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, 2004

                               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 0-8071

             URBAN IMPROVEMENT FUND LIMITED - 1974
(Exact name of small business issuer (Issuer) as specified in
its charter)

          California                            95-6504946
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 - 1974
                         (A Limited Partnership)


                                 ASSETS

                                     June 30,    December 31,
                                       2004          2003

Cash and cash equivalents          $ 1,209,727   $ 1,229,640
Prepaid expenses                        72,172             0
Investments in and advances
 to Local Limited Partnerships
 accounted for on the equity
 method                              8,716,533     8,912,540
Deposits                               782,678       484,874

Total Assets                       $10,781,110   $10,627,054


                    LIABILITIES AND PARTNERS' CAPITAL

Management fee payable              $        0    $     7,558
Distribution payable                     2,096          2,096
                                         2,096          9,654
Partners' Capital:
 General Partner - 115
  partnership units
  authorized, issued
  and outstanding                      107,790        106,174

 Limited Partners - 11,394
  Partnership units
  authorized, issued and
  outstanding                       10,671,224     10,511,226
                                    10,779,014     10,617,400

Total Liabilities and
 Partners' Capital                 $10,781,110    $10,627,054



Unaudited.  See accompanying notes to financial statements.


                 CAPITALIZATION AND PARTNERS' CAPITAL

                URBAN IMPROVEMENT FUND LIMITED - 1974
                      (A Limited Partnership)



                                    June 30,    December 31,
                                      2004           2003
General Partner Interest -
 115 Partnership units issued
 and outstanding                  $   115,192     $   115,192

Limited Partners' Interest -
 11,394 Partnership units
 issued and outstanding            11,404,000      11,404,000
                                   11,519,192      11,519,192

Offering Expenses                  (1,315,039)     (1,315,039)

Distributions to Partners          (4,163,075)     (4,163,075)

Accumulated earnings through
 December 31, 2003                  4,576,322       4,576,322

Income for six-month period
 Ended June 30, 2004                  161,614               0
                                     (740,178)       (901,792)

Partners' Capital at End
 of Period                        $10,779,014     $10,617,400



Unaudited.  See accompanying notes to financial statements.


                           STATEMENTS OF INCOME
                  URBAN IMPROVEMENT FUND LIMITED - 1974
                         (A Limited Partnership)

                               For the Three-Month
                                  Period Ended
                                     June 30,
                                2004          2003

Revenues                    $   3,000      $   2,598

Cost and expenses:

Professional fees               5,000          5,500

Management fee                 44,267         45,729

Other expenses                 21,848          5,078

Amortization                    1,129          1,129
                               72,244         57,436

Loss before equity
 of Local Limited
 Partnerships                 (69,244)       (54,838)
Equity in net income
 of Local Limited
 Partnerships                  87,861        125,246

Net Income (loss)          $   18,617     $   70,408

Allocation of net income:

Net income (loss)
 Allocated to
 General Partner           $      186	$      704

Net income (loss)
 Allocated to
 Limited Partners              18,431         69,704

                           $   18,617     $   70,408

Net income (loss)
 allocated to
 Limited Partners
 per Limited
 Partnerships Unit
 (11,394 units out-
 standing at June 30,
 2004 and 2003)             $       1     $        6

                                 For the Six-Month
                                    Period Ended
                                      June 30,
                                 2004         2003

Revenues                    $    4,991     $   6,480

Cost and expenses:

Professional fees               10,000        11,000

Management fee                  88,533        91,458

Other expenses                  23,837         8,794

Amortization                     2,258         2,258
                               124,628       113,510

Loss before equity
 of Local Limited
 Partnerships                 (119,637)     (107,030)
Equity in net
 income of Local
 Limited Partnerships          281,251       285,860

Net Income (loss)           $  161,614    $  178,830

Allocation of net income:

Net income (loss)
 Allocated to
 General Partner            $    1,616     $    1,788

Net income (loss)
 Allocated to
 Limited Partners              159,998        177,042

                            $  161,614     $  178,830

Net income (loss)
 Allocated to
 Limited Partners
 per Limited
 Partnerships Unit
 (11,394 units out-
 standing at June 30,
 2004 and 2003)              $       14    $       16



Unaudited.  See accompanying notes to financial statements.


