<TABLE> <S> <C>

<ARTICLE>                  5
       
<S>                                                  <C>
<PERIOD-TYPE>                                        3-MOS
<FISCAL-YEAR-END>                                    MAR-31-1998
<PERIOD-END>                                         JUN-30-1997
<CASH>                                               756,660
<SECURITIES>                                         2,644,840
<RECEIVABLES>                                        000
<ALLOWANCES>                                         000
<INVENTORY>                                          000
<CURRENT-ASSETS>                                     000
<PP&E>                                               000
<DEPRECIATION>                                       000
<TOTAL-ASSETS>                                       33,680,905<F1>
<CURRENT-LIABILITIES>                                000
<BONDS>                                              000
<PREFERRED-MANDATORY>                                000
<PREFERRED>                                          000
<COMMON>                                             000
<OTHER-SE>                                           32,472,967
<TOTAL-LIABILITY-AND-EQUITY>                         33,680,905<F2>
<SALES>                                              000
<TOTAL-REVENUES>                                     56,172<F3>
<CGS>                                                000
<TOTAL-COSTS>                                        000
<OTHER-EXPENSES>                                     140,760<F4>
<LOSS-PROVISION>                                     000
<INTEREST-EXPENSE>                                   6,837
<INCOME-PRETAX>                                      000
<INCOME-TAX>                                         000
<INCOME-CONTINUING>                                  000
<DISCONTINUED>                                       000
<EXTRAORDINARY>                                      000
<CHANGES>                                            000
<NET-INCOME>                                         (1,117,152)<F5>
<EPS-PRIMARY>                                        (16.05)
<EPS-DILUTED>                                        000
<FN>
<F1>Included  in total assets is  mortgagee  escrow  deposits of $4,766,  tenant
security deposit escrow of $2,886,  Investments in Local Limited Partnerships of
$29,249,060, rental property of $970,693, a replacement reserve escrow of $2,242
and other  assets of  $49,758.  <F2>Included  in Total  Liability  and Equity is
accounts  payable to  affiliates  of  $143,149,  accounts  payable  and  accrued
expenses  of  $55,034,  mortgage  notes  payable of  $712,774,  tenant  security
deposits payable of $2,886,  deferred revenue of $175,133 and minority  interest
in Local Limited  Partnership of $118,962 <F3>Total revenue includes  investment
of $44,428, rental of $9,801 and other of $1,943. <F4>Included in Other Expenses
is general and administrative of $68,165, asset management fees $59,177,  rental
operations of $1,975,  property  management fee of $590,  depreciation of $3,530
and amortization  $7,323.  <F5>Net loss includes  minority interest in losses of
Local  Limited  Partnerships  of $31 and  equity  in  losses  of  Local  Limited
Partnerships of $1,025,758.
</FN>
         

</TABLE>