UNITED STATES

                     SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                 FORM 10-Q

[ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
       OF THE SECURITIES EXCHANGE ACT OF 1934

        For the quarterly period ended September 30, 1997

                               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 registrant as specified in its charter)

          California                                       95-6442510     
State or other jurisdiction of                          (I.R.S. Employer   
incorporation or organization                          Identification No.)

1201 Third Avenue, Suite 5400, Seattle, Washington        98101 3076    
(Address of principal executive offices)                  (ZIP code)    

Registrant's telephone number, including area code:   (206) 622-9900  


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months and (2) has been subject to
such filing requirements for the past 90 days.  Yes X     No

<PAGE>
                   PART I   FINANCIAL INFORMATION

                    Item 1   Financial Statements

                           BALANCE SHEETS

              URBAN IMPROVEMENT FUND LIMITED - 1973
                      (A Limited Partnership)

                            ASSETS
<TABLE>
<S>
                                             <C>                      <C>
                                       September 30,         December 31,
                                           1997                  1996    

Cash                                   $   450,022          $   271,692 

Investments in and advances
 to Local Limited Partnerships
 accounted for on the equity
 method                                  4,365,315            3,469,756 

                                        $4,815,337           $3,741,448 

                         LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                        $      -0-           $      556 
Distribution payable                         1,634                1,634 
Management fee payable                      28,387               90,510 
                                            30,021               92,700 

Partners' Capital:
  General Partner - 621
  Partnership units 
  authorized, issued
  and outstanding                          239,244              182,416 

 Limited Partners - 11,811
  Partnership units
  authorized, issued
  and outstanding                        4,546,072            3,466,332 
                                         4,785,316            3,648,748 

Total Liabilities and
  Partners' Capital                    $ 4,815,337          $ 3,741,448 
</TABLE>
Unaudited.  See accompanying notes.


<PAGE>
                    CAPITALIZATION AND PARTNERS CAPITAL

                    URBAN IMPROVEMENT FUND LIMITED 1973
                             (A Limited Partnership)
<TABLE>
<S>
                                              <C>                       <C>
                                      September 30,             December 31,
                                          1997                       1996     
General Partner Interest - 621
 Partnership units issued
 and outstanding                      $   621,316             $    621,316  

Limited Partners' Interest - 
 11,811 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              (1,448,178)              (1,448,178) 

Accumulated loss through
  December 31, 1996                    (6,084,554)              (6,084,554) 

Income for the six month
 period ended
 June 30, 1997                          1,136,568                      -0-  
                                       (4,947,986)              (6,084,554) 

Partners' Capital at
 End of Period                       $  4,785,316             $  3,648,748  
</TABLE>


Unaudited.  See accompanying notes.

<PAGE>

                              STATEMENTS OF INCOME

                      URBAN IMPROVEMENT FUND LIMITED   1973
                              (A Limited Partnership)
<TABLE>
<S>
                                               <C>                      <C>
                            For the Three-Month         For the Nine-Month
                               Period Ended                Period Ended
                               September 30,               September 30,
                            1997           1996         1997          1996

 Revenues               $   4,165       $   2,702    $   12,332    $   6,118 

Cost and expenses:

  Professional fees        13,250           1,655        27,300       29,245 

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

  Other expense             6,046           7,016         9,174        9,185 

Amortization                2,526           2,386         7,578        7,158 
                           36,822          26,057        89,052       90,588 

Loss before equity
in income of Local
Limited Partnerships      (32,657)        (23,355)      (76,720)     (84,470)

Equity in income of
 Local Limited
 Partnerships             159,202         386,397     1,213,288      949,467 

 Net income             $ 126,545       $ 363,042    $1,136,568    $ 864,997 

Allocation of net income:

 Net income allocated
  to General Partner    $   6,327       $  18,152    $   56,828    $ 43,250 
 
  Net income allocated
  to Limited Partners     120,218         344,890     1,079,740     821,747 

                        $ 126,545       $ 363,042    $1,136,568   $ 864,997 

Net income allocated 
to Limited Partners 
per Limited Partnership
Unit (11,811 units out-
standing  at June 30,
1997 and 1996)          $       10      $      29    $       91    $     70 
</TABLE>


Unaudited.  See accompanying notes.
<PAGE>

                            STATEMENTS OF CASH FLOWS

                       URBAN IMPROVEMENT FUND LIMITED   1973
                            (A Limited Partnership)
<TABLE>
<S>
                                          <C>                          <C>
                          For the Three-Month           For the Nine-Month
                              Period Ended                 Period Ended
                              September 30,                 September 30,
                          1997           1996           1997          1996

CASH FLOWS FROM
 OPERATING
 ACTIVITIES:
 Net income            $ 126,545      $ 363,042      $1,136,568    $ 864,997 
 Adjustments to
 reconcile net
 income to net
 cash used by
 operating
 activities:
 Amortization              2,524          2,386           7,578       7,158 
Equity in income
of local limited
partnerships            (159,202)      (386,397)     (1,213,288)   (949,467)
 Increase (decrease)
 in accounts payable,
 management fees
 payable and pay-
 able to affiliates          -0-            -0-         (62,681)        -0-
  Total adjustments     (156,678)      (384,011)     (1,268,391)   (942,309)
  Net cash used by
 operating activities    (30,133)       (20,969)       (131,823)    (77,312)

CASH FLOWS FROM
 INVESTING 
ACTIVITIES:
 Current period 
  distributions         (188,121)       131,875         286,265     219,130 
 Net advances paid
 by (repaid from)
 local limited
 partnerships             28,295        (10,000)         23,888      20,959 
  Net cash provided by
 investing activities   (159,826)       121,875         310,153     240,089 

NET INCREASE
 (DECREASE) IN
 CASH  AND CASH 
 EQUIVALENTS            (189,959)       100,906         178,330     162,777 

CASH BALANCE AT
 BEGINNING OF
 PERIOD                  639,981        191,986         271,692     130,115 

CASH BALANCE
AT END OF PERIOD       $ 450,022      $ 292,892       $ 450,022   $ 292,892 
</TABLE>

Unaudited.  See accompanying notes.

