FORM 10-QSB--QUARTERLY OR TRANSITIONAL 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 13 or 15(d) of The Securities Exchange Act of
     1934


                 For the quarterly period ended March 31, 1998


[  ] Transition Report Pursuant to 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, 1998




Assets
  Cash and cash equivalents                                        $   515
  Receivables and deposits                                             151
  Other assets                                                         259
  Restricted escrows                                                   147
  Investment properties:
     Land                                            $  1,409
     Buildings and related
       personal property                               13,558
                                                       14,967
     Less accumulated depreciation                     (7,424)       7,543
                                                                   $ 8,615

Liabilities and Partners' Capital
Liabilities
  Accounts payable                                                 $    47
  Accrued taxes                                                         58
  Tenant security deposit liabilities                                   51
  Other liabilities                                                     94
  Mortgage notes payable                                             7,404
Partners' (Deficit) Capital
  General partners                                   $(3,838)
  Limited partners (130,000 units issued
     and outstanding)                                  4,799           961
                                                                   $ 8,615


          See Accompanying Notes to Consolidated Financial Statements

b)
                          CENTURY PROPERTIES FUND XVI
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
                        (in thousands, except unit data)



                                                            Three Months Ended
                                                                 March 31,
                                                            1998          1997
Revenues:
  Rental income                                          $   707        $   638
  Other income                                                30             31
       Total revenues                                        737            669

Expenses:
  Operating                                                  299            292
  General and administrative                                  53             35
  Depreciation                                               121            117
  Interest                                                   154            156
  Property tax                                                43             45
       Total expenses                                        670            645

    Net income                                           $    67        $    24

Net income allocated to general partners (6.9%)          $     5        $     2
Net income allocated to limited partners (93.1%)              62             22

    Net income                                           $    67        $    24

Net income per limited partnership unit                  $   .48        $   .17


          See Accompanying Notes to Consolidated Financial Statements


c)
                          CENTURY PROPERTIES FUND XVI
       CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                  (Unaudited)
                        (in thousands, except unit data)



                                  Limited
                                Partnership   General     Limited
                                   Units      Partners   Partners     Total

Original capital contributions   130,000      $    --     $65,000    $65,000

Partners' (deficit) capital at
  December 31, 1997              130,000      $(3,843)    $ 4,737    $   894

Net income for the three
  months ended March 31, 1998         --            5          62         67

Partners' (deficit) capital at
  March 31, 1998                 130,000      $(3,838)    $ 4,799    $   961




          See Accompanying Notes to Consolidated Financial Statements


d)
                          CENTURY PROPERTIES FUND XVI
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)



                                                          Three Months Ended
                                                               March 31,
                                                          1998          1997
Cash flows from operating activities:
  Net income                                            $   67          $   24
  Adjustments to reconcile net income to net cash
     provided by operating activities:
     Depreciation and amortization                         129             124
     Change in accounts:
       Receivables and deposits                            156             110
       Other assets                                          1              --
       Accounts payable                                    (41)            (17)
       Accrued taxes                                      (179)           (127)
       Tenant security deposit liabilities                   1              --
       Other liabilities                                    (2)             19

          Net cash provided by operating activities        132             133


Cash flows from investing activities:
  Property improvements and replacements                   (20)            (75)
  Net deposits to restricted escrows                       (38)            (40)

          Net cash used in investing activities            (58)           (115)

Cash flows used in financing activities:
  Payments on mortgage notes payable                       (18)            (12)

Net increase in cash and cash equivalents                   56               6

Cash and cash equivalents at beginning of period           459             535

Cash and cash equivalents at end of period              $  515          $  541

Supplemental disclosure of cash flow information
  Cash paid for interest                                $  146          $  113


          See Accompanying Notes to Consolidated Financial Statements

e)
                          CENTURY PROPERTIES FUND XVI
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Century
Properties Fund XVI (the "Partnership") 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.
The Partnership's general partners are Fox Capital Management Corporation (the
"Managing General Partner" or "FCMC") and Fox Realty Investors ("FRI"), both of
which are affiliates of Insignia Financial Group, Inc. ("Insignia").  In the
opinion of the Managing General Partner, 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, 1998, are
not necessarily indicative of the results that may be expected for the fiscal
year ending December 31, 1998.  For further information, refer to the financial
statements and footnotes thereto included in the Partnership's annual report on
Form 10-KSB for the year ended December 31, 1997.

Certain reclassifications have been made to the 1997 information to conform to
the 1998 presentation.

NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent upon the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. The Managing General Partner is a wholly-owned 
subsidiary of Insignia Properties Trust ("IPT"), an affiliate of Insignia.
The Partnership Agreement provides for payments to affiliates for services 
and as reimbursement of certain expenses incurred by affiliates on behalf of 
the Partnership.

On March 17, 1998, Insignia entered into an agreement to merge its national 
residential property management operations, and its controlling interest in 
IPT, with Apartment Investment and Management Company ("AIMCO"), a publicly 
traded real estate investment trust. The closing, which is anticipated to 
happen in the third quarter of 1998, is subject to customary conditions, 
including government approvals and the approval of Insignia's shareholders.  
If the closing occurs, AIMCO will then control the Managing General Partner 
of the Partnership.

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.  These general partners held a 1% interest in profits, losses and
distributions of such subsidiary partnerships.  Effective December 31, 1997, the
Partnership acquired these 1% interests and therefore the subsidiary
partnerships are wholly-owned by the Partnership.

