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 September 30, 2003

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

                            September 30,   December 31,
                                2003            2002

Cash                        $ 1,184,392     $   864,805

Investments in and
  advances to Local
  Limited Partnerships
  accounted for on the
  equity method              21,473,974      21,649,400

                            $22,658,366     $22,514,205


               LIABILITIES AND PARTNERS' CAPITAL

Accounts payable            $         0     $    87,301

Distribution payable              1,634           1,634

Management fee payable          188,794         115,987
                                190,428         204,922

Partners' Capital:

General Partner - 621
  Partnership units
  authorized, issued
  and outstanding             1,123,231       1,115,298

Limited Partners -
  11,796 Partnership
  units authorized,
  issued and outstanding     21,344,707      21,193,985
                             22,467,938      22,309,283

Total Liabilities and
  Partners' Capital         $22,658,366     $22,514,205




Unaudited.  See accompanying notes to Financial Statements.

          CAPITALIZATION AND PARTNERS CAPITAL

         URBAN IMPROVEMENT FUND LIMITED - 1973
                (A Limited Partnership)




                                 September 30,    December 31,
                                     2003             2002
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        (9,120,167)      (8,195,167)

Accumulated earnings through
December 31, 2002                19,322,970       19,322,970

Income for the nine-month
  period ended September 30,
  2003                            1,083,655                0
                                 20,406,625       19,322,970

Partners' Capital at
  End of Period                 $22,467,938      $22,309,283




Unaudited.  See accompanying notes to Financial Statements.



                       STATEMENTS OF INCOME

                URBAN IMPROVEMENT FUND LIMITED - 1973
                       (A Limited Partnership)



                For the Three-Month     For the Nine-month
                   Period Ended            Period Ended
                   September 30,            September 30,
                  2003       2002         2003         2002

Revenues       $   1,385   $   4,728   $    6,693   $  22,230

Cost and expenses:

Professional fees  6,500      15,606       28,500      51,784

Management fee    49,246      15,000      147,738      45,000

Liquidation fee        0           0       48,003           0

Other expense        399       1,466        4,073      16,877

Amortization       1,539       2,196        5,273       6,588
                  57,684      34,268      233,587     120,249

Income (loss)
 before equity
 in income of
 Local Limited
 Partnerships    (56,299)    (29,540)    (226,894)    (98,019)

Equity in
 income (loss)
 of Local
 Limited
 Partnerships     38,641     277,750     1,310,549    418,345

Net income
 (loss)       $  (17,658)  $ 248,210    $1,083,655  $ 320,326

Allocation of net income:

Net income
 (loss)
 allocated
 to General
 Partner     $     (883)  $  12,410    $   54,183  $  16,016

Net income
 (loss)
 allocated
 to Limited
 Partners       (16,775)    235,800     1,029,472    304,310

             $  (17,658)  $ 248,210    $1,083,655  $ 320,326

Net income
 (loss)
 allocated to
 Limited
 Partners per
 Limited
 Partnership
 unit (11,796
 units
 outstanding
 at September
 30, 2003 and
 2002)        $     (1)   $      19     $       87  $      25



Unaudited.  See accompanying notes to Financial Statements.



                  STATEMENTS OF CASH FLOWS

           URBAN IMPROVEMENT FUND LIMITED - 1973
                   (A Limited Partnership)



                  For the Three-Month    For the Nine-month
                    Period Ended            Period Ended
                    September 30,            September 30,
                    2003      2002          2003      2002

CASH FLOWS FROM
 OPERATING ACTIVITIES:
Net income    $   (17,658)  $ 248,210  $ 1,083,655 $  320,326
Adjustments
 to reconcile
 net income
 to net cash
 used by
 operating
 activities:
Amortization        1,539       2,196        5,273     6,588
Equity in
 income of
 local
 limited
 partnerships     (38,641)   (277,750)  (1,310,549)  (418,345)
Increase
 (decrease) in
 accounts
 payable,
 management
 fees payable
 and payable
 to affiliates     40,447     (30,000)     (14,494)  (116,156)
Total adjustments   3,345    (305,554)  (1,319,770)  (527,913)
  Net cash used
  By operating
  Activities      (14,313)    (57,344)    (236,115)  (207,587)

