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, 1999

                                     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
[CAPTION]
<TABLE>
<S>                              <C>                          <C>
                                 September 30,                December 31,
                                     1999                         1998

Cash                            $   344,244                   $ 1,183,218

Receivable                        2,689,110                           -0-

Distribution receivable             159,543                       159,543

Investments in and advances
 to Local Limited Partnerships
 accounted for on the equity
 method                           6,770,898                     6,615,391

                                 $9,963,795                    $7,958,152


                             LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                 $   26,621                    $   29,616
Distribution payable                  1,634                         1,634
Management fee payable              (25,185)                      141,973
                                      3,070                       173,223

Partners' Capital:
 General Partner - 621
 Partnership units
 authorized, issued and
 outstanding                        498,015                      389,225

 Limited Partners - 11,811
 Partnership units authorized,
 issued and outstanding           9,462,710                    7,395,704
                                  9,960,725                    7,784,929

Total Liabilities and
Partners' Capital               $ 9,963,795                  $ 7,958,152
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

                          CAPITALIZATION AND PARTNERS CAPITAL

                        URBAN IMPROVEMENT FUND LIMITED - 1973
                               (A Limited Partnership)


[CAPTION]
<TABLE>
<S>                                    <C>                       <C>
                                       September 30,             December 31,
                                           1999                     1998
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, 1998                     (1,948,373)                (1,948,373)

Income for the nine-month period
 ended September 30, 1999               2,175,796                        -0-
                                          227,423                 (1,948,373)

Partners' Capital at End of Period    $ 9,960,725               $  7,784,929
</TABLE>


Unaudited.  See accompanying notes.
<PAGE>

                                   STATEMENTS OF INCOME

                            URBAN IMPROVEMENT FUND LIMITED - 1973
                                     (A Limited Partnership)
<TABLE>
<CAPTION>
<S>                     <C>            <C>              <C>           <C>
                        For the Three-Month             For the Nine-month
                           Period Ended                    Period Ended
                           September 30,                   September 30,
                        1999            1998            1999          1998

Revenues              $   3,695      $   1,089        $ 15,093      $   8,971

Cost and expenses:

 Professional fees        7,500          5,750          22,500         19,000

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

 Other expense            6,906            436          14,124          2,704

 Amortization             2,322          3,091           8,912          9,273
                         31,728         24,277          90,536         75,977

Loss before equity
 in income of Local
 Limited Partnerships   (28,033)       (23,188)        (75,443)       (67,006)

Equity in income
 of Local Limited
 Partnerships         1,572,429        332,406       2,251,239      1,027,925

Net income           $1,544,396      $ 309,218      $2,175,796      $ 960,919

Allocation of net income:

Net income allocated
 to General Partner  $   77,220      $  15,461      $  108,790      $  48,046

Net income allocated
 to Limited Partners  1,467,176        293,757       2,067,006        912,873

                     $1,544,396      $ 309,218      $2,175,796      $ 960,919

Net income allocated
 to Limited Partners
 per Limited Partner-
 ship Unit (11,811
 units outstanding
 at September 30,
 1999 and 1998)      $      124       $      25     $      175      $      77
</TABLE>


Unaudited.  See accompanying notes.
<PAGE>

                              STATEMENTS OF CASH FLOWS

                        URBAN IMPROVEMENT FUND LIMITED - 1973
                                (A Limited Partnership)

<TABLE>
<CAPTION>
<S>                            <C>         <C>          <C>           <C>
                               For the Three-Month       For the Nine-month
                                  Period Ended              Period Ended
                                  September 30,             September 30,
                               1999         1998         1999          1998
CASH FLOWS FROM
 OPERATING ACTIVITIES:
 Net income                 $ 1,544,396   $309,218     $2,175,796   $ 960,919
 Adjustments to reconcile
  net income to net cash
  used by operating
  activities:
   Amortization                   2,322      3,091          8,912       9,273
   Equity in income of
   local limited part-
   nerships                  (1,572,429)  (332,406)    (2,251,239) (1,027,925)
   Increase in receivable    (2,689,110)       -0-     (2,689,110)        -0-
   Decrease in distribution
    receivable                      -0-        -0-            -0-     441,237
   Increase (decrease) in
    accounts payable, manage-
    ment fees payable and pay-
    able to affiliates           (98,098)   (17,396)     (170,153)    (19,054)
       Total adjustments      (4,357,315)  (346,711)   (5,101,590)   (596,469)
          Net cash used
           by operating
           activities         (2,812,919)   (37,493)   (2,925,794)    364,450

CASH FLOWS FROM INVESTING
 ACTIVITIES:
  Current period
   distributions               1,173,321     49,434     1,223,985      66,153
  Net advances paid
   by (repaid from)
   local limited
   partnerships                1,411,659   (366,505)      862,835    (353,925)
     Net cash provided
      by investing
      activities               2,584,980   (317,071)    2,086,820    (287,772)

