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 September 30, 2003

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 0-8071

URBAN IMPROVEMENT FUND LIMITED - 1974
(Exact name of small business issuer (Issuer) as specified in its charter)

          California                           95-6504946
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)

Issuer's telephone number, including area code:
(206) 622-9900


Indicate by check mark whether the issuer (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 - 1974
                    (A Limited Partnership)


                           ASSETS

                             September 30,       December 31,
                                 2003                 2002

Cash and cash equivalents     $ 1,504,860        $ 2,144,432
Prepaid expenses                   82,389              9,320
Investments in and advances
 to Local Limited Partnerships
 accounted for on the equity
 method                         9,353,346          9,352,336
Deposits                          189,709            390,000

Total Assets                  $11,130,304        $11,896,088


                   LIABILITIES AND PARTNERS' CAPITAL


Distribution payable          $     2,096        $     2,096
                                    2,096              2,096

Partners' Capital:
 General Partner - 115
 Partnership units
 authorized, issued and
 outstanding                      109,494            18,940

Limited Partners -
 11,394 Partnership
 units authorized,
 issued and outstanding        11,018,714        11,775,052
                               11,128,208        11,893,992

Total Liabilities and
 Partners' Capital            $11,130,304       $11,896,088



Unaudited.  See accompanying notes to financial statements.



            CAPITALIZATION AND PARTNERS' CAPITAL

           URBAN IMPROVEMENT FUND LIMITED - 1974
                 (A Limited Partnership)



                             September 30,       December 31,
                                 2003                 2002
General Partner Interest -
 115 Partnership units
 issued and outstanding      $   115,192         $   115,192

Limited Partners'
 Interest - 11,394
 Partnership units
 issued and
outstanding                   11,404,000          11,404,000
                              11,519,192          11,519,192

Offering Expenses             (1,315,039)         (1,315,039)

Distributions to Partners     (3,713,075)         (2,681,501)

Accumulated earnings through
December 31, 2002              4,371,340           4,371,340

Income for nine-month
 period ended
 September 30, 2003              265,790                   0
                               4,637,130           4,371,340

Partners' Capital at
 End of Period               $11,128,208         $11,893,992



Unaudited.  See accompanying notes to financial statements.



                       STATEMENTS OF INCOME
              URBAN IMPROVEMENT FUND LIMITED - 1974
                     (A Limited Partnership)

                For the Three-Month    For the Nine-Month
                    Period Ended           Period Ended
                    September 30,          September 30,
                 2003         2002      2003         2002

Revenues     $   1,778   $   4,676   $   8,258   $   5,482

Cost and
 expenses:

Professional
 Fees            5,500       6,500      16,500       17,517

Management fee  45,729      14,255     137,187       42,765

Other expenses   6,296         477      15,090        6,372

Amortization     1,129       1,129       3,387        2,135
                58,654      22,361     172,164       68,789

Loss before
 equity of
Local Limited
 Partnerships  (56,876)    (17,685)   (163,906)      (63,307)
Equity in net
 income of
 Local
 Limited
 Partnerships  143,836   1,022,500     429,696     1,456,397

Net Income
 (loss)     $   86,960  $1,004,815  $  265,790    $1,393,090

Allocation of
 net income:

Net income
 (loss)
 allocated
to General
 Partner     $      870  $   10,048  $    2,658    $   13,930

Net income
 (loss)
 allocated
 to Limited
 Partners        86,090     994,767     263,132     1,379,160

             $   86,960  $1,004,815  $  265,790    $1,393,090

Net income
 (loss)
 allocated
 to Limited
 Partners per
 Limited
 Partnerships
 Unit (11,394
 units out-
 standing at
 September 30,
2003 and 2002)  $       8  $     87  $       23    $     122



Unaudited.  See accompanying notes to financial statements.



                      STATEMENTS OF CASH FLOWS

               URBAN IMPROVEMENT FUND LIMITED - 1974
                      (A Limited Partnership)



                For the Three-Month       For the Nine-Month
                   Period Ended             Period Ended
                    September 30,           September 30,
                 2003         2002       2003          2002
CASH FLOWS
 FROM OPERATING
 ACTIVITIES:
Net income
 (loss)       $  86,960   $1,004,815  $  265,790   $1,393,090
Adjustments
 to reconcile
 net income to
 net cash
 used by
 operating
 activities:
Amortization
 of initial
 and rent-up
 fees              1,129        1,129      3,387        2,135
Equity in net
 income of
 local limited
 partnerships   (143,836)  (1,022,500)  (429,696)  (1,456,397)
Increase
 (decrease) in
 trade accounts
 payable, accrued
 management fees
 and prepaid
 expenses          42,973     (19,255)   (73,069)     (14,000)
Total adjustments (99,734) (1,040,626)  (499,378)  (1,468,262)
Net cash used
 by operating
 activities       (12,774)    (35,811)  (233,588)     (75,172)

