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, 2000

                              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 registrant 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)

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 - 1974

                        (A Limited Partnership)


                                ASSETS
<TABLE>
<CAPTION>
<S>
<C>                                  <C>                       <C>
                                     September 30,             December 31,
                                        2000                       1999

Cash and cash equivalents             $   26,005                $1,723,113
Receivable from affiliates                 7,838                    42,521
Distribution receivable                      -0-                    52,250
Deposits                                     -0-                   520,000
Investments in and advances
 to Local Limited Partnerships
 accounted for on the equity method    6,536,868                 1,606,644

               Total Assets           $6,570,711                $3,944,528


                   LIABILITIES AND PARTNERS' CAPITAL


Accounts payable                      $    5,249                $      -0-
Management fee payable                    28,510                    14,255
Distribution payable                       2,096                     2,096
Advance from General Partner              26,757                       -0-
                                          62,612                    16,351

Partners' Capital:
 General Partner - 115 Partnership
  units authorized, issued and
  outstanding                             65,081                    39,282

  Limited Partners - 11,404
   Partnership units
   authorized, issued
   and outstanding                     6,443,018                 3,888,895
                                       6,508,099                 3,928,177

Total Liabilities and
 Partners' Capital                    $6,570,711                $3,944,528
</TABLE>


Unaudited.  See accompanying notes.
<PAGE>


                 CAPITALIZATION AND PARTNERS' CAPITAL

                 URBAN IMPROVEMENT FUND LIMITED - 1974
                        (A Limited Partnership)

<TABLE>
<CAPTION>
<S>
<C>                                       <C>                 <C>
                                          September 30,       December 31,
                                              2000                 1999
General Partner Interest - 115
 Partnership units issued and
 outstanding                              $   115,192         $   115,192

Limited Partners' Interest - 11,404
 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                  (2,681,501)         (2,681,501)

Accumulated loss through
  December 31, 1999                        (3,594,475)         (3,594,475)

Income for nine-month period
  ended September 30, 2000                  2,579,922                 -0-
                                           (5,011,093)         (7,591,015)

Partners' Capital at End of Period        $ 6,508,099         $ 3,928,177
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

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

<TABLE>
<CAPTION>
<S>
<C>                       <C>            <C>          <C>            <C>
                          For the Three-Month          For the Nine-month
                             Period Ended                  Period Ended
                             September 30,                 September 30,
                          2000           1999          2000           1999
Revenues               $     268       $ 27,668    $   17,366      $ 112,777

Other income                 -0-          2,000            -0-         2,000
                             268         29,668         17,366       114,777
Cost and expenses:

 Professional fees        10,000          5,000         20,000        15,000

 Management fee           14,255         14,255         42,765        42,765

 Other expenses            1,085            373         18,218        71,200

 Amortization                833            833          2,500         2,499
                          26,173         20,461         83,483       131,464

Income (Loss) before
 equity of Local Limited
 Partnerships            (25,905)         9,207        (66,117)      (16,687)

Equity in net income
 of Local Limited
 Partnerships             71,039         (4,370)     2,646,039       103,534

Net Income            $   45,134     $    4,837     $2,579,922    $   86,847

Allocation of net income:

 Net income allocated
  to General Partner  $    4,513     $       48     $   25,799    $      868

 Net income allocated to
  Limited Partners        40,621          4,789      2,554,123        85,979

                      $   45,134     $    4,837     $2,579,922    $   86,847

Net income allocated
 to Limited Partners
 per Limited Partner-
 ships Unit (11,404
 units outstanding
 at September 30,
 2000 and 1999)       $        4      $     -0-     $      223     $       8
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>


                       STATEMENTS OF CASH FLOWS

                 URBAN IMPROVEMENT FUND LIMITED - 1974
                        (A Limited Partnership)

<TABLE>
<CAPTION>
<S>
<C>                         <C>            <C>      <C>          <C>
                            For the Three-Month     For the Nine-month
                                Period Ended          Period Ended
                                September 30,         September 30,
                             2000          1999     2000          1999
CASH FLOWS FROM
 OPERATING ACTIVITIES:
 Net income              $   45,134    $    4,837  $2,579,922   $   86,847
  Adjustments to
 reconcile net
 income to net
 cash used by
 operating activities:
  Amortization of
  initial and rent-
  up fees                       833           833       2,500        2,499
 Equity in net income
 of local limited
 partnerships               (71,039)        4,370  (2,646,039)    (103,534)
 (Increase) decrease
 in receivable from
 affiliate, distribution
 and deposit                 (7,838)          -0-     606,934      (15,000)
 Increase (decrease)
 in trade accounts
 payable and accrued
 management fees             (4,750)        3,200      46,262       (6,255)
  Total adjustments         (82,794)        8,403  (1,990,343)    (122,290)
  Net cash used by
  operating activities      (37,660)       13,240     589,579      (35,443)