CASH FLOWS
 FROM INVESTING
 ACTIVITIES:
Current period
 Distributions     10,035           0      888,511     77,992
Net advances
 to local
 limited
 Partnerships           0    (105,610)     592,191 (1,185,646)
Net cash
 provided by
 investing
 activities        10,035    (105,610)   1,480,702 (1,107,654)

CASH FLOWS FROM
 FINANCING ACTIVITIES:
Distributions to
 Partners               0           0    (925,000) (1,960,060)
                        0           0    (925,000) (1,960,060)

NET INCREASE
(DECREASE) IN
CASH AND
CASH EQUIVALENTS   (4,278)   (162,954)    319,587  (3,275,301)

CASH BALANCE
 AT BEGINNING
 OF PERIOD      1,188,670     562,047     864,805   3,674,394

CASH BALANCE
 AT END
 OF PERIOD    $ 1,184,392   $ 399,093  $ 1,184,392 $  399,093



Unaudited.  See accompanying notes to Financial Statements.



         NOTES TO SUMMARIZE FINANCIAL INFORMATION
                    September 30, 2003

           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.

Basis of Presentation

The accompanying unaudited interim financial statements
reflect all adjustments which are, in the opinion of
management, necessary for a fair presentation of the financial
condition and results of operations for the interim periods
presented.  All such adjustments are of a normal and recurring
nature.  Operating results for the nine-month period ended
September 30, 2003 are not necessarily indicative of the
results that may be expected for the fiscal year ending
December 31, 2003.

While the General Partner believes that the disclosures
presented are adequate to make the information not misleading,
it is suggested that these financial statements be read in
conjunction with the financial statements and notes included
in the Partnership's Annual Report filed on Form 10-KSB for
the fiscal year ended December 31, 2002.

Recent Accounting Pronouncements

In January 2003, the Financial Accounting Standards Board
("FASB") issued Interpretation No. 46 ("FIN 46"), Consolidation
        of Variable Interest Entities.  FIN 46 requires
the consolidation of entities in which an enterprise absorbs a
majority of the entity's expected losses, receives a majority
of the entity's  expected residual returns, or both, as a
result of ownership, contractual or other financial interests
in the entity.  Prior to the issuance of FIN 46, entities were
generally consolidated by an enterprise when it had a
controlling financial interest through ownership of a majority
voting interest in the entity.  FIN 46 applied immediately to
variable interest entities created after January 31, 2003, and
with respect to variable interests held before February 1,
2003, FIN 46 will apply beginning July 1, 2003.

The Partnership has not entered into any partnership
investments subsequent to  January 31, 2003.  The Partnership
is in the process of evaluating its investments in
unconsolidated partnerships that may be deemed variable
interest entities under the provisions of FIN 46.  The
Partnership has not yet determined the anticipated impact of
adopting FIN 46 for its partnership agreements that existed as
of January 31, 2003.  However, FIN 46 may require the
consolidation of assets, liabilities and operations of certain
of the Partnership's unconsolidated partnership investments.
Although the Partnership does not believe the full adoption of
FIN 46 will have an impact on net earnings, the Partnership
cannot make any definitive conclusion until it completes its
evaluation.

Note 2 - Method of Accounting - As of September 30, 2003, the
Partnership has investments in ten 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.

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.

Fair Value of Financial Instruments and Use of Estimates

The Partnership estimates that the aggregate fair value of all
financial instruments at September 30, 2003 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.

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 $196,984 (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.  For
the three-month period ended September 30, 2003, the maximum
fee of $49,246 has been accrued.  At September 30, 2003,
management fees of $147,738 have been recorded as a liability
to the General Partner.

