FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15 (D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report


                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                  FORM 10-QSB

(Mark One)

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of The Securities
     Exchange Act of 1934


                For the quarterly period ended March 31, 1997


[  ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934

                 For the transition period.........to.........


                         Commission file number 0-10435



                          CENTURY PROPERTIES FUND XVI
       (Exact name of small business issuer as specified in its charter)


         California                                         94-2704651
(State or other jurisdiction of                          (I.R.S. Employer
incorporation or organization)                          Identification No.)


                          One Insignia Financial Plaza
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)


                                 (864) 239-1000
                           Issuer's telephone number



Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), 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

a)
                          CENTURY PROPERTIES FUND XVI
                           CONSOLIDATED BALANCE SHEET
                                  (Unaudited)
                        (in thousands, except unit data)

                                 March 31, 1997



Assets
  Cash and cash equivalents:
    Unrestricted                                                   $   541
    Restricted - tenant security deposits                               56
  Other assets                                                         287
  Accounts receivable                                                   13
  Escrow for taxes                                                      64
  Restricted escrows                                                    55
  Investment properties:
     Land                                            $  1,409
     Buildings and related
       personal property                               13,366
                                                       14,775
     Less accumulated depreciation                     (6,990)       7,785
                                                                   $ 8,801

Liabilities and Partners' Capital
Liabilities
  Accounts payable                                                 $    51
  Accrued taxes                                                         59
  Tenant security deposits                                              56
  Other liabilities                                                     85
  Mortgage notes payable                                             7,475
Partners' (deficit) capital
  General partners                                   $(3,830)
  Limited partners (130,000 units issued
     and outstanding)                                  4,905         1,075
                                                                   $ 8,801

          See Accompanying Notes to Consolidated Financial Statements

b)                       CENTURY PROPERTIES FUND XVI
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
                        (in thousands, except unit data)
<TABLE>
<CAPTION>
                                                           Three Months Ended
                                                                 March 31,
                                                         1997                1996
<S>                                               <C>                 <C>
Revenues:
  Rental income                                    $      658          $      690
  Other income                                             31                  29
       Total revenues                                     689                 719

Expenses:
  Operating                                               240                 299
  General and administrative                               35                  84
  Maintenance                                              72                  94
  Depreciation                                            117                 111
  Interest                                                156                 157
  Property tax                                             45                  76
       Total expenses                                     665                 821

    Net income (loss)                              $       24          $     (102)

Income (loss) allocated to general
 partners (6.9%)                                   $        2          $       (7)
Income (loss) allocated to limited
 partners (93.1%)                                          22                 (95)

    Net income (loss)                              $       24          $     (102)

Net income (loss) per limited partnership unit     $      .17          $     (.73)
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

c)                        CENTURY PROPERTIES FUND XVI
       CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                  (Unaudited)
                        (in thousands, except unit data)
<TABLE>
<CAPTION>
                                   Limited
                                 Partnership    General        Limited
                                    Units       Partners      Partners         Total
<S>                              <C>        <C>           <C>            <C>
Original capital contributions    130,000    $      --     $   65,000     $   65,000

Partners' (deficit) capital at
  December 31, 1996               130,000    $  (3,832)    $    4,883     $    1,051

Net income for the three
  months ended March 31, 1997          --            2             22             24

Partners' (deficit) capital at
  March 31, 1997                  130,000    $  (3,830)    $    4,905     $    1,075
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)
                          CENTURY PROPERTIES FUND XVI
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                                March 31,
                                                             1997           1996
<S>                                                   <C>             <C>
Cash flows from operating activities:
  Net income (loss)                                    $       24      $     (102)
  Adjustments to reconcile net income (loss) to net
  cash provided by operating activities:
   Depreciation and amortization                              124             119
Change in accounts:
   Security deposits and other assets                          70              17
   Accounts payable and accrued expenses                     (125)            195
    Net cash provided by operating activities                  93             229

Cash flows used in investing activities:
   Property improvements and replacements                     (75)            (14)

Cash flows from financing activities:
   Payments on mortgage notes payable                         (12)            (16)
   Loan costs                                                  --            (128)

    Net cash used in financing activities                     (12)           (144)

Net increase in cash and cash equivalents                       6              71

Cash and cash equivalents at beginning of period              535             846

Cash and cash equivalents at end of period             $      541      $      917

Supplemental information:
  Cash paid for interest                               $      113      $      149
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>


e)                          CENTURY PROPERTIES FUND XVI

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of Fox Capital Management Corporation (the "Managing General
Partner" or "FCMC"), all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three month period ended March 31, 1997, are not necessarily
indicative of the results that may be expected for the fiscal year ending
December 31, 1997.  For further information, refer to the financial statements
and footnotes thereto included in Century Properties Fund XVI's (the
"Partnership") annual report on Form 10-KSB for the year ended December 31,
1996.

Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.

NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on its general partners Fox
Realty Investors ("FRI"), a California general partnership, and the Managing
General Partner, a California corporation and their affiliates for the
management and administration of all partnership activities.  The Partnership
Agreement provides for payments to affiliates for services and as reimbursement
of certain expenses incurred by affiliates on behalf of the Partnership.

