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, 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

                          September 30,      December 31,
                               2002              2001

Cash                       $   399,093      $  3,674,394

Receivable from affiliates      21,440            21,440

Investments in and
 advances to Local
 Limited Partnerships
 accounted for on the
 equity method              22,852,381        21,332,970

                           $23,272,914       $25,028,804


LIABILITIES AND PARTNERS' CAPITAL

Accounts payable           $        0        $     1,169

Distribution payable            1,634              1,634

Management fee payable         15,000            129,987
                               16,634            132,790

Partners' Capital:

General Partner - 621
 Partnership units
 authorized, issued
 and outstanding             1,162,659         1,244,635

Limited Partners -
 11,796 Partnership
 units authorized,
 issued and outstanding     22,093,621        23,651,379
                            23,256,280        24,896,014

Total Liabilities and
 Partners' Capital         $23,272,914      $25,028,804




Unaudited.  See accompanying notes.



CAPITALIZATION AND PARTNERS CAPITAL

URBAN IMPROVEMENT FUND LIMITED - 1973
(A Limited Partnership)




                                  September 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 nine-
 month period ended
 September 30, 2002                    320,326                0
                                    10,823,964       12,463,698

Partners' Capital at
 End of Period                     $23,256,280      $24,896,014






Unaudited.  See accompanying notes.



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,
                    2002         2001         2002        2001

Revenues        $    4,728    $  25,303   $  22,230    $  59,950

Cost and expenses:

 Professional fees  15,606        7,500      51,784       43,697

 Management fee     15,000       15,000      45,000       45,000

 Liquidation fee         0      140,482           0      140,482

 Other expense       1,466        8,946      16,877       29,565

Amortization         2,196          395       6,588        1,827
                    34,268      172,323     120,249      260,571
Income (loss)
 before equity
 in income of
 Local Limited
 Partnerships      (29,540)    (147,020)    (98,019)    (200,621)

Equity in income
 (loss) of Local
 Limited
 Partnerships      277,750    2,060,814     418,345   2,490,777

Net income
 (loss)         $  248,210   $1,193,794   $ 320,326  $2,290,156

Allocation of
 net income:

  Net income
 (loss)
 allocated
 to General
 Partner        $   12,410   $   95,690   $  16,016  $  114,508

  Net income
 (loss)
 allocated
 to Limited
 Partners          235,800    1,818,104     304,310   2,175,648

                $  248,210   $1,913,794   $ 320,326  $2,290,156

Net income
 Allocated
 to Limited
 Partners per
 Limited
 Partnership
 Unit (11,796
 units out-
 standing at
 September 30,
 2002 and 2001) $       19   $      154   $      25  $      184

Unaudited.  See accompanying notes.


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,
                   2002       2001           2002         2001
CASH FLOWS
 FROM OPERATING
 ACTIVITIES:
Net income    $  248,210   $ 1,913,794   $  320,326   $ 2,290,156
Adjustments
 to reconcile
 net income
 to net cash
 used by
 operating
 activities:
  Amortization     2,196           395        6,588        1,827
Equity in
 income of
 local
limited
 partnerships   (277,750)   (2,060,814)    (418,345)  (2,490,777)
Increase in
 distribution
 and affiliate
 receivable            0       103,887            0       90,477
Increase
 (decrease)
 in accounts
 payable,
 management
 fees payable
 and payable
 to affiliates   (30,000)       (11,428)   (116,156)     (21,890)
  Total
   adjustments  (305,554)    (1,967,960)   (527,913)  (2,420,363)
Net cash used
 By operating
 Activities      (57,344)       (54,166)   (207,587)    (130,207)

CASH FLOWS FROM
 INVESTING ACTIVITIES:
Current period
 Distributions         0      2,101,081      77,992     2,101,081
Net advances to
 local limited
 partnerships   (105,610)       (73,287) (1,185,646)    (237,787)
Net cash
 provided by
 investing
 activities     (105,610)     2,027,794  (1,107,654)    1,863,294

CASH FLOWS FROM
 FINANCING
 ACTIVITIES:
Distributions
 to partners           0       (436,841) (1,960,060)    (436,841)
                       0       (436,841) (1,960,060)    (436,841)
NET DECREASE
 IN CASH
 AND CASH
 EQUIVALENTS    (162,954)     1,536,787  (3,275,301)   1,296,246

CASH BALANCE
 AT BEGINNING
 OF PERIOD       562,047        493,120   3,674,394      733,661

CASH BALANCE
 AT END
 OF PERIOD    $  399,093    $ 2,029,907 $   399,093   $2,029,907


Unaudited.  See accompanying notes.

NOTES TO SUMMARIZE FINANCIAL INFORMATION
September 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 September 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 September 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
September 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:

                           September 30, 2002  December 31, 2001

 Capital contributions              $12,579,062  $12,579,062
 Distributions                       (4,193,519)  (4,115,527)
 Equity in income (losses)           11,578,558   11,160,213
 Advances                             2,634,598    1,448,952
 Unamortized costs of acquisitions      253,682      260,270

                                    $22,852,381  $21,332,970

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.

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 $45,000 for the nine months ended
September 30, 2002.  The components of the Partnership's equity
in net income of the Local Limited Partnerships for September 30,
2002 and 2001, is summarized as follows:

                    For the Three-Month     For the Nine-Month
                       Period Ended             Period Ended
                       September 30,            September 30,
                    2002          2001        2002        2001
Distribution
 received
 from
 partnerships
 with zero
 investment:
  Edgewood II   $        0   $         0   $  77,995   $       0

Repayment from
 (advances to)
 partnerships
 with zero
 investment:
  Himbola Manor           0      (52,325)          0     (55,325)
  W Street                0            0           0    (155,037)
                          0      (53,325)          0    (210,362)

Income from
 investments
 with non-zero
 investment:
  The Alexander      92,650       84,000     (58,600)    252,000
  Antonia Manor           0       48,750           0     146,250
  Edgewood II
  Associates              0    1,820,639           0   1,820,639
  Glenn Arms         34,800       36,000     132,100     108,000
  Hedin Associates   12,500        6,000      44,100      18,000
  Himbola Manor      11,300            0      73,300           0
  Maria Manor             0       65,000           0     195,000
  Marlton
   Manor, Ltd.      138,850       53,750     185,900     161,250
  W Street          (12,350)           0     (36,450)          0
                    277,750    2,114,139     340,350   2,701,139

                 $  277,750   $2,060,814   $ 418,345  $2,490,777

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 September 30, 2002, the Partnership had management fees
payable to the General Partner of $15,000. 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 registrant has not filed a report on Form 8-K
during the quarter ending September 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 30, 2002              /s/Michael Fulbright
                                        (Signature)
                        By:  Michael Fulbright, Secretary





Date  October 30, 2002             /s/John M. Orehek
                                       (Signature)
                        By: John M. Orehek, Senior Vice President