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 March 31, 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 2-43162

                 URBAN IMPROVEMENT FUND LIMITED - 1972
      (Exact name of registrant as specified in its charter)

          California                                   95-6448384
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   XX    No      .
<PAGE>

                  PART I - FINANCIAL INFORMATION

                  Item 1 - Financial Statements

                          BALANCE SHEETS

              URBAN IMPROVEMENT FUND LIMITED - 1972
                     (A Limited Partnership)

                              ASSETS
<TABLE>
<S>
                                                 <C>          <C>
                                                 March 31,    December 31,
                                                   2000           1999

Cash                                           $   193,958    $   235,133

Investments in and advances to
 Local Limited Partnerships
 accounted for on the equity
 method                                                -0-            -0-

   Total Assets                                $   193,958     $  235,133


                        LIABILITIES AND PARTNER - (DEFICIT)

Accounts payable                                 $   4,000     $      -0-

Management fee payable                              10,000            833

Payable to affiliates                              528,586        568,567

Distribution payable                                40,577         40,577

 Total Liabilities                                 583,163        609,977

Partners' (Deficit):
 General Partner - 5
 Partnership units
 authorized, issued
 and outstanding                                      (333)          (316)

Limited Partners - 5,830
 Partnership units
 authorized, issued
 and outstanding                                  (388,872)      (374,528)
                                                  (389,205)      (374,844)

 Total Liabilities and Partners'
   (Deficit)                                   $   193,958     $  235,133
</TABLE>



Unaudited.  See accompanying notes.
<PAGE>

                 CAPITALIZATION AND PARTNERS' (DEFICIT)

                     URBAN IMPROVEMENT FUND LIMITED - 1972
                         (A Limited Partnership)

<TABLE>
<S>

<C>                                              <C>          <C>
                                                 March 31,    December 31,
                                                   2000           1999
General Partner Interest - 5 Partner-
 ship units issued and outstanding             $     5,000    $     5,000

Limited Partners' Interest - 5,830
 Partnership units issued and
 outstanding                                     5,830,000      5,830,000

   Total                                         5,835,000      5,835,000

Offering Expenses                                 (641,492)      (641,492)

Distributions to partners                         (861,150)      (861,150)

Accumulated loss through
 December 31, 1999                              (4,707,202)    (4,707,202)

Loss for the three-month period
 ended March 31, 2000                              (14,361)           -0-
                                                (6,224,205)    (6,209,844)

Partners' (deficit) at end of period           $  (389,205)    $ (374,844)
</TABLE>




Unaudited.  See accompanying notes
<PAGE>

                              STATEMENTS OF INCOME
                       URBAN IMPROVEMENT FUND LIMITED - 1972
                              (A Limited Partnership)

<TABLE>
<S>
                                       <C>              <C>
                                         For the Three-Month
                                             Period Ended
                                               March 31,
                                        2000             1999
Revenues                           $   1,244           $     143

Cost and expenses:

 Professional fees                     4,000               5,000

 Management fee                       10,000              10,000

 Other expense                         1,605                 -0-

Loss before equity in
 loss of Local Limited
 Partnerships                        (14,361)            (14,857)

Equity in loss of Local
 Limited Partnerships                    -0-                 -0-

Net loss                          $  (14,361)          $ (14,857)

Allocation of Net Loss:

 Net loss allocated to
 General Partner                  $      (12)          $     (13)

 Net loss allocated to
 Limited Partners                    (14,349)            (14,844)

                                  $  (14,361)          $ (14,857)

Net loss allocated to
 Limited Partners per
 Limited Partnership
 Unit (5,830 units
 outstanding at
 March 31, 2000 and 1999)         $       (2)          $      (2)
</TABLE>



Unaudited.  See accompanying notes.
<PAGE>

                           STATEMENTS OF CASH FLOWS
                    URBAN IMPROVEMENT FUND LIMITED - 1972
                          (A Limited Partnership)
<TABLE>
<S>
                                                <C>             <C>
                                                For the Three-Month
                                                   Period Ended
                                                     March 31,
                                                2000             1999

CASH FLOWS FROM
OPERATING ACTIVITIES:
Net loss                                   $ (14,361)          $ (14,857)
 Adjustments to reconcile
 net loss to net cash used
 by operating activities:
  Decrease in distribution
   receivable                                    -0-              32,335
  Increase (decrease)
  in accounts payable,
  management fees payable
  and payable to affiliates                  (26,814)             13,787
         Total adjustments                   (26,814)             46,122