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 Partnership has accrued a liquidation fee of
$48,003 for the sale of W Street Associates.

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
September 30, 2003, the Partnership has investments in ten
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:

                        September 30, 2003   December 31, 2002

Capital contributions       $11,488,974         $11,794,474
Distributions                (2,057,058)         (2,014,175)
Equity in income (losses)    11,596,687          10,797,511
Advances                        227,333             820,100
Unamortized costs
 of acquisitions                218,038             251,490

                            $21,473,974         $21,649,400

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

During 2003, the property of W Street Associates was sold.
The Partnership  recognized a gain on the sale of $1,384,297.
The Partnership received a cash distribution of $845,629 from
this sale.

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

The matters discussed in this report contain certain forward-
looking statements, including, without limitation, statements
regarding future financial performance and the effect of
government regulations.  The discussions of the Registrant's
business and results of operations, including forward-looking
statements pertaining to such matters, do not take into
account the effects of any changes to the Registrant's
business and results of operations.  Actual results may differ
materially from those described in the forward-looking
statements and will be affected by a variety of risks and
factors including, without limitation:  national and local
economic conditions; the terms of governmental regulations
that affect the Registrant and interpretations of those
regulations; the competitive environment in which the
Registrant operates; financing risks, including the risk that
cash flows from operations may be insufficient to meet
required payments of principal and interest; real estate
risks, including variation of real estate values and the
general economic climate in local markets and competition for
tenants in such markets; and possible environmental
liabilities.  Readers should carefully review the Registrant's
financial statements and the notes thereto, as well as the
risk factors described in the documents the Registrant files
from time-to-time with the Securities and Exchange Commission.

This item should be read in conjunction with the financial
statements and other items contained elsewhere in this report.

Liquidity

The Partnership has followed the practice of investing
available funds not used in the purchase of properties or in
operations into short-term investments.  Interest income
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.

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 $196,984 (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 $49,246 for the three
months ended September 30, 2003.

The components of the Partnership's equity in net income of
the Local Limited Partnerships for September 30, 2003 and
2002, is summarized as follows:

                    For the Three-Month   For the Nine-month
                       Period Ended          Period Ended
                       September 30,         September 30,
                      2003       2002       2003      2002
Distribution
 received
 from
 partnerships
 with zero
 investment:
  Edgewood II    $         0  $       0  $       0  $  77,995

Income from
 investments
 with non-zero
 investment:
  WOGO of Fresno      11,487          0      42,208         0
  The Alexander      (76,744)    92,650    (196,103)  (58,600)
  Glenn Arms          54,320     34,800     172,157   132,100
  Hedin Associates     5,493     12,500      25,748    44,100
  Himbola Manor       31,371     11,300      65,221    73,300
  Marlton Manor, Ltd. 13,301    138,850    (182,389)  185,900
  W Street              (587)   (12,350)  1,383,707   (36,450)
                      38,641    277,750   1,310,549   340,350

                  $   38,641  $ 277,750  $1,310,549 $ 418,345

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 September 30, 2003, the Partnership had management fees and
liquidation fees payable to the General Partner of $188,794.
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.

Item 3 - Controls and Procedures

The principle executive officer and principal financial
officer of the General Partner, who are the equivalent of the
Partnership's principal executive officer and principal
financial officer, respectively, have, within 90 days of the
filing date of this quarterly report, evaluated the
effectiveness of the Partnership's disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14(c) and
15d-14(c)) and have determined that such disclosure controls
and procedures are adequate.  There have been no significant
changes in the Partnership's internal controls or in other
factors that could significantly affect the Partnership's
internal controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or
material weaknesses exist in the Partnership's internal
controls.  Accordingly, no corrective actions have been taken.

