UNITED STATES

                SECURITIES AND EXCHANGE COMMISSION

                      Washington, D.C. 20549

                            FORM 10 Q

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

           For the quarterly period ended June 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 0-7771

             URBAN IMPROVEMENT FUND LIMITED - 1973-II
     (Exact name of registrant as specified in its charter)

          California                                    95-6398192
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.  YesX   No.
<PAGE>
                    PART I - FINANCIAL INFORMATION

                     Item 1 - Financial Statements

                            BALANCE SHEETS

               URBAN IMPROVEMENT FUND LIMITED - 1973-II
                        (A Limited Partnership)

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

Cash                                  $     1,914         $    30,204

Receivable from affiliate                     -0-                 930

Distribution receivable                       -0-              40,271

Investments in and
 advances to Local
 Limited Partnerships
 accounted for on the
 equity method                          3,932,182           4,009,014

  Total Assets                        $ 3,934,096         $ 4,080,419


                  LIABILITIES AND PARTNERS' (DEFICIT)

Accounts payable                      $    10,000         $     1,250

Management fee payable                  1,243,167           1,208,167

Due to affiliates                          63,606             194,506
                                        1,316,773           1,403,923

Partners' (Deficit):
 General Partner - 100
 Partnership units
 authorized, issued
 and outstanding                         (345,632)          (342,674)

Limited Partners -
 11,335 partnership
 units authorized,
 issued and outstanding                 2,962,955          3,019,170
                                        2,617,323          2,676,496

Total Liabilities and
 Partners' (Deficit)                  $ 3,934,096        $ 4,080,419
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

                CAPITALIZATION AND PARTNERS' (DEFICIT)

               URBAN IMPROVEMENT FUND LIMITED - 1973-II
                        (A Limited Partnership)


<TABLE>
<S>
<C>                                                 <C>          <C>
                                                    June 30,     December 31,
                                                      2000           1999
General Partner Interest -
 100 Partnership units
 issued and outstanding                        $     95,000   $     95,000

Limited Partners' Interest -
 11,335 Partnership units
 issued and outstanding                          11,335,000     11,335,000

 Total                                           11,430,000     11,430,000

Offering Expenses                                (1,237,673)    (1,237,673)

Accumulated loss through
 December 31, 1999                               (7,515,831)    (7,515,831)

Loss for six-month
 period ended
 June 30, 2000                                     (59,173)           -0-
                                                (8,812,677)    (8,753,504)

Partners' (Deficit)
 at End of Period                             $  2,617,323   $  2,676,496
</TABLE>


Unaudited.  See accompanying notes.
<PAGE>

                         STATEMENTS OF INCOME

               URBAN IMPROVEMENT FUND LIMITED - 1973-II
                        (A Limited Partnership)

<TABLE>
<S>
<C>                         <C>           <C>            <C>           <C>
                            For the Three-Month           For the Six-Month
                               Period Ended                  Period Ended
                                 June 30,                      June 30,
                            2000           1999           2000          1999

Revenues                 $     289     $     203     $     775      $     500

Cost and expenses:
 Professional fees           5,000         5,000        10,000         10,000

 Management fee             17,500        17,500        35,000         35,000

 Amortization expense        4,216         4,216         8,432          8,432

 Other                      14,823         1,680        14,824          1,931

                            41,539        28,396        68,256         55,363

Loss before equity
 in loss of Local
 Limited Partnerships      (41,250)      (28,193)      (67,481)       (54,863)

Equity in loss of
 Local Limited
 Partnership                22,500       (48,550)        8,308        (97,100)

Net loss                 $ (18,750)    $ (76,743)    $ (59,173)    $ (151,963)

Allocation of net loss:

Net loss allocated
 to General Partner      $    (937)    $  (3,837)    $  (2,958)    $   (7,598)

Net loss allocated
 to Limited Partners       (17,813)      (72,906)      (56,215)      (144,365)

                         $ (18,750)    $ (76,743)    $ (59,173)    $ (151,963)

Net loss allocated
 to Limited Partners
 per Limited Partner-
 ship Unit (11,335
 units outstanding
 at June 30,
 2000 and 1999)          $      (2)    $      (7)    $      (5)    $     (13)
</TABLE>

Unaudited.  See accompanying notes.
<PAGE>

                       STATEMENTS OF CASH FLOWS

               URBAN IMPROVEMENT FUND LIMITED - 1973-II
                        (A Limited Partnership)
<TABLE>
<
S>
<C>                         <C>            <C>           <C>            <C>
                            For the Three-Month           For the Six-Month
                               Period Ended                  Period Ended
                                 June 30,                      June 30,
                            2000           1999           2000          1999
CASH FLOWS FROM
OPERATING ACTIVITIES:
 Net loss                $(18,750)    $ (76,743)     $(59,173)      $(151,963)
Adjustments to
 reconcile net
 loss to net cash
 used by operating
 activities:
Amortization                4,216        4,216          8,432          8,432
Equity in net
 loss of local
 limited partnership      (22,500)      48,550         (8,308)        97,100
Decrease in due from
 affiliates and distri-
 butions receivable           -0-          -0-         41,201            -0-
Increase in accounts
 payable and accrued
 management fees            5,000         5,000        26,250         14,368
 Total adjustments        (13,284)       57,766        67,575        119,900
Net cash provided by
 operating activities     (32,034)      (18,977)        8,402        (32,063)

