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, 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

                               June 30,      December 31,
                                 2003           2002

Cash                        $ 1,188,670      $   864,805

Prepaid expenses                  6,201                0

Investments in and
advances to Local
Limited Partnerships
accounted for
on the equity method          21,446,905      21,649,400

                             $22,641,776     $22,514,205


             LIABILITIES AND PARTNERS' CAPITAL

Accounts payable             $         0     $    87,301

Distribution payable               1,634          1,634

Management fee payable           154,548        115,987
                                 156,182        204,922

Partners' Capital:

General Partner -
621 Partnership units
authorized, issued and
outstanding                    1,124,103     1,115,298

Limited Partners - 11,796
Partnership units
authorized, issued
and outstanding               21,361,491    21,193,985
                              22,485,594    22,309,283

Total Liabilities and
Partners' Capital            $22,641,776   $22,514,205




Unaudited.  See accompanying notes to Financial Statements.


           CAPITALIZATION AND PARTNERS CAPITAL

	URBAN IMPROVEMENT FUND LIMITED - 1973
	(A Limited Partnership)




                                  June 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               19,322,969     19,322,970

Income for the six-month
period ended June 30, 2003       1,101,312              0
                                20,424,281     19,322,970

Partners' Capital at
End of Period                  $22,485,594    $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 Six-Month
                     Period Ended          Period Ended
                       June 30,              June 30,
                   2003      2002        2003        2002

Revenues      $   2,971   $   8,721   $   5,308   $  17,502

Cost and
expenses:

Professional
Fees             11,000       10,935     22,000     36,177

Management fee   49,247       15,000     98,493     30,000

Liquidation fee       0            0     48,003          0

Other expense       975        1,349      3,674     15,411

Amortization      1,539        2,156      3,734      4,392
                 62,761       29,440    175,904     85,980

Income (loss)
before equity
in income of
Local Limited
Partnerships     (59,790)   (20,719)   (170,596)   (68,478)

Equity in
income (loss)
of Local
Limited
Partnerships    (81,666)    (21,000)   1,271,908    140,592

Net income
(loss)        $(141,456)  $ (41,719)  $1,101,312  $  72,114

Allocation of net income:

Net income
(loss)
Allocated
to General
Partner       $  (7,073)  $  (2,088)  $   55,066  $   3,606

Net income
(loss)
allocated
to Limited
Partners       (134,383)    (39,631)   1,046,246     68,508

              $(141,456)  $ (41,719)  $1,101,312  $  72,114

Net income
allocated to
Limited
Partners per
Limited
Partnership
Unit (11,796
Units
Outstanding at
June 30, 2003
and 2002)     $     (11)  $      (3)  $      89  $       5



Unaudited.  See accompanying notes to Financial Statements.


              STATEMENTS OF CASH FLOWS

          URBAN IMPROVEMENT FUND LIMITED - 1973
                (A Limited Partnership)



                                  For the Three-Month
                                      Period Ended
                                        June 30,
                                    2003         2002
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income                    $  (141,456)    $  (41,759)
Adjustments to reconcile net
income to net cash used by
operating activities:
Amortization                        1,539          2,196
Equity in income of local
limited partnerships               81,666         21,000
Increase (decrease) in
accounts payable, manage-
ment fees payable and
payable to affiliates              97,997       (107,847)
 Total adjustments                181,202        (84,651)
 Net cash used by
 operating activities              39,746       (126,410)

CASH FLOWS FROM INVESTING
ACTIVITIES:
Current period distributions             0             0
Net advances to local limited
Partnerships                      (128,206)     (929,213)
Net cash provided by
investing activities              (128,206)     (929,213)

CASH FLOWS FROM FINANCING
ACTIVITIES:
Distributions to partners                0    (1,960,060)
                                         0    (1,960,060)

NET DECREASE IN CASH AND
CASH EQUIVALENTS                   (88,460)   (3,015,683)

CASH BALANCE AT BEGINNING
OF PERIOD                        1,277,130     3,577,730

CASH BALANCE AT END
OF PERIOD                       $1,188,670    $  562,047

                                    For the Six-Month
                                      Period Ended
                                         June 30,
                                    2003          2002
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income                       $1,101,312   $   72,114
Adjustments to reconcile net
income to net cash used by
operating activities:
Amortization                          3,734        4,392
Equity in income of local
limited partnerships             (1,271,907)    (140,592)
Increase (decrease) in
accounts payable, manage-
ment fees payable and
payable to affiliates               (54,941)     (86,156)
 Total adjustments               (1,323,114)    (222,356)
 Net cash used by
 operating activities              (221,802)    (150,242)

CASH FLOWS FROM INVESTING
ACTIVITIES:
Current period distributions        878,477       77,992
Net advances to local limited
Partnerships                        592,191   (1,080,037)
 Net cash provided by
 investing activities             1,470,668   (1,002,045)

CASH FLOWS FROM FINANCING
ACTIVITIES:
Distributions to partners          (925,001)  (1,960,060)
                                   (925,001)  (1,960,060)

NET DECREASE IN CASH
AND CASH EQUIVALENTS                323,865   (3,112,347)

CASH BALANCE AT
BEGINNING OF
PERIOD                              864,805    3,674,394

CASH BALANCE AT END
OF PERIOD                        $1,188,670   $  562,047



Unaudited.  See accompanying notes to Financial Statements.


         NOTES TO SUMMARIZE FINANCIAL INFORMATION
                     June 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
six-month period ended June 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 June 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 June 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 June
30, 2003, the maximum fee of $49,246 has been accrued.  At
June 30, 2003, management fees of $106,545 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
June 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:

                         June 30, 2003   December 31, 2002

Capital contributions     $11,488,974       $11,794,474
Distributions              (2,047,023)       (2,014,175)
Equity in income (losses)  11,558,046        10,797,511
Advances                      227,333           820,100
Unamortized costs
of acquisitions               219,575           251,490

                          $21,446,905       $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 June 30, 2003.

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

                  For the Three-Month  For the Six-Month
                     Period Ended        Period Ended
                        June 30,            June 30,
                  2003         2002     2003       2002
Distribution
Received from
partnerships
with zero
investment:
 Edgewood II   $        0  $       0  $       0  $  77,992

Income from
investments
with non-zero
investment:
 WOGO of Fresno    11,955          0    30,7220         0
 The Alexander    (72,089)   (54,400)  (119,359) (151,250)
 Glenn Arms        44,107     61,950    117,838    97,300
 Hedin Associates     965      3,050     20,255    31,600
 Himbola Manor     31,295     35,800     33,850    62,000
 Marlton Manor,
 Ltd.             (97,899)   (55,450)  (195,691)   47,050
 W Street               0    (11,950) 1,384,292   (24,100)
                  (81,666)   (21,000) 1,271,907    62,600

                $ (81,666) $ (21,000) $1,271,907 $ 140,592

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 June 30, 2003, the Partnership had management fees and
liquidation fees payable to the General Partner of
$154,548. 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 June 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:  August 22, 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:  August 22, 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:  August 22, 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:  August 22, 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 June 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.