[COMMENT1]	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 March 31, 2001

	OR

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

For the transition period from _________ to ________.

	Commission File Number 0-7761

	         URBAN IMPROVEMENT FUND LIMITED ? 1973
	(Exact name of small business issuer 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      .



	PART I ? FINANCIAL INFORMATION

	Item 1 ? Financial Statements

	BALANCE SHEETS

	URBAN IMPROVEMENT FUND LIMITED ? 1973
	(A Limited Partnership)



	ASSETS

	March 31,	December 31,
	   2001    	   2000

Cash				$    542,790	$    733,661

Receivable from affiliates	105,317	103,887

Investments in and advances to Local
  Limited Partnerships accounted for
  on the equity method	 22,257,463	 21,965,002

					$22,905,570	$22,802,550


	LIABILITIES AND PARTNERS? CAPITAL

Accounts payable	$     7,500	$    25,462

Distribution payable	1,634	1,634

Management fee payable	    14,000	    14,000
					23,134	41,096

Partners' Capital:

General Partner - 621 Partnership units
authorized, issued and outstanding	1,029,710	1,025,658

Limited Partners - 11,796 Partnership
units authorized, issued and outstanding	 21,852,726	 21,735,796
					 22,882,436	 22,761,454

Total Liabilities and Partners' Capital	$22,905,570	$22,802,550














Unaudited.  See accompanying notes.

	CAPITALIZATION AND PARTNERS CAPITAL

	URBAN IMPROVEMENT FUND LIMITED ? 1973
	(A Limited Partnership)




	March 31,	December 31,
	   2001    	   2000
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	(5,713,215)	(5,713,215)

Accumulated earnings through
December 31, 2000	17,293,189	17,293,189

Income for the three-month period ended
March 31, 2001	    120,982	           0
	 10,450,120	 10,329,138

Partners? Capital at End of Period	$22,882,436	$22,761,454



















Unaudited.  See accompanying notes.

	STATEMENTS OF INCOME

	URBAN IMPROVEMENT FUND LIMITED ? 1973
	(A Limited Partnership)


			   For the Three-Month
	      Period Ended
	        March 31,
	   2001  		   2000

Revenues								$  21,731	$  14,757

Cost and expenses:

  Professional fees		7,500	7,500

  Management fee				15,000	15,000

  Other expense				15,675	12,082

Amortization					    1,037	    2,322
											39,212	37,624

Loss before equity in income
of Local Limited Partnerships	(17,481)	(22,867)

Equity in income of Local
Limited Partnerships	   138,463	  458,250

Net income							$  120,982	$ 435,383

Allocation of net income:

  Net income allocated to
General Partner		$    5,444	$  21,764

  Net income allocated to
Limited Partners		   115,538	  413,619

	$  120,982	$ 435,282

Net income allocated to Limited
  Partners per Limited Partnership
Unit (11,811 units outstanding
at March 31, 2001 and 2000)	$        8	$      35




Unaudited.  See accompanying notes.

	STATEMENTS OF CASH FLOWS

	URBAN IMPROVEMENT FUND LIMITED ? 1973
	(A Limited Partnership)


			   For the Three-Month
	      Period Ended
	        March 31,
	   2001  		   2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income						$ 120,982	$ 435,383
Adjustments to reconcile net
income to net cash used by
operating activities:
Amortization			1,037	2,322
Equity in income of local limited partnerships	(138,463)	(458,250)
(Increase) decrease in receivable	1,430	20,562
Decrease in distribution receivable	0	169,649
Increase (decrease) in accounts payable,
	management fees payable and payable to
	affiliates			   (20,820)	   (72,991)
  Total adjustments	  (156,816)	  (338,708)
    Net cash used by operating activities	(35,834)	96,675

CASH FLOWS FROM INVESTING ACTIVITIES:
Net advances paid to local limited partnerships	    (155,037)	   (18,750)
    Net cash provided by investing
      activities	    (155,037)	   (18,750)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(190,871)	77,925

CASH BALANCE AT BEGINNING OF PERIOD	    733,661	  1,179,729

CASH BALANCE AT END OF PERIOD	$   542,790	$ 1,257,654















Unaudited.  See accompanying notes.

	NOTES TO SUMMARIZE FINANCIAL INFORMATION
	March 31, 2001

	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.

264:    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 ? As of March 31, 2001, the
       Partnership has investments in twelve 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.

269:    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.

271:    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
277:    Marketable securities that are highly liquid and have
       maturities of three months or less at the date of
       purchase are classified as cash equivalents.

Fair Value of Financial Instruments and Use of Estimates
280:   The Partnership estimates that the aggregate fair value
     of all financial instruments at March 31, 2001 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.

282:  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 $74,000 (the fee will not be more than fifty
     percent of the Partnership's annual net cash flow as
     defined, subject to an annual minimum of $60,000).
     Management fees payable to the General Partner
     have been accrued if cash flow was not sufficient
     to pay the fee in the year incurred.  For the three-
     month period ended March 31, 2001 and 2000,
     the minimum fee of $15,000 has been paid.

