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 March 31, 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 0-7761

               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)

<TABLE>
<S>
                                ASSETS
<C>                                <C>                   <C>
                                   March 31,             December 31,
                                     2000                    1999

Cash                             $ 1,257,654               $ 1,179,729

Receivable                               -0-                    20,562

Distribution receivable               28,887                   198,536

Investments in and
 advances to Local
 Limited Partnerships
 accounted for on the
 equity method                     8,085,012                7,610,334

                                  $9,371,553               $9,009,161

                   LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                  $  111,309               $      -0-
Distribution payable                   1,634                  105,443
Management fee payable                15,000                   95,491
                                     127,943                  200,934

Partners' Capital:
 General Partner - 621
 Partnership units
 authorized, issued
 and outstanding                     462,154                 440,390

Limited Partners - 11,811
 Partnership units
 authorized, issued
 and outstanding                   8,781,456               8,367,837
                                   9,243,610               8,808,227

Total Liabilities and
 Partners' Capital               $ 9,371,553             $ 9,009,161
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

                  CAPITALIZATION AND PARTNERS CAPITAL

                 URBAN IMPROVEMENT FUND LIMITED - 1973
                        (A Limited Partnership)

<TABLE>
<S>
<C>                                           <C>                  <C>
                                              March 31,            December 31,
                                                2000                   1999
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                  (5,463,225)            (5,463,225)

Accumulated earnings through
 December 31, 1999                          3,089,972              3,089,972

Income for the three-month
 period ended March 31, 2000                  435,383                    -0-
                                           (3,188,706)            (3,624,089)

Partners' Capital at
End of Period                            $  9,243,610           $ 8,808,227
</TABLE>



Unaudited.  See accompanying notes.
<PAGE>

                         STATEMENTS OF INCOME

                 URBAN IMPROVEMENT FUND LIMITED - 1973
                        (A Limited Partnership)
<TABLE>
<S>
<C>                                         <C>              <C>
                                             For the Three-Month
                                                Period Ended
                                                  March 31,
                                            2000             1999

Revenues                                    $ 14,757      $   4,181

Cost and expenses:

Professional fees                              7,500          7,500

Management fee                                15,000         15,000

Other expense                                 12,802            -0-

Amortization                                   2,322          3,295
                                              37,624         25,795

Loss before equity
 in income of Local
 Limited Partnerships                        (22,867)       (21,614)

Equity in income of
 Local Limited
 Partnerships                                458,250        339,405

Net income                                 $ 435,383      $ 317,791

Allocation of net income:

Net income allocated to
 General Partner                           $  21,764      $  15,890

Net income allocated to
 Limited Partners                            413,619        301,901

                                          $  435,383      $ 317,791

Net income allocated
 to Limited Partners
 per Limited Partnership
 Unit (11,811 units
 outstanding at March 31,
 2000 and 1999)                           $       35      $      26
</TABLE>


Unaudited.  See accompanying notes.
<PAGE>

                       STATEMENTS OF CASH FLOWS

                 URBAN IMPROVEMENT FUND LIMITED - 1973
                        (A Limited Partnership)
<TABLE>
<S>
<C>                                        <C>              <C>
                                             For the Three-Month
                                                Period Ended
                                                  March 31,
                                           2000              1999

CASH FLOWS FROM
 OPERATING ACTIVITIES:
 Net income                              $ 435,383        $ 317,791
 Adjustments to reconcile
 net income to net cash
 used by operating activities:
 Amortization                                2,322            3,295
Equity in income of local
 limited partnerships                     (458,250)        (339,405)
Decrease in receivable                      20,562              -0-
Decrease in distribution
 receivable                                169,649              -0-
Increase (decrease) in
 accounts payable, manage-
 ment fees payable and pay-
 able to affiliates                        (72,991)         (64,555)
  Total adjustments                       (338,708)        (400,665)
  Net cash used by
   operating activities                     96,675          (82,874)

CASH FLOWS FROM
 INVESTING ACTIVITIES:
 Current period distributions
 Net advances paid by
 (repaid from) local
 limited partnerships                      (18,750)        (503,630)
Net cash provided
 by investing
 activities                                (18,750)        (503,630)

NET DECREASE
 IN CASH AND
 CASH EQUIVALENTS                           77,925         (586,504)

CASH BALANCE
 AT BEGINNING OF
 PERIOD                                  1,179,729       1,183,218

CASH BALANCE AT
 END OF PERIOD                         $ 1,257,654     $   596,714
</TABLE>


Unaudited.  See accompanying notes.
<PAGE>

             NOTES TO SUMMARIZE FINANCIAL INFORMATION
                          March 31, 2000

              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 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 recog-
nized 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 state-
ment 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 orless 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>                                     <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

                The Alexander                           April 1975

                WOGO Associates of Fresno               August 1976

                W Street Associates                     December 1977
</TABLE>

Note 4 - Investments in Local Limited Partnerships - As of March 31, 2000,
the Partnership has investments in fourteen active real estate Limited Part-
nerships (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
<PAGE>

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>
                                  March 31, 2000      December 31, 1999

Capital contributions                $4,493,277           $ 4,493,277
Distributions                        (1,737,786)           (1,737,786)
Equity in losses                      4,178,964             3,720,714
Advances                                579,624               560,874
Unamortized costs of acquisitions       570,933              573,255
                                    $ 8,085,012          $ 7,610,334
</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.

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 $15,000 for the three months ended March 31, 2000.
<PAGE>

The components of the Partnership's equity in net income (loss) of the Local
Limited Partnerships for March 31, 2000 and 1999, is summarized as follows:
<TABLE>
<S>
<C>                                             <C>                 <C>
                                                   For the Three Month
                                                      Period Ended
                                                        March 31,
                                                2000                1999
Repayment from (advances
 to) partnerships
 with zero investment:
  Freedom Associates                       $  (18,750)          $      -0-

Income from investments
 with non-zero
 investment:
    The Alexander                             179,000              110,434
    Antonia Manor                              58,000               26,337
    Glenn Arms                                 36,000               32,678
    Hedin Associates                            6,000               13,096
    Maria Manor                                95,000               78,626
    Marlton Manor, Ltd.                       103,000               61,402
 (1)Sheridan IV                                   -0-               15,178
 (1)Sheridan X                                    -0-                1,294
 (1)WOGO Associates of Carondelet                 -0-                  360
                                              477,000              339,405

                                           $  458,250           $  339,405
</TABLE>

(1) On August 27, 1999, Sheridan Manor IV, Sheridan Manor X and WOGO Associates
    of Carondelet sold their real estate.
<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 March 31, 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 - 1973
                                      (Registrant)
                      By:  Interfinancial Real Estate Management
                           Company, General Partner



Date: August 15, 2000                          Michael Fulbright
                                                 (Signature)

                                    By:  Michael Fulbright, Secretary





Date: August 15, 2000                          John M. Orehek
                                                 (Signature)

                                    By:  John M. Orehek, Senior Vice President
<PAGE>