CASH FLOWS FROM
 INVESTING ACTIVITIES:
 Distribution received       36,511        23,470      36,511       30,545
 Distributions paid             -0-    (1,500,000)        -0-   (1,500,000)
 Contributions for
 investment                     -0-           -0-  (2,347,154)         -0-

 Net advances repaid by
 limited partnerships        26,459       (47,500)     23,956      (37,931)

Net cash provided by
 investing activities        62,970    (1,524,030) (2,286,687)  (1,507,386)

NET DECREASE IN CASH
 AND CASH EQUIVALENTS        25,310    (1,510,790) (1,697,108)  (1,542,829)

CASH BALANCE AT
 BEGINNING OF
 PERIOD                         695     3,786,196   1,723,113    3,818,235

CASH BALANCE AT
 END OF PERIOD           $   26,005    $2,275,406  $   26,005   $2,275,406
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

             NOTES TO SUMMARIZE FINANCIAL INFORMATION
                          September 30, 2000

              URBAN IMPROVEMENT FUND LIMITED - 1974
                        (A Limited Partnership)

Note 1 - Organization - Urban Improvement Fund Limited (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.

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 (fifteen to forty
years) of the Local Limited Partnership Properties.  Amortization is discon-
tinued when the investment is reduced to zero.
<PAGE>

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 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 adjust-
ments are of a normal recurring nature.

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 respec-
tive 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.

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 $146,065 (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 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 owns a majority interest.  Partnership Services, Inc. (PSI), another
corporation in which Paul H. Pfleger is a majority 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.  In
addition, as shown in the following table, PSI has become the General Partner
in two of the Local Limited Partnerships in which the Partnership has
investments:
<TABLE>
<CAPTION>
<S>
                       <C>                                <C>
                                                          Date PSI Became
                       Local Limited Partnership          General Partner

                          Notre Dame Apartments            March 1977
                          Capitol Hill Associates          December 1978
</TABLE>

Note 3 - Investments in Local Limited Partnerships - As of September 30, 2000,
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 unamor-
tized 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 Partner-
ship intends to commit additional funds to the Local Limited Partnership.
The investments in Local Limited Partnerships are comprised of:
<PAGE>
<TABLE>
<CAPTION>
<S>
<C>                                <C>                    <C>
                                   September 30, 2000     December 31, 1999

Capital contributions                  $ 8,573,456            $ 6,226,304

Distributions                           (3,077,053)            (3,040,542)

Equity in losses                           262,500             (2,669,206)

Advances                                   167,105                191,064

Unamortized costs of acquisitions          610,860                899,024

                                       $ 6,536,868            $ 1,606,644
</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 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 $146,065 (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 $42,765 for the nine months ended September 30, 2000 and 1999.

The components of the Partnership's equity in income of the Local Limited
Partnerships for September 30, 2000 and 1999, is summarized as follows:
<PAGE>

<TABLE>
<CAPTION>
<S>
<C>                          <C>            <C>          <C>          <C>
                             For the Three-Month         For the Nine-month
                                Period Ended                 Period Ended
                                September 30,                September 30,
                             2000            1999         2000         1999
Income from investments
 with non-zero investment:
  Notre Dame               $ 37,500        $45,630     $ 112,500    $ 136,890

Income from sale of
 real estate:
  Monatiquot Village
   Associates                   -0-            -0-     2,500,000          -0-

Repayment from
 (advances to) part-
 nerships with zero
 investment:
  Capitol Hill                26,459       (50,000)       26,459      (40,430)

Distribution received
 from partner-
 ships with zero
investment:
 51st and King Drive           7,080           -0-         7,080         7,074

                           $  71,039    $   (4,370)   $2,646,039    $  103,534
</TABLE>

During February 2000, Monatiquot Village Associates exchanged its real estate
in a tax free exchange.  The Partnership's share of the proceeds was $2,500,000
which was recorded as income during the quarter ended March 31, 2000.  In
addition, the Partnership contributed an additional $2,347,154 to Monatiquot
Village Associates to fund the purchase of the exchange property.  Monatiquot
Village Associates purchased a 460-unit complex in Santa Maria, California.
<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, 2000.
<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 - 1974
                                             (Registrant)
                              By:  Interfinancial Real Estate Management
                                   Company, General Partner




Date November 14, 2000                      Michael Fulbright
                                               (Signature)
                                 By:  Michael Fulbright, Secretary



Date November 14, 2000                         John M. Orehek
                                                (Signature)
                                 By:  John M. Orehek, Senior Vice President
<PAGE>