CASH FLOWS
 FROM INVESTING
 ACTIVITIES:
Distribution
 Received               0   1,272,406    425,300    1,283,059
Decrease in
 Deposits               0           0    200,290            0
Net cash
 provided by
 investing\
 activities             0   1,272,406    625,590    1,283,059

CASH FLOWS
 FROM FINANCING
 ACTIVITIES:
Distributions
 paid          (1,031,574)          0 (1,031,574)          0
Net cash used
 by financing
 activities    (1,031,574)          0 (1,031,574)          0

NET INCREASE
 (DECREASE) IN
 CASH AND CASH
 EQUIVALENTS   (1,044,348)  1,236,595   (639,572)  1,207,887

CASH BALANCE
 AT BEGINNING
 OF PERIOD      2,549,208     150,674  2,144,432     179,382

CASH BALANCE
 AT END
 OF PERIOD   $ 1,504,860  $1,387,269  $1,504,860  $1,387,269



Unaudited.  See accompanying notes to financial statements.



           NOTES TO SUMMARIZE FINANCIAL INFORMATION
                     September 30, 2003

           URBAN IMPROVEMENT FUND LIMITED - 1974
                  (A Limited Partnership)

Note 1 - Organization - Urban Improvement Fund Limited - 1974
(the Partnership) was formed under the California Uniform
Limited Partnership Act on January 13, 1974, for the principal
purpose of investing in other limited partnerships (Local
Limited Partnerships), which own federal and state-assisted
housing projects.  The Partnership issued 11,404 units of
limited partnership interest pursuant to a public offering of
such units which terminated on December 31, 1974.  The
Partnership also issued 115 units of general partnership
interest to Interfinancial Real Estate Management Company (the
General Partner).

The Urban Improvement Fund Limited -1974 prospectus, dated
July 23, 1974, specified that the General Partner will have at
least a one percent interest in profits, losses and special
allocations, and the limited partners will share the remainder
of the interest in profits, losses and special allocations in
proportion to their respective units of limited partnership
interests.  It is the General Partners' intention to allocate,
for income tax and financial reporting purposes, the profits,
losses and special allocations in the ratio of ninety-nine
percent to the limited partners and one percent to the General
Partner.

Basis of Presentation

The accompanying unaudited interim financial statements
reflect all adjustments which are, in the opinion of
management, necessary for a fair presentation of the financial
condition and results of operations for the interim periods
presented.  All such adjustments are of a normal and recurring
nature.  Operating results for the nine-month period ended
September 30, 2003 are not necessarily indicative of the
results that may be expected for the fiscal year ending
December 31, 2003.

While the General Partner believes that the disclosures
presented are adequate to make the information not misleading,
it is suggested that these financial statements be read in
conjunction with the financial statements and notes included
in the Partnership's Annual Report filed on Form 10-KSB for
the fiscal year ended December 31, 2002.

Recent Accounting Pronouncements

In January 2003, the Financial Accounting Standards Board
("FASB") issued Interpretation No. 46 ("FIN 46"),
Consolidation of Variable Interest Entities.  FIN 46 requires
the consolidation of entities in which an enterprise absorbs a
majority of the entity's expected losses, receives a majority
of the entity's  expected residual returns, or both, as a
result of ownership, contractual or other financial interests
in the entity.  Prior to the issuance of FIN 46, entities were
generally consolidated by an enterprise when it had a
controlling financial interest through ownership of a majority
voting interest in the entity.  FIN 46 applied immediately to
variable interest entities created after January 31, 2003, and
with respect to variable interests held before February 1,
2003, FIN 46 will apply beginning July 1, 2003.

The Partnership has not entered into any partnership
investments subsequent to  January 31, 2003.  The Partnership
is in the process of evaluating its investments in
unconsolidated partnerships that may be deemed variable
interest entities under the provisions of FIN 46.  The
Partnership has not yet determined the anticipated impact of
adopting FIN 46 for its partnership agreements that existed as
of January 31, 2003.  However, FIN 46 may require the
consolidation of assets, liabilities and operations of certain
of the Partnership's unconsolidated partnership investments.
Although the Partnership does not believe the full adoption of
FIN 46 will have an impact on net earnings, the Partnership
cannot make any definitive conclusion until it completes its
evaluation.

Note 2 -Method of accounting - As of September 30, 2003, the
Partnership has investments in eight 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.

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
discontinued when the investment is reduced to zero.

Taxes on Income

No provision for taxes on income is required since all taxable
income or loss of the Partnership is allocated to the partners
for inclusion in their respective tax returns.

Fair Value of Financial Instruments and Use of Estimates

The Partnership estimates that the aggregate fair value of all
financial instruments at September 30, 2003 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.