Pursuant to a series of transactions which closed during the first half of 1996,
affiliates of Insignia Financial Group, Inc. ("Insignia") acquired all of the
issued and outstanding shares of stock of FCMC, NPI Equity Investments II, Inc.
("NPI Equity"), the managing general partner of FRI, and National Property
Investors, Inc. ("NPI").  NPI Equity is a wholly-owned subsidiary of NPI.  In
connection with these transactions, affiliates of Insignia appointed new
officers and directors of NPI Equity and FCMC.

On March 29, 1996, an affiliate of Insignia acquired all of the issued and
outstanding shares of stock of the general partners of the subsidiary
partnerships which hold title to The Landings Apartments and Woods of Inverness
Apartments, which general partners hold a 1% interest in profits, losses and
distributions of such subsidiary partnerships.

The following transactions with affiliates of Insignia, NPI and affiliates of
NPI were charged to expense in 1997 and 1996:


                                                    For the Three Months Ended
                                                             March 31,
                                                         (in thousands)
                                                        1997           1996
Property management fees (included in operating
  expenses)                                           $  34           $  32
Reimbursement for services of affiliates (included
  in general and administrative expenses)                23              60


The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the general partners.  An affiliate of the general
partners acquired, in the acquisition of a business, certain financial
obligations from an insurance agency which was later acquired by the agent who
placed the current year's master policy.  The current agent assumed the
financial obligations to the affiliate of the general partners, who received
payments on these obligations from the agent. The amount of the Partnership's
insurance premiums accruing to the benefit of the affiliate of the general
partners by virtue of the agent's obligations is not significant.

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Partnership's investment properties consist of two apartment complexes.  The
following table sets forth the average occupancy of the properties for the three
months ended March 31, 1997 and 1996:


                                                 Average
                                                Occupancy
Property                                     1997            1996
The Landings Apartments
  Tampa, Florida                             93%             91%
Woods of Inverness Apartments
  Houston, Texas                             95%             92%


The increase in average occupancy from March 31, 1996, to March 31, 1997, at
both The Landings Apartments and Woods of Inverness Apartments properties is due
to quality customer service and marketing, combined with the availability of
attractive, well maintained units.

The Partnership's net income for the three months ended March 31, 1997, was
$24,000, versus a net loss of $102,000 for the same period in 1996.  The
increased income is attributable to an overall decrease in expenses.  Operating
expenses are down primarily due to a decrease in utility costs.  General and
administrative expenses decreased due to decreases in both legal and auditing
fees from the prior year, with the remainder of the variance due to the
decreased cost reimbursements as a result of the relocation of the partnership
administration offices in 1996.  Maintenance expenses declined due to numerous
repairs to plumbing and electric systems and interior building repairs by the
current management company in 1996, which did not re-occur in 1997. Property
taxes decreased due to a decrease in billing, as a result of re-evaluations of
the property.

Included in maintenance expense for the three months ended March 31, 1997, is
$18,000 of major repairs and maintenance comprised of exterior painting and
building improvements. Included in maintenance expense for the three months
ended March 31, 1996, is $9,000 of major repairs and maintenance comprised of
exterior building improvements and office equipment.

As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses.  As part of
this plan, the Managing General Partner attempts to protect the Partnership from
the burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level.  However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

At March 31, 1997, the Partnership had cash and cash equivalents of $541,000,
versus $917,000 at March 31, 1996.  Net cash provided by operating activities
decreased primarily due to a decrease in accounts payable and accrued expenses.
The Partnership experienced an increase in cash used in investing activities due
primarily to $66,000 of interior building improvements at The Landings
Apartments property. The decrease in cash used in financing activities resulted
from non-recurring loan costs paid during the three months ended March 31, 1996,
as a result of the refinancings that took place in 1995.

An affiliate of the Managing General Partner has made available to the
Partnership a credit line of up to $150,000 per property owned by the
Partnership.  The Partnership has no outstanding amounts due under this line of
credit.  Based on present plans, the Managing General Partner does not
anticipate the need to borrow in the near future.  Other than cash and cash
equivalents, the line of credit is the Partnership's only unused source of
liquidity.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership. Such assets are currently
thought to be sufficient for any near-term needs of the Partnership.  The
mortgage indebtedness of $7,475,000 is based on a fixed interest rate, amortized
over a thirty-year period, with a balloon payment due January 1, 2006.  Future
cash distributions will depend on the levels of cash generated from operations,
property sales, and the availability of cash reserves.  No cash distributions
were paid in 1996 or during the first quarter of 1997.


                          PART II - OTHER INFORMATION


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

  a)   Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
       report.

  b)   Reports on Form 8-K:  None.


                                     SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.





                           CENTURY PROPERTIES FUND XVI

                           By:   Fox Capital Management Corporation,
                                 Managing General Partner

                                 /s/William H. Jarrard, Jr.
                                 President and Director


                                 /s/Ronald Uretta
                                 Vice President and Treasurer


                           Date: May 13, 1997