           Net cash provided
           (used) by
           operating activities              (41,175)             31,265

NET INCREASE (DECREASE)
 IN CASH AND
 CASH EQUIVALENTS                            (41,175)             31,265

CASH BALANCE AT
 BEGINNING OF PERIOD                         235,133               1,176

CASH BALANCE AT
 END OF PERIOD                             $ 193,958            $ 32,441
</TABLE>


Unaudited.  See accompanying notes.
<PAGE>

                   NOTES TO SUMMARIZE FINANCIAL INFORMATION
                                   March 31, 2000

                     URBAN IMPROVEMENT FUND LIMITED - 1972
                            (A Limited Partnership)

Note 1 - Organization - Urban Improvement Fund Limited (the Partnership) was
formed under the California Uniform Limited Partnership Act on February 22,
1972, for the principal purpose of investing in other limited partnerships
(Local Limited Partnerships), which own federal and state-assisted housing
projects.  The Partnership issued 5,830 units of limited partnership interest
pursuant to a public offering of such units which terminated on December 31,
1972.  The Partnership also issued five units of general partnership interest
to Interfinancial Real Estate Management Company (the General Partner).  For
income tax and financial reporting purposes, profits and losses are allocated
 .08659 percent to the General Partner and 99.91341 percent to the Limited
Partners.

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.

   Repayment of advances and cash distributions by the Local Limited Partner-
ships, after the Partnership investment has been reduced to zero, are recog-
nized 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.
<PAGE>

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 is required 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
Under the terms of the Limited Partnership Agreement (as amended), the
Partnership is required to pay the General Partner an annual management fee
equal to three tenths of one percent of invested assets or $64,325 (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 $40,000).  At December 31,
1998, management fees totaling $800,833 had been accrued to the General
Partner because cash flow was not sufficient to pay the fees.  During 1999,
the Partnership recorded management fee expense of $40,000.  Due to the cash
flow generated from the sale of Angeles Apartment Associates No. 1 and No. 2,
the Partnership paid management fees of $840,000 which included the entire
balance of accrued fees at December 31, 1998.
<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 three of the Local Limited Partnerships in which the Partnership
has investments.

<TABLE>
<S>
            <C>                                    <C>
                                                   Date PSI Became
            Local Limited Partnership              General Partner
     (1) Alms Hill Apartments Limited              December 1977
     (2) Angeles Apartments Associates, No. 1      December 1975
     (2) Angeles Apartments Associates, No. 2      December 1975
</TABLE>

(1)  This property was sold through a resyndication during 1984.
(2)  These properties were sold during 1999.

Note 4 - Investments in Local Limited Partnerships - As of March 31, 2000,
the Partnership has investments in two active real estate Limited Partner-
ships (Local Limited Partnerships), which are accounted for on the equity
method.  The investment account represents the sum of the capital investment,
advances and unamortized costs of acquisition less the Partnership's share of
losses since the date of acquisition.  The Partnership discontinues recog-
nizing 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.
<PAGE>

The Partnership has an investment in one Limited Partnership that sold its
real estate during 1984.  This Partnership (Alms Hill Apartments, Ltd.) holds
a note receivable for a portion of the sales proceeds.

The investment in Local Limited Partnerships is comprised of:
<TABLE>
<S>
                                 <C>               <C>
                                 March 31, 2000    December 31, 1999
Capital contributions             $   556,642        $   556,642
Distributions                        (479,815)          (479,815)
Equity in loss                       (250,261)          (250,261)
Advances                                  -0-                -0-
Unamortized costs of
 acquisitions                         173,434            173,434
                                  $       -0-        $       -0-
</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.  Revenues 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.
<PAGE>

Under the terms of the Limited Partnership Agreement (as amended), the
Partnership is required to pay the General Partner an annual management fee
equal to three tenths of one percent of invested assets or $64,325 (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 $40,000).  The Partnership
recorded management fee expense of $10,000 for the three-month period ended
March 31, 2000 and 1999.

The Partnership has not recognized income or losses of the Local Limited
Partnerships for the period ending March 31, 2000 and 1999 because all
investments have been reduced to zero and no distributions were received
and no advances were repaid during this period.
<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 March 31, 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 - 1972
                                                   (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