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.

Management of Urban Improvement Fund Limited - 1974

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 $182,919.  (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  $57,020.)  In 2003, the
maximum annual management fee of $182,919 will be earned and
recorded as an expense of the Partnership.

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.  No liquidation
fees were paid to the General Partner during 2003 and 2002.

The General Partner of the Partnership is a corporation in
which Paul H. Pfleger is the sole shareholder.  Partnership
Services, Inc. (PSI), another corporation in which Paul H.
Pfleger is the sole shareholder, has contracted with the
General Partner and the Partnership to provide certain
management and other services to any projects in which the
Partnership has an interest.  No fees were paid to PSI during
2003 or 2002.  In addition, as shown in the following table,
PSI has become the General Partner in one of the Local Limited
Partnerships in which the Partnership has or had investments:

                                       Date PSI Became
       Local Limited Partnership       General Partner

       Notre Dame Apartments           March 1977 to
                                       December 2002
       Capitol Hill Associates         December 1978

The General Partner of the following partnerships has been
replaced with an entity which is controlled by Paul H.
Pfleger:

           Local Limited Partnership         Date

             Notre Dame Apartments       December 2000
             Monatiquot Village          February 2000

Note 3 - Investments in Local Limited Partnerships - As of
September 30, 2003, the Partnership has investments in nine
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:

                       September 30, 2003   December 31, 2002

Capital contributions      $ 8,240,996          $ 8,240,996

Distributions               (5,184,862)          (4,759,563)

Equity in losses             5,632,759            5,203,063

Advances                       166,256              166,256

Unamortized costs
 of acquisitions               498,197              501,584

                           $ 9,353,346          $ 9,352,336

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

The matters discussed in this report contain certain forward-
looking statements, including, without limitation, statements
regarding future financial performance and the effect of
government regulations.  The discussions of the Registrant's
business and results of operations, including forward-looking
statements pertaining to such matters, do not take into
account the effects of any changes to the Registrant's
business and results of operations.  Actual results may differ
materially from those described in the forward-looking
statements and will be affected by a variety of risks and
factors including, without limitation:  national and local
economic conditions; the terms of governmental regulations
that affect the Registrant and interpretations of those
regulations; the competitive environment in which the
Registrant operates; financing risks, including the risk that
cash flows from operations may be insufficient to meet
required payments of principal and interest; real estate
risks, including variation of real estate values and the
general economic climate in local markets and competition for
tenants in such markets; and possible environmental
liabilities.  Readers should carefully review the Registrant's
financial statements and the notes thereto, as well as the
risk factors described in the documents the Registrant files
from time-to-time with the Securities and Exchange Commission.

This item should be read in conjunction with the financial
statements and other items contained elsewhere in this report.

Liquidity

The Partnership has followed the practice of investing
available funds not used in the purchase of properties or in
operations into short-term investments.  Interest income
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.

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 $182,919 (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 $57,020).  The Partnership
recorded management fee expense of $45,729 for the three
months ended September 30, 2003 (maximum fee) and $14,255 for
the quarter ended September 30, 2002 (minimum fee).

The components of the Partnership's equity in income of the
Local Limited Partnerships for the nine months ended September
30, 2003 and 2002, is summarized as follows:

For the Three-Month    For the Nine-Month
      Period Ended         Period Ended
     September 30,        September 30,
  2003      2002    2003   	   2002
Income (loss
 from investments
 with non-zero
 investment:
  Norway Housing   $     0  $ (322,862)   $     0  $ (210,662)
  Notre Dame        14,062      91,900    (79,992)    235,100
  Capitol Hill       8,950     107,056     67,304      87,353
  Monatiquot
  Village
  Associates       120,824      74,000    397,085     272,200
Distributions
 from zero
 investments:
  51st and King          0           0     34,646           0
  Norway House           0   1,072,406     10,653   1,072,406

                 $ 143,836  $1,022,500 $  429,696  $1,456,397

The Partnership's only source of cash flow is from
distributions from its investments in 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.

Six of 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.  Monatiquot Village Associates
and Notre Dame Apartments have no restriction on distributions
and their General Partner is an affiliate of the General
Partner of the Issuer.

The distributions in 2003 were $425,300.  The General Partner
anticipates it will receive adequate distributions from the
Local Limited Partnerships to maintain operations.

There is no guarantee that the Local Limited Partnerships will
generate sufficient cash flow to distribute to the Partnership
amounts sufficient to repay all advances.  If not repaid by
cash flow from operating, they will most likely be repaid with
proceeds from the sale or refinancing proceeds from the Local
Limited Partnerships.

Capital Resources

The General Partner believes that situations may arise where
it would be advantageous to the Partnership 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 may 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 are made, it is likely that the acquired
properties will be conventional, multi-family residential
projects.

The partnership has made no material commitments for capital
expenditures.