<PAGE>
                        NOTES TO SUMMARIZE FINANCIAL INFORMATION
                                   September 30, 1997

                       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 June 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 - 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.

<PAGE>

Repayment of advances and cash distributions by the Local Limited Partner-
ships, after the Partnership investment has been reduced to zero, are
recognized as income by the Partnership in the period received.  Additional
advances to Local Limited Partnership, after an investment is reduced to
zero, are recognized as losses in the period paid.

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.

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 $133,770 (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 will also pay the
General Partner a liquidation fee for the sale of projects.

<PAGE>

The General Partner of the Partnership is a corporation in which Paul H. 
Pfleger has a majority interest.  Partnership Services, Inc. (PSI), another
corporation in which Paul H. Pfleger is a majority shareholder, has con-
tracted 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 has
become the General Partner in fourteen of the Local Limited Partnerships
in which the Partnership has investments:

<TABLE>
<S>
                                                                <C>
                                                     Date PSI Became
  Local Limited Partnerships                         General Partner

  Antonia Manor                                        April 1975

  Glenn Arms Associates                                April 1975

  Hedin House Associates                               December 1978

  Himbola Manor                                        January 1980

  Maria Manor                                          April 1975

  Marlton Manor Associates                             April 1975

  OGO Associates of Los Arboles                        August 1976

  OGO Associates of Mountclef                          August 1976

  Sheridan Manor IV                                    March 1975

  Sheridan Manor X                                     March 1975

  The Alexander                                        April 1975

  WOGO Associates of Carondelet                        August 1976

  WOGO Associates of Fresno                            August 1976

  W Street Associates                                  December 1977
</TABLE>

<PAGE>

Note 4 - Investments in Local Limited Partnerships - As of September 30, 1997
and December 31, 1996, the Partnership has investments in nineteen 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:
<TABLE>
<S>
                                             <C>                     <C>
                                 September 30, 1997        December 31, 1996

Capital contributions                $6,445,579               $ 6,445,579
Distributions                        (2,408,420)               (2,122,155)
Equity in losses                     (1,290,560)               (2,503,849)
Advances                                649,475                   673,363
Unamortized costs of
 acquisitions                           969,241                   976,818
                                    $ 4,365,315               $ 3,469,756
</TABLE>

                      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 invest-
ments.  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.

<PAGE>

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 $133,770 (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, 1997 and 1996.

The components of the Partnership's equity in net income (loss) of the Local
Limited Partnerships for September 30, 1997 and 1996, is summarized as
follows:

<TABLE>
<S>
                                          <C>                         <C>
                             For the Three Month          For the Nine Month
                                Period Ended                 Period Ended
                                September 30,                September 30,
                             1997           1996          1997          1996

Distributions received
from  partnerships with
zero investment
  OGO Associates of
  Mountclef              $ (357,685)     $     -0-      $     -0-  $      -0- 
  OGO Associates of
 Los Arboles                    -0-            -0-          4,614         -0- 
 WOGO Associates of
 Carondelet                     -0-            -0-         24,460         -0- 
  Sheridan Manor X              -0-            -0-          1,939         -0- 
  Mystic Valley             163,727        131,875        163,727     131,875 
 Edgewood II                  5,838            -0-          5,838         -0- 

                         $ (188,120)     $ 131,875     $  200,578 $   131,875

Repayment from
 (advances to)
  partnerships 
 with zero
 investment
 Glenn Arms                     -0-           -0-             -0-      21,263 
 Freedom
 Associates                      12           -0-             -0-         -0- 
 Himbola Manor                    6           -0-             -0-         -0- 
 OGO Associates
of Mountclef                    -0-        (5,000)         (1,070)      2,272 
 OGO Associates of
Los Arboles                     -0-        (5,000)         24,448       4,907 
 Sheridan Manor X               -0-           -0-          23,299      (1,754)
WOGO Associates
of Carondelet                28,295           -0-           9,006      (2,405)
WOGO Fresno                     -0-           -0-             -0-        (257)
                             28,313       (10,000)         55,683      24,026 

Income from investments
with non-zero investment:
The Alexander                87,659        80,670         262,977     242,010 
Antonia Manor                55,484        35,908         166,452     107,724 
Glenn Arms                   29,179           -0-          87,537         -0- 
Hedin Associates             11,924         3,195          35,772       9,585 
Maria Manor                  64,757        52,865         194,271     158,595 
Marlton Manor, Ltd.          56,032        79,504         168,096     238,512 
Sheridan IV                  13,974        12,380          41,922      37,140 
                            319,009       264,522         957,027     793,566 

                          $ 159,202     $ 386,397      $1,213,288   $ 949,467 
</TABLE>

<PAGE>

                                      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, 1997.

<PAGE>
                                      SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.




URBAN IMPROVEMENT FUND LIMITED 1973
             (Registrant)
 By:  Interfinancial Real Estate Management
      Company, General Partner



Date   December 10, 1997

       Michael Fulbright
           (Signature)
By:  Michael Fulbright, Secretary



Date December 10, 1997

         John Orehek
         (Signature)
By:  John M. Orehek, Senior Vice President