CASH FLOWS FROM
 INVESTING ACTIVITIES:
Advance to local
 limited partnership          -0-           -0-       (36,692)           -0-
Net cash provided by
 Investing activities         -0-           -0-       (36,692)           -0-

NET DECREASE IN CASH
 AND CASH EQUIVALENTS     (32,034)      (18,977)      (28,290)       (32,063)

CASH BALANCE AT
 BEGINNING OF
 PERIOD                    33,948        33,963        30,204         47,049

CASH BALANCE AT
 END OF PERIOD          $   1,914     $  14,986    $    1,914      $  14,986
</TABLE>



Unaudited.  See accompanying notes.
<PAGE>


             NOTES TO SUMMARIZE FINANCIAL INFORMATION
                          June 30, 2000

             URBAN IMPROVEMENT FUND LIMITED - 1973-II
                     (A Limited Partnership)


Note 1 - Organization - Urban Improvement Fund Limited - 1973-II (the Partner-
ship) was formed under the California Uniform Limited Partnership Act on July
1, 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 11,335 units of limited partnership inter-
est pursuant to a public offering of such units which terminated on December
31, 1973.  The Partnership also issued 100 units of general partnership inter-
est to Interfinancial Real Estate Management Company (the General Partner).

The Urban Improvement Fund Limited - 1973-II prospectus, dated October 24, 1973,
specified that the General Partner has five percent interest in profits, losses
and special allocations, and the limited partners will share the remaining
ninety-five percent 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 (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
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-II   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 $136,548 (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 $70,000).  This fee was not payable during the first six
years unless annual tax deductions plus cash distributions aggregated $550
per unit.  The required level of tax deductions was not achieved in these
<PAGE>

years, and accordingly, the fee was not paid for those years.  However,
fees of $350,000 have been recorded as a liability to the General Partner.

Management fees payable totaling $893,167 for subsequent years have been
accrued to the General Partner because cash flow was not sufficient to pay
the fees.  The Partnership will also pay the General Partner a liquidation
fee for the sale of projects.

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 two of the Local Limited Partnerships in which the
Partnership has investments:

<TABLE>
<S>
               <C>                                     <C>
                                                       Date PSI Became
               Local Limited Partnerships              General Partner
                    Community Circle                         1975
                    808 Memorial Drive                       1978
</TABLE>

During 1997, 808 Memorial Drive changed the name of the partnership to 808
Investments L.P.  In addition, PSI was removed as general partner and con-
verted to a limited partner.
<PAGE>

Note 4 - Investments in Local Limited Partnerships - As of June 30, 2000 and
1999, the Partnership has investments in ten active real estate Limited
Partnerships (Local Limited Partnership), which are accounted for on the
equity method.  The investment account represents the sum of the capital
investments and unamortized costs of acquisitions less the Partnership's
share in losses since the date of acquisition.  The Partnership discontinues
recognizing losses when the investment in a particular Local Limited Partner-
ship is reduced to zero, unless the Partnership intends to commit additional
funds to the Local Limited Partnerships.

The investments in Local Limited Partnerships are comprised of:
<TABLE>
<S>
<C>                             <C>                <C>
                                June 30, 2000      December 31, 1999

Capital contributions            $ 6,831,192          $ 6,831,192

Distributions                     (1,578,618)          (1,465,218)

Equity in losses                  (2,167,712)          (2,176,020)

Advances                              36,692                  -0-

Unamortized costs
 of acquisitions                     810,628              819,060

                                 $ 3,932,182          $ 4,009,014
</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 has
advanced funds to selected partnerships.  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 $136,548 (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 $70,000).

The Partnership recorded management fee expense of $35,000 for the six-month
period ended June 30, 2000 and 1999.

The components of the Partnership's equity in net loss of the Local Limited
Partnerships for June 30, 2000 and 1999, is summarized as follows:

<TABLE>
<S>
<C>                         <C>          <C>             <C>          <C>
                            For the Three-Month           For the Six-Month
                                Period Ended                 Period Ended
                                   June 30,                     June 30,
                            1999          2000            2000         1999

Advance to Partnership
 with zero investment:

  Community Circle       $      -0-     $    -0-      $ (36,692)    $     -0-

Income (loss) from
 investments with
 non-zero investment:
  808 Investments L.P.       22,500       (48,550)       45,000       (97,100)

                          $  22,500     $ (48,550)    $   8,308     $ (97,100)
</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, 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-II
                                      (Registrant)
                      By:  Interfinancial Real Estate Management
                           Company, General Partner



Date: August 14, 2000                             Michael Fulbright
                                                   (Signature)

                                      By:  Michael Fulbright, Secretary





Date: August 14, 2000                             John M. Orehek
                                                    (Signature)

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