Item 3 - Controls and Procedures

The principle executive officer and principal financial
officer of the General Partner, who are the equivalent of the
Partnership's principal executive officer and principal
financial officer, respectively, have, within 90 days of the
filing date of this quarterly report, evaluated the
effectiveness of the Partnership's disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14(c) and
15d-14(c)) and have determined that such disclosure controls
and procedures are adequate.  There have been no significant
changes in the Partnership's internal controls or in other
factors that could significantly affect the Partnership's
internal controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or
material weaknesses exist in the Partnership's internal
controls.  Accordingly, no corrective actions have been taken.

                  PART II - OTHER INFORMATION


Items 1 through 5 not applicable
Item 6 Exhibits and Reports on Form 8-K
       a) Exhibits
          99  Certification pursuant to 18 U.S.C. Section
              1350, as adopted pursuant to Section 906 of the
              Sarbanes-Oxley Act of 2002.

       b) Reports on Form 8-K
          The registrant has not filed a report on Form 8-K
          during the quarter ending September 30, 2003.



                        SIGNATURES




Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Issuer has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.





           URBAN IMPROVEMENT FUND LIMITED - 1974
                         (Issuer)
        By:  Interfinancial Real Estate Management
                  Company, General Partner



Date: November 12, 2003
/s/Paul H. Pfleger
Paul H. Pfleger
Chairman of the Board
Interfinancial Real Estate Company,
equivalent of the
Chief Executive Officer of the Partnership



Date: November 12, 2003
/s/John M. Orehek
John M. Orehek
Senior Vice President
Interfinancial Real Estate Company,
equivalent of the
Chief Financial Officer of the Partnership


                      Certification


I Paul H. Pfleger, certify that:

1) I have reviewed this quarterly report on Form 10-QSB of
Urban Improvement Fund Limited - 1974;

2) Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in the
light of the circumstances under which such statements were
made, not misleading with respect to the period covered by
this quarterly report;

3) Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flow of the registrant as of,
and for, the periods presented in this quarterly report;

4) The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and we have:

a. Designed such disclosure controls and procedures to ensure
that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b. Evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to
the filing date of this quarterly report (the "Evaluation
Date"); and

c. Presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based
on our evaluation as of the Evaluation Date;

5) The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent
functions):

a. All significant deficiencies in the design or operation of
internal controls which would adversely affect the
registrant's ability to record, process, summarize and report
financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b. Any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrant's internal controls;

6) The registrant's other certifying officers and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and
material weaknesses.

Date:  November 12, 2003
/s/Paul H. Pfleger
Paul H. Pfleger
Chairman of the Board
Interfinancial Real Estate Company,
equivalent of the
Chief Executive Officer of the Partnership

                           Certification


I John M. Orehek, certify that:

1) I have reviewed this quarterly report on Form 10-QSB of
Urban Improvement Fund Limited - 1974;

2) Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in the
light of the circumstances under which such statements were
made, not misleading with respect to the period covered by
this quarterly report;

3) Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flow of the registrant as of,
and for, the periods presented in this quarterly report;

4) The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and we have:

a. Designed such disclosure controls and procedures to ensure
that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b. Evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to
the filing date of this quarterly report (the "Evaluation
Date"); and

c. Presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based
on our evaluation as of the Evaluation Date;

5) The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent
functions):

a. All significant deficiencies in the design or operation
of internal controls which would adversely affect the
registrant's ability to record, process, summarize and report
financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b. Any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrant's internal controls;

6) The registrant's other certifying officers and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and
material weaknesses.

Date:  November 12, 2003
/s/John M. Orehek
John M. Orehek
Senior Vice President
Interfinancial Real Estate Company,
equivalent of the
Chief Financial Officer of the Partnership

                   Certification of CEO and CFO
              Pursuant to 18 U.S.C. Section 1350,
              as Adopted Pursuant to Section 906
              of the Sarbanes-Oxley Act of 2002


In connection with the Quarterly Report on Form 10-QSB of
Urban Improvement Fund - 1974 (the "Partnership"), for the
quarterly period ended March 31, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the
"Report"), Paul H. Pfleger, as the equivalent of the Chief
Executive Officer of the Partnership, and John M. Orehek as
the equivalent of the Chief Financial Officer of the
Partnership, each hereby certifies, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of his
knowledge:

1) The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities and Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of the Partnership.











/s/Paul H. Pfleger
Name:  Paul H. Pfleger




/s/John M. Orehek
Name:  John M. Orehek


This certification accompanies the Report pursuant to Section
906 of the Sarbanes-Oxley Act of 2002 and shall not, except to
the extent required by the Sarbanes-Oxley Act of 2002, be
deemed filed by the Partnership for purposes of Section 18 of
the Securities and Exchange Act of 1934, as amended.