                STATEMENTS OF CASH FLOWS

          URBAN IMPROVEMENT FUND LIMITED - 1974
                 (A Limited Partnership)



                                    For the Three-Month
                                        Period Ended
                                           June 30,
                                     2004           2003

CASH FLOWS FROM OPERATING
 ACTIVITIES:
 Net income (loss)              $   18,617      $   70,408
 Adjustments to
 Reconcile net
 income to net
 cash used by
 operating
 activities:
 Amortization of initial
  and rent-up fees                   1,129           1,129
 Equity in net income
 of local limited
 partnerships                      (87,861)       (125,246)
 Increase (decrease)
 in trade accounts
 payable, accrued
 management fees
 and prepaid expenses               31,267        (160,772)
 Total adjustments                  55,465        (284,889)
 Net cash used by
  operating activities             (36,848)       (214,481)

CASH FLOWS FROM
 INVESTING
 ACTIVITIES:
 Distribution received                   0         425,300
 Increase (decrease)
 in deposits                      (132,653)              0
 Net cash provided by
 investing activities             (132,653)        425,300

NET INCREASE
 (DECREASE) IN CASH
 AND CASH EQUIVALENTS             (169,501)        210,819

CASH BALANCE AT
 BEGINNING OF
 PERIOD                          1,379,228       2,338,389

CASH BALANCE AT
 END OF PERIOD                  $1,209,727      $2,549,208


For the Six-Month
      Period Ended
        June 30,
   2004      2003

CASH FLOWS FROM
 OPERATING
 ACTIVITIES:
 Net income (loss)               $  161,614     $  178,830
 Adjustments to
 Reconcile net
 income to net
 cash used by
 operating
 activities:
 Amortization of
 Initial and
 rent-up fees                         2,258          2,258
 Equity in net
 income of local
 limited partner-
  ships                            (281,251)      (285,860)
 Increase (decrease)
 In trade accounts
 payable, accrued
 management fees
 and prepaid expenses               (79,730)      (116,042)
 Total adjustments                 (358,723)      (399,644)
 Net cash used by
 operating activities              (197,109)      (220,814)

CASH FLOWS FROM
 INVESTING
 ACTIVITIES:
 Distribution received              475,000        425,300
 Increase (decrease)
 in deposits                       (297,804)       200,290
 Net cash provided by
 investing activities               177,196        625,590

NET INCREASE (DECREASE)
 IN CASH AND CASH
 EQUIVALENTS                        (19,913)       404,776

CASH BALANCE AT
 BEGINNING OF
 PERIOD                           1,229,640      2,144,432

CASH BALANCE AT
 END OF PERIOD                   $1,209,727     $2,549,208



Unaudited.  See accompanying notes to financial statements.


            NOTES TO SUMMARIZE FINANCIAL INFORMATION
                           June 30, 2004

              URBAN IMPROVEMENT FUND LIMITED - 1974
                        (A Limited Partnership)

Note 1 - Organization - Urban Improvement Fund Limited - 1974
(the Partnership) was formed under the California Uniform
Limited Partnership Act on January 13, 1974, for the principal
purpose of investing in other limited partnerships (Local
Limited Partnerships), which own federal and state-assisted
housing projects.  The Partnership issued 11,404 units of
limited partnership interest pursuant to a public offering of
such units which terminated on December 31, 1974.  The
Partnership also issued 115 units of general partnership
interest to Interfinancial Real Estate Management Company (the
General Partner).

The Urban Improvement Fund Limited -1974 prospectus, dated
July 23, 1974, specified that the General Partner will have at
least a one percent interest in profits, losses and special
allocations, and the limited partners will share the remainder
of the interest in profits, losses and special allocations in
proportion to their respective units of limited partnership
interests.  It is the General Partners' intention to allocate,
for income tax and financial reporting purposes, the profits,
losses and special allocations in the ratio of ninety-nine
percent to the limited partners and one percent to the General
Partner.

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, 2004 are not necessarily indicative of the results that
may be expected for the fiscal year ending December 31, 2004.