The following transactions with affiliates of Insignia were charged to expense
in 1998 and 1997:


                                                      For the Three Months Ended
                                                                March 31,
                                                             (in thousands)
                                                           1998         1997

Property management fees (included in operating
  expenses)                                               $  37         $  34
Reimbursement for services of affiliates (included
  in general and administrative and operating expenses)      28            23


For the period from January 1 1997, to August 31, 1997, the Partnership insured
its properties under a master policy through an agency affiliated with the
Managing General Partner with an insurer unaffiliated with the Managing General
Partner.  An affiliate of the Managing General Partner acquired, in the
acquisition of a business, certain financial obligations from an insurance
agency which was later acquired by the agent who placed the master policy.  The
agent assumed the financial obligations to the affiliate of the Managing General
Partner which receives payment on these obligations from the agent.  The amount
of the Partnership's insurance premiums that accrued to the benefit of the
affiliate of the Managing General Partner by virtue of the agent's obligations
was 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, 1998 and 1997:

                                                   Average
                                                  Occupancy
Property                                     1998           1997

The Landings Apartments
  Tampa, Florida                             95%             93%
Woods of Inverness Apartments
  Houston, Texas                             97%             95%

The increase in average occupancy from March 31, 1997, to March 31, 1998, at
both The Landings Apartments and Woods of Inverness Apartments is due to quality
customer service and increased marketing efforts, combined with the availability
of attractive, well maintained units.

The Partnership's net income for the three months ended March 31, 1998, was
approximately $67,000, versus net income of approximately $24,000 for the same
period in 1997.  The increase in net income is attributable to an increase in
rental income, partially offset by an increase in total expenses.  The increase
in rental income is due to increases in occupancy and average annual rental
rates at both The Landings Apartments and Woods of Inverness Apartments.  The
increase in expenses is primarily attributable to an increase in general and
administrative expenses due to increases in both professional expenses and
expense reimbursements.

Included in operating expense for the three months ended March 31, 1998, is
approximately $18,000 of major repairs and maintenance mainly comprised of
parking lot and gutter repairs.  Included in operating expense for the three
months ended March 31, 1997, is approximately $18,000 of major repairs and
maintenance mainly comprised of exterior painting and building improvements.

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, 1998, the Partnership had cash and cash equivalents of
approximately $515,000, versus approximately $541,000 at March 31, 1997.  Cash
and cash equivalents increased approximately $56,000 for the period ended March
31, 1998.  Net cash provided by operating activities at March 31, 1998, remained
relatively consistent with the corresponding period of the prior year, despite a
larger decrease in receivables and deposits and an increase in accrued taxes.
These changes are due to the timing of the payment of property taxes from the
escrow account.  The Partnership experienced a decrease in cash used in
investing activities due to a decrease in property improvements and
replacements. There was an interior building improvement project ongoing at The
Landings Apartments during the three months ended March 31, 1997.  Cash used in
financing activities results from payments on mortgage notes payable.

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 approximately $7,404,000 is based on a fixed interest
rate, amortized over a thirty-year period, with a balloon payment due January 1,
2006. No cash distributions were paid in 1997 or during the first quarter of
1998.  Future cash distributions will depend on the levels of cash generated
from operations, property sales, and the availability of cash reserves.

Year 2000

The Partnership is dependent upon the Managing General Partner and Insignia for
management and administrative services.  Insignia has completed an assessment
and will have to modify or replace portions of its software so that its computer
systems will function properly with respect to dates in the year 2000 and
thereafter (the "Year 2000 Issue").  The project is estimated to be completed
not later than December 31, 1998, which is prior to any anticipated impact on
its operating systems.  The Managing General Partner believes that with
modifications to existing software and conversions to new software, the Year
2000 Issue will not pose significant operational problems for its computer
systems. However, if such modifications and conversions are not made, or are not
completed timely, the Year 2000 Issue could have a material impact on the
operations of the Partnership.

Other

Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act 
of 1995 (the "Reform Act") and as such may involve known and unknown risks, 
uncertainties and other factors which may cause the actual results, performance 
or achievements of the Partnership to be materially different from any future 
results, performance or achievements expressed or implied by such 
forward-looking statements.  Such forward-looking statements speak only as of 
the date of this quarterly report.  The Partnership expressly disclaims any 
obligation or undertaking to release publicly any updates or revisions to any 
forward-looking statements contained herein to reflect any change in the 
Partnership's expectations with regard thereto or any change in events, 
conditions or circumstances on which any such statement is based.


                          PART II - OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled ROSALIE NUANES, ET AL. V. INSIGNIA
FINANCIAL GROUP, INC., ET AL. in the Superior Court of the State of California
for the County of San Mateo.  The Plaintiffs named as defendants, among others,
the Partnership, the Managing General Partner and several of their affiliated
partnerships and corporate entities. The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia and its affiliates of
interests in certain general partner entities, past tender offers by Insignia
affiliates to acquire limited partnership units, the management of partnerships
by Insignia affiliates, as well as a recently announced agreement between
Insignia and AIMCO.  The complaint seeks monetary damages and equitable relief,
including judicial dissolution of the Partnership.  The Managing General Partner
was only recently served with the complaint which it believes to be without
merit, and intends to vigorously defend the action.



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 4, 1998