284:  Upon liquidation, unpaid management fees will
      have first priority to the proceeds. The Partnership
      will also pay the General Partner a liquidation fee
      for the sale of projects.  The liquidation fee is the
      lesser of (i) ten percent of the net proceeds to the
      Partnership from the sale of a project(s) or (ii) one
      percent of the sales price plus three percent of the
      net proceeds after deducting an amount sufficient
      to pay long-term capital gains taxes.  No part of
      such fee shall accrue or be paid  unless:  (i) the
      Limited Partners' share of the proceeds has
      been distributed to them, (ii) the Limited
      Partners shall have first received an amount
      equal to their invested capital attributable to
      the project(s) sold, and (iii) the Limited
      Partners have received an amount
      sufficient to pay long-term capital gains
      taxes from the sale of the project(s), if any,
       calculated at the maximum rate then in effect.

287:   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:

		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
The Alexander	April 1975
WOGO Associates of Fresno	August 1976
W Street Associates	December 1977

Note 4 -  Investments in Local Limited Partnerships -  As
       of March 31, 2001, the Partnership has investments in
       twelve 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:

		March 31, 2001	December 31, 2000

Capital contributions	$ 4,493,277	$ 4,493,277
Distributions	(1,737,786)	(2,356,862)
Equity in income (losses)	18,311,304	18,791,919
Advances	836,659	681,622
Unamortized costs of acquisitions	    354,009	    355,046

		$22,257,463	$21,965,002

317:  During November 2000, four of the Partnerships, The
    Alexander, Antonia Manor, Maria Manor and Marlton Manor,
    sold their interests in real estate in a tax-free exchange.
    During January 2001, The Alexander reinvested the
    proceeds in a property that is conventional multifamily
   residential projects.  Maria Manor and Marlton Manor will
   not reinvest the proceeds and will be liquidated in 2001.

	Item 2 ? Management's Discussion and Analysis of
	Financial Condition and Results of Operations.

322   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 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.

325: 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 $74,000 (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 $15,000 for
     the three months ended March 31, 2001.

327: The components of the Partnership's equity in net
     income of the Local Limited Partnerships for March
     31, 2001 and 2000, is summarized as follows:

	 For the Three-Month
	       Period Ended
	         March 31,
	   2001   	   2000
Repayment from (advances to) partnerships
  with zero investment:
    Freedom Associates	$        0	$ (18,750)
    W Street						(155,037)	0

Income from investments with non-
  zero investment:
    The Alexander			84,000	179,000
    Antonia Manor			48,750	58,000
    Glenn Arms					36,000	36,000
    Hedin Associates		6,000	6,000
    Maria Manor				65,000	95,000
    Marlton Manor, Ltd.	   53,750	  103,000
	  293,500	  447,000

	$ 138,463	$ 458,250

Liquidity
The Partnership's only source of cash flow is from
        distributions from its investments Local Limited
        Partnerships or the sale or refinancing of the Local
        Limited Partnerships.  There are no current
        discussions with potential buyers or properties
        being actively marketed.

The Local Limited Partnerships have regulatory
        agreements which restrict distributions to the
        computation of surplus cash.  The computation
       of surplus cash is calculated by subtracting
       accounts payable and accrued expenses from
       cash on hand at the end of the year.

355:   At March 31, 2001, the Partnership had
      management fees payable to the General
     Partner of $14,000. The Partnership has used
     excess cash to repay these obligations in the
     past and the General Partner expects to
     continue making payments as cash is available.

357:  The Registrant is dependent upon distributions
     from its investments in Local Limited Partnership
     for cash flow.  The Registrant may not be able to
     generate sufficient cash flow from operations or
     from distributions from its interests in Local Limited
    Partnerships to pay future obligations as they
    become due without additional financing or
    advances from the General Partner.  The General
    Partner is under no obligation to advance
    additional funds to the Registrant.  The General
    Partner, however, anticipates it will receive
   adequate distributions from the Local Limited
   Partnerships to maintain operations.

Capital Resources
360:  The General Partner believes that additional
     situations may arise where it would be
      advantageous to the Partners to exchange
      properties in a tax-free transaction.  The
      Partnership's basis in its properties has
      been reduced through depreciation deductions
     and other losses to levels substantially below
     the amount of debt secured by the properties.
     Additionally, the rental properties owned and
     operated by the Local Limited Partnerships
     have typically computed depreciation for
     financial reporting purposes using the
     straight-line method over the estimated
     economic useful life of the property.  For
      income tax reporting  purposes,
      depreciation generally has been
      computed over the same or shorter
      periods using accelerated methods.
     As a result, the carrying values of the
     Partnership's investments in Local
     Limited Partnerships are substantially
    greater for financial reporting purposes
    than for income tax reporting purposes.
    Upon sale or other disposition of a
    property by the Local Limited Partnership,
    the gain recognized by the Partnership for
    income tax reporting purposes may be
    substantially greater than the gain
    recorded for financial reporting purposes.
     Accordingly, if the properties are sold, the
     Partnership, in all likelihood, would
     recognize taxable gain in excess of the cash
     available for distribution.  If sale proceeds
     are reinvested in a manner which permits the
     original sale to be treated as a like-kind
     exchange, the Partnership can defer this gain
     until the new property is sold.  Additionally,
     the Partnership will receive the benefit of any
     cash flow or appreciation in value of the new
     property.  If reinvestments were made, it is
     likely that the acquired properties would be
     conventional, multi-family residential projects.



	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 March 31, 2001.





























	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			/s/Michael Fulbright
			(Signature)
			By:  Michael Fulbright, Secretary





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



[COMMENT1]Client #4
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