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, 2003.

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, 2004, the
Partnership has investments in eight 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 (fifteen 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 is required 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, 2004 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.

Management of Urban Improvement Fund Limited - 1974

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 $182,919.  (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  $57,020.)  In 2004, the
maximum annual management fee of $182,919 will be earned and
recorded as an expense of the Partnership.

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.  No liquidation
fees were paid to the General Partner during 2003 and 2002.

The General Partner of the Partnership is a corporation in
which Paul H. Pfleger is the sole shareholder.  Partnership
Services, Inc. (PSI), another corporation in which Paul H.
Pfleger is the sole shareholder, has contracted with the
General Partner and the Partnership to provide certain
management and other services to any projects in which the
Partnership has an interest.  No fees were paid to PSI during
2004 or 2003.  In addition, as shown in the following table,
PSI has become the General Partner in one of the Local Limited
Partnerships in which the Partnership has or had investments:

                                       Date PSI Became
Local Limited Partnership              General Partner

Notre Dame Apartments                  March 1977 to
                                         December 2002
Capitol Hill Associates                December 1978

The General Partner of the following partnerships has
been replaced with an entity which is controlled by Paul H.
Pfleger:

Local Limited Partnership                     Date

Notre Dame Apartments                    December 2000
Monatiquot Village                       February 2000

Note 3 - Investments in Local Limited Partnerships - As of
June 30, 2004, the Partnership has investments in nine 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, 2004      December 31, 2003

Capital contributions    $ 8,240,996          $ 8,240,996

Distributions             (6,792,642)          (6,317,642)

Equity in losses           6,736,234            6,454,983

Advances                     164,605              164,605

Unamortized costs
 of acquisitions             367,340              369,598

                         $ 8,716,533          $ 8,912,540

Item 2 - Management's Discussion and Analysis of Financial
         Condition and Results 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 $182,919 (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 $57,020).  The Partnership
recorded management fee expense of $88,533 for the six months
ended June 30, 2004 (maximum fee) and $91,458 for the six
months ended June 30, 2003 (minimum fee).

The components of the Partnership's equity in income of the
Local Limited Partnerships for the six months ended June 30,
2004 and 2002, is summarized as follows:

                   For the Three-Month     For the Six-Month
                       Period Ended         Period Ended
                          June 30,              June 30,
                      2004       2003       2004       2003

Income (loss
 from Investments
 with non-zero
 investment:
  Notre Dame     $ (87,448)  $ (47,027)  $(71,677)  $(94,054)
  Capitol Hill      34,910      29,177     70,195     58,354
  Monatiquot
  Village
  Associates       140,399      97,797    282,733    276,261
Distributions
 from zero
 investments:
  51st and King          0      34,646          0     34,646
  Norway Housing         0      10,653          0     10,653

                 $  87,861   $ 125,246  $ 281,251  $ 285,860

The Partnership's only source of cash flow is from
distributions from its investments in 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.

Six of 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.  Monatiquot Village Associates
and Notre Dame Apartments have no restriction on distributions
and their General Partner is an affiliate of the General
Partner of the Issuer.

The distributions in 2004 were $475,000.  The General Partner
anticipates it will receive adequate distributions from the
Local Limited Partnerships to maintain operations.

There is no guarantee that the Local Limited Partnerships will
generate sufficient cash flow to distribute to the Partnership
amounts sufficient to repay all advances.  If not repaid by
cash flow from operating, they will most likely be repaid with
proceeds from the sale or refinancing proceeds from the Local
Limited Partnerships.

Capital Resources

The General Partner believes that situations may arise where
it would be advantageous to the Partnership 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 may 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 are made, it is likely that the acquired
properties will be conventional, multi-family residential
projects.

The partnership has made no material commitments for capital
expenditures.

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 March 31, 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 - 1974
                       (Issuer)
         By:  Interfinancial Real Estate Management
                    Company, General Partner





Date:  October 13, 2004     /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:  October 13, 2004    /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 - 1974;

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:  October 13, 2004   /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 - 1974;

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:  October 13, 2004   /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 - 1974 (the "Partnership"), for the
quarterly period ended March 31, 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.