NET INCREASE (DECREASE)
 IN CASH AND CASH
 EQUIVALENTS                    (227,939)  (354,564)     (838,974)     76,678

CASH BALANCE AT BEGINNING
 OF PERIOD                       572,183    452,552     1,183,218      21,310

CASH BALANCE AT END OF
 PERIOD                      $   344,244  $  97,988    $  344,244  $   97,988

</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

                     NOTES TO SUMMARIZE FINANCIAL INFORMATION
                                September 30, 1999

                        URBAN IMPROVEMENT FUND LIMITED - 1973
                              (A Limited Partnership)


Note 1 - Organization - Urban Improvement Fund Limited - 1973 (the Partnership)
was formed under the California Uniform Limited Partnership Act on February 2,
1973, for the principal purpose of investing in other limited partnerships
(Local Limited Partnerships), which own federal and state-assisted housing
projects.  The Partnership issued 11,811 units of limited partnership interest
pursuant to a public offering of such units which terminated in October, 1973.
The General Partner, Interfinancial Real Estate Management Company invested
$621,316.

The Urban Improvement Fund Limited 1973 prospectus, dated September 27,
1973, specified that the General Partner has approximately five percent
interest in profits, losses and special allocations, and the limited partners
will share the remaining interest in profits, losses and special allocations
in proportion to their respective units of limited partnership interests.

Note 2 - Method of Accounting - 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
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
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 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 has become the General Partner
in fourteen of the Local Limited Partnerships in which the Partnership has
investments:
<TABLE>
<CAPTION>
<S>        <C>                                            <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, 1999,
the Partnership has investments in fourteen active real estate Limited Partner-
ships (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>
<CAPTION>
<S>                              <C>                     <C>
                                 September 30, 1999      December 31, 1998

Capital contributions               $ 6,292,243              $ 6,445,579
Distributions                        (3,816,751)              (3,740,234)
Equity in losses                      2,849,343                1,592,237
Advances                                533,843                1,396,677
Unamortized costs of acquisitions       912,220                  921,132
                                    $ 6,770,898              $ 6,615,391
</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.  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 Partner-
ship 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, 1999.

The components of the Partnership's equity in net income (loss) of the Local
Limited Partnerships for September 30, 1999 and 1998, is summarized as follows:

<TABLE>
<CAPTION>
<S>                             <C>        <C>           <C>           <C>
                                For the Three-Month       For the Nine-month
                                   Period Ended              Period Ended
                                   September 30,             September 30,
                                1999        1998          1999          1998
Distribution received from
  partnerships with zero
  investment:
   Himbola Manor            $   95,869   $    -0-     $   95,869      $   -0-
   Sheridan IV                 345,138        -0-        345,138          -0-
   Sheridan X                  339,053        -0-        339,053          -0-
                               780,060        -0-        780,060          -0-

Repayment from (advances to)
 partnerships with zero
 investment
  OGO Associates of Los
   Arboles                         -0-      (1,500)          -0-       (5,437)
  Sheridan Manor IV            147,823         -0-       147,823          -0-
  Sheridan Manor X              28,887         -0-        28,887          -0-
  WOGO Associates of
   Carondelet                  366,641         -0-       366,641          -0-
  WOGO Fresno                      -0-         -0-           -0-       32,000
  W Street                     (73,555)        -0-       (73,555)        (356)
                               469,796      (1,500)      469,796       26,207

Income from investments
 with non-zero investment:
  The Alexander                110,434     107,871       331,302      323,612
  Antonia Manor                 26,337      60,521        79,011      181,563
  Glenn Arms                    32,678      31,512        98,034       94,536
  Hedin Associates              13,096      12,662        39,288       37,986
  Maria Manor                   78,626      66,247       235,878      198,741
  Marlton Manor, Ltd.           61,402      44,387       184,206      133,161
  Sheridan IV                      -0-       8,904        30,356       26,712
  Sheridan X                       -0-         -0-         2,588          -0-
  WOGO Associates of Carondelet    -0-       1,802           720        5,406
                               322,573     333,906     1,001,383    1,001,718

                            $1,572,429  $  332,406    $2,251,239   $1,027,925
</TABLE>

On August 27, 1999, Sheridan Manor IV, Sheridan Manor X and WOGO Associates of
Carondelet sold their real estate.  The Partnership's share of the proceeds was
approximately $2,530,000 which included repayment of advances of $1,611,658.
<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, 1999.

<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 7, 1999                        Michael Fulbright
                                                 (Signature)
                                    By:  Michael Fulbright, Secretary


Date  December 7, 1999                          John M. Orehek
                                                 (Signature)
                                 By:  John M. Orehek, Senior Vice President
<PAGE>