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 June 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>
                                           June 30,         December 31,
                                                                                        1997                     1996    

Cash                                    $   639,981         $   271,692 

Investments in and advances to Local
 Limited Partnerships accounted for
 on the equity method                     4,048,811           3,469,756 
                                         $4,688,792          $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                           232,917            182,416 

Limited Partners - 11,811
 Partnership units authorized,
 issued and outstanding                  4,425,854          3,466,332 
                                                                                 4,658,771                  3,648,748 

Total Liabilities and
Partners' Capital                      $ 4,688,792        $ 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>
                                         June 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              1,010,023                   -0- 
                                                                                 (5,074,531)              (6,084,554)

Partners' Capital at End
of Period                            $  4,658,771          $  3,648,748
</TABLE>

Unaudited.  See accompanying notes.

<PAGE>
                                 STATEMENTS OF INCOME

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

Revenues                      $   5,729   $   1,912   $    8,167     $  3,416

Cost and expenses:

 Professional fees                7,087      19,691       14,050       27,590 

 Management fee                  15,000      15,000       30,000       30,000 

 Other expense                    1,852       2,169        3,128        2,169 

 Amortization                     2,526       2,386        5,052        4,772 
                                 26,465      39,246       52,230       64,531 

Loss before equity in
income of Local Limited
Partnerships                    (20,736)    (37,334)     (44,063)     (61,115)

Equity in income of Local
Limited Partnerships            735,077     288,994    1,054,086      563,070 

Net income                    $ 714,341   $ 251,660   $1,010,023    $ 501,955 

Allocation of net income:

Net income allocated to
 General Partner              $  35,717   $  12,583   $   50,501   $  25,098 
 
Net income allocated to
 Limited Partners               678,624     239,077      959,522     476,857 

                              $ 714,341   $ 251,660   $1,010,023    $501,955 

Net income allocated to
Limited Partners per
Limited Partnership
Unit (11,811 units
outstanding at June 30,
1997 and 1996)               $      60    $      21   $       86    $      42 
</TABLE>


Unaudited.  See accompanying notes.

<PAGE>
                                 STATEMENTS OF CASH FLOWS

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

CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income                 $ 714,341     $ 251,660    $1,010,023   $ 501,955 
Adjustments to reconcile
net income to net cash
used by operating activities:
 Amortization                  2,526         2,386         5,052      4,772 
 Equity in income of local
 limited partnerships       (735,077)     (288,994)   (1,054,086)  (563,070)
Increase (decrease) in
accounts payable, manage-
ment fees payable and pay-
able to affiliates            (6,963)       (6,963)     (62,679)        -0- 
 Total adjustments          (739,514)     (293,571)  (1,111,713)   (558,298)
   Net cash used by
   operating activities      (25,173)      (41,911)    (101,690)    (56,343)

CASH FLOWS FROM
INVESTING ACTIVITIES:
Current period
distributions                474,386        87,255      474,386     87,255 
Net advances paid by
(repaid from) local
limited partner-
ships                         27,593        23,523       (4,407)    30,959 
 Net cash provided by
 investing activities        501,979       110,778      469,979    118,214 

NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS                  476,806        68,867      368,289     61,871 

CASH BALANCE AT
BEGINNING OF
PERIOD                       163,175       123,119      271,692    130,115 

CASH BALANCE AT
END OF PERIOD              $ 639,981     $ 191,986   $  639,981  $ 191,986 
</TABLE>

Unaudited.  See accompanying notes.

<PAGE>
                 NOTES TO SUMMARIZE FINANCIAL INFORMATION
                             June 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
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>
<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 June 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>
                                   June 30, 1997           December 31, 1996

Capital contributions                $6,445,579                $ 6,445,579
Distributions                        (2,596,540)                (2,122,155)
Equity in losses                     (1,449,765)                (2,503,849)
Advances                                677,770                    673,363
Unamortized costs of
acquisitions                            971,767                    976,818

                                     $4,048,811                $ 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
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.

<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 $30,000 for the six months ended June 30, 1997 and 1996.

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

<TABLE>
<S>                               <C>           <C>          <C>          <C>
                                 For the Three Month        For the Six Month
                                    Period Ended              Period Ended
                                      June 30,                   June 30,
                                 1997           1996        1997          1996

Distributions received from
partnerships with zero
investment
OGO Associates of
Mountclef                 $  357,685     $     -0-    $  357,685    $    -0- 
OGO Associates of Los
Arboles                       4,614            -0-         4,614         -0- 
WOGO Associates of
Carondelet                   24,460            -0-        24,460         -0- 
Sheridan Manor X              1,939            -0-         1,939         -0-
                            388,698            -0-       388,698         -0- 
Payment from (advances
to) partnerships with
zero investment
Glenn Arms                      -0-         21,263           -0-      21,263 
Freedom Associates              (12)           -0-           (12)        -0- 
Himbola Manor                    (6)           -0-            (6)        -0- 
OGO Associates of
Mountclef                    (1,070)         7,334        (1,070)      7,272 
OGO Associates of Los
Arboles                      24,448            -0-        24,448       9,907 
Sheridan Manor X             23,299         (1,750)       23,299      (1,754)
WOGO Associates of
Carondelet                  (19,289)        (2,375)      (19,289)     (2,405)
WOGO Fresno                     -0-            -0-           -0-        (257)
                             27,370         24,472        27,370      34,026

Income from investments
with non-zero investment:
The Alexander                87,659         80,670       175,318     161,340 
Antonia Manor                55,484         35,908       110,968      71,816 
Glenn Arms                   29,179            -0-        58,358         -0- 
Hedin Associates             11,924          3,195        23,848       6,390 
Maria Manor                  64,757         52,865       129,514     105,730 
Marlton Manor, Ltd.          56,032         79,504       112,064     159,008 
Sheridan IV                  13,974         12,380        27,948      24,760 
                            319,009        264,522       638,018     529,044 

                         $  735,077      $ 288,994    $1,054,086   $ 563,070 
</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 June 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  October 31, 1997
                      
       Michael Fulbright
           (Signature)

By:  Michael Fulbright, Secretary


Date  October 31, 1997

       John M. Orehek
        (Signature)

By:  John M. Orehek, Senior Vice President