
					 23,137,816	 22,761,454

Total Liabilities and Partners' Capital	$23,168,450	$22,802,550
















Unaudited.  See accompanying notes.

	CAPITALIZATION AND PARTNERS CAPITAL

	URBAN IMPROVEMENT FUND LIMITED ? 1973
	(A Limited Partnership)




	June 30,	December 31,
	   2001    	   2000
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	(5,713,215)	(5,713,215)

Accumulated earnings through
December 31, 2000	17,293,189	17,293,189

Income for the six-month period ended
June 30, 2001	    376,362	           0
	 10,705,500	 10,329,138

Partners? Capital at End of Period	$23,137,816	$22,761,454




















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,
	   2001  	   2000  	   2001  	   2000

Revenues								$  12,916	$  44,829	$  34,647	$  59,586

Cost and expenses:

  Professional fees		24,523	7,500	36,197	15,000

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

  Other expense				9,118	8,958	20,619	21,760

Amortization					      395	    2,322 	    1,432	     4,644
	49,036	33,780 	88,248	71,404

Income (loss) before equity in
income of Local Limited
Partnerships					(36,120)	11,049 	(53,601)	(11,818)

Equity in income of Local
Limited Partnerships	  291,500	  388,998 	  429,963	   847,245

Net income							$ 255,380	$ 400,047	$ 376,362	$ 835,427

Allocation of net income:

  Net income allocated to
General Partner		12,769	$  20,000	$  18,818	$  41,696

  Net income allocated to
Limited Partners		  242,611	  380,047	  357,544	   793,731

	$ 255,380	$ 400,047	$ 376,362	$ 835,427

Net income allocated to Limited
  Partners per Limited Partnership
Unit (11,796 units outstanding
at June 30, 2001 and 2000)	$      21	$      32	$      30	$      67



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,
											   2001  	   2000  	   2001  	   2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income						$ 255,380	$ 400,047	$ 376,362	$ 835,427
Adjustments to reconcile net
income to net cash used by
operating activities:
Amortization			395	2,322	1,432	4,644
Equity in income of local
limited partnerships	(291,500)	(388,998)	(429,963)	(847,245)
Increase in distribution
and affiliate receivable	(11,980)	(75,000)	(13,408)	115,211
Increase (decrease) in
accounts payable, manage-
ment fees payable and
payable to affiliates	  (11,430)	   (96,309)	  (10,462)	  (169,300)
  Total adjustments	 (314,515)	  (557,985)	 (452,401)	  (896,690)
    Net cash used by
      operating activities	(59,135)	(157,938)	(76,039)	(61,263)

CASH FLOWS FROM INVESTING ACTIVITIES:
Current period distributions	0	28,789 	0	28,789
Net advances to local limited
  Partnerships				    9,465	 (120,000)	 (164,502)	  (138,750)
    Net cash provided by
      investing activities	    9,465	 (91,211)	 (164,502)	 (109,961)

NET DECREASE IN CASH AND
CASH EQUIVALENTS			(49,670)	(249,149)	(240,541)	(171,224)

CASH BALANCE AT BEGINNING OF
PERIOD								  542,790	 1,257,654	  733,661	 1,179,729

CASH BALANCE AT END OF PERIOD	$ 493,120	$1,008,505	$ 493,120	$1,008,505







Unaudited.  See accompanying notes.

	NOTES TO SUMMARIZE FINANCIAL INFORMATION
	June 30, 2001

	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.

267:   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, 2001, 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.

273:   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
282:   The Partnership estimates that the aggregate fair value of
      all financial instruments at June 30, 2001 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.

284:  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 $74,000 (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.

286:  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.

289: 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, 2001, 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, 2001	December 31, 2000

Capital contributions	$ 3,979,277	$ 3,979,277
Distributions	(1,223,786)	(1,842,862)
Equity in income (losses)	18,602,804	18,791,919
Advances	846,124	681,622
Unamortized costs of acquisitions	    353,614	    355,046

		$22,558,033	$21,965,002

During November 2000, four of the Partnerships, The Alexander
        Antonia Manor, Maria Manor and Marlton Manor, sold their
       interests in real estate in a tax-free exchange.  During January
       2001, The Alexander reinvested the proceeds in a property that
       is conventional multifamily residential projects.  During May
      2001, Marlton Manor reinvested the proceeds in a conventional
      multifamily property.  Maria Manor and Antonia Manor will not
      reinvest the proceeds and will be liquidated in 2001.

	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.

323:    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 $74,000 (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, 2001.

325:   The components of the Partnership's equity in net income
       of the Local Limited Partnerships for June 30, 2001 and
       2000, is summarized as follows:

	For the Three-Month	For the Six-Month
	     Period Ended      	     Period Ended
	       June 30,        	       June 30,
											   2001    	   2000   	   2001   	   2000
Distribution received
  From partnerships
  with zero investment:
    W Street						$        0	$  21,998	$       0	$21,998

Repayment from (advances
  to) partnerships with
  zero investment
    Freedom Associates	0	0	0	(18,753)
    Himbola						(2,000)	0	(2,000)	0
    W Street						         0	 (110,000)	 (155,037)	 (110,000)
	(2,000)	(110,000)	(157,037)	(128,753)

Income from investments
  with non-zero investment:
    The Alexander			84,000	179,000	168,000	358,000
    Antonia Manor			48,750	58,000	97,500	116,000
    Glenn Arms					36,000	36,000	72,000	72,000
    Hedin Associates		6,000	6,000	12,000	12,000
    Maria Manor				65,000	95,000	130,000	190,000
    Marlton Manor, Ltd.	   53,750	  103,000	  107,500	  206,000
	  293,500	  477,000	  587,000	  954,000

											$ 291,500	$ 388,998 	$ 429,963	$ 847,245

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.

361:   At June 30, 2001, 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.

363:  The Registrant is dependent upon distributions from its
      investments in Local Limited Partnership for cash flow.  The
      Registrant 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 Registrant.
     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 registrant has not filed a report on Form 8-K during
              the quarter ending June 30, 2001.



	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	July 31, 2001		/s/Michael Fulbright
			(Signature)
			By:  Michael Fulbright, Secretary





Date	July 31, 2001		/s/John M. Orehek
			(Signature)
			By: John M. Orehek, Senior Vice President



[COMMENT1]Client #4
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