               PART II - OTHER INFORMATION


Items 1 through 5 not applicable
Item 6 Exhibits and Reports on Form 8-K
     a) Exhibits
        99  Certification pursuant to 18 U.S.C. Section 1350,
            as adopted pursuant to Section 906 of the
            Sarbanes-Oxley Act of 2002.

     b) Reports on Form 8-K
        The registrant has not filed a report on Form 8-K
        during the quarter ending September 30, 2003.



                   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:  November 12, 2003
/s/Paul H. Pfleger
Paul H. Pfleger
Chairman of the Board
Interfinancial Real Estate Company,
equivalent of the
Chief Executive Officer of the Partnership




Date:  November 12, 2003
/s/John M. Orehek
John M. Orehek
Senior Vice President
Interfinancial Real Estate Company,
equivalent of the
Chief Financial Officer of the Partnership


                         Certification


I Paul H. Pfleger, certify that:

1) I have reviewed this quarterly report on Form 10-QSB of
Urban Improvement Fund Limited - 1973;

2) Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in the
light of the circumstances under which such statements were
made, not misleading with respect to the period covered by
this quarterly report;

3) Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flow of the registrant as of,
and for, the periods presented in this quarterly report;

4) The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and we have:

a. Designed such disclosure controls and procedures to ensure
that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b. Evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to
the filing date of this quarterly report (the "Evaluation
Date"); and

c. Presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based
on our evaluation as of the Evaluation Date;

5) The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent
functions):

a. All significant deficiencies in the design or operation of
internal controls which would adversely affect the
registrant's ability to record, process, summarize and report
financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b. Any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrant's internal controls;

6) The registrant's other certifying officers and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and
material weaknesses.

Date:  November 12, 2003
/s/Paul H. Pfleger
Paul H. Pfleger
Chairman of the Board
Interfinancial Real Estate Company,
equivalent of the
Chief Executive Officer of the Partnership


                        Certification


I John M. Orehek, certify that:

1) I have reviewed this quarterly report on Form 10-QSB of
Urban Improvement Fund Limited - 1973;

2) Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in the
light of the circumstances under which such statements were
made, not misleading with respect to the period covered by
this quarterly report;

3) Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flow of the registrant as of,
and for, the periods presented in this quarterly report;

4) The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and we have:

a. Designed such disclosure controls and procedures to ensure
that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b. Evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to
the filing date of this quarterly report (the "Evaluation
Date"); and

c. Presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based
on our evaluation as of the Evaluation Date;

5) The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent
functions):

a. All significant deficiencies in the design or operation of
internal controls which would adversely affect the
registrant's ability to record, process, summarize and report
financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b. Any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrant's internal controls;

6) The registrant's other certifying officers and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and
material weaknesses.

Date:  November 12, 2003
/s/John M. Orehek
John M. Orehek
Senior Vice President
Interfinancial Real Estate Company,
equivalent of the
Chief Financial Officer of the Partnership


                Certification of CEO and CFO
            Pursuant to 18 U.S.C. Section 1350,
            as Adopted Pursuant to Section 906
            of the Sarbanes-Oxley Act of 2002



In connection with the Quarterly Report on Form 10-QSB of
Urban Improvement Fund - 1973 (the "Partnership"), for the
quarterly period ended September 30, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the
"Report"), Paul H. Pfleger, as the equivalent of the Chief
Executive Officer of the Partnership, and John M. Orehek as
the equivalent of the Chief Financial Officer of the
Partnership, each hereby certifies, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of his
knowledge:

1) The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities and Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of the Partnership.











/s/Paul H. Pfleger
Name:  Paul H. Pfleger




/s/John M. Orehek
Name:  John M. Orehek


This certification accompanies the Report pursuant to Section
906 of the Sarbanes-Oxley Act of 2002 and shall not, except to
the extent required by the Sarbanes-Oxley Act of 2002, be
deemed filed by the Partnership for purposes of Section 18 of
the Securities and Exchange Act of 1934, as amended.