<PAGE>
                   SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549
                         ___________________

                             FORM 10-K

             ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)

               OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 1996

Commission file number 33-11459

                 COMMUNITY INVESTMENT PARTNERS, L.P.
___________________________________________________________________
(Exact name of registrant as specified in its charter)

  MISSOURI                                        43-1531582
___________________________________________________________________
 (State or other jurisdiction of             (IRS Employer
  incorporation or organization)              Identification No.)

    201 Progress Parkway
    Maryland Heights, Missouri                          63043
___________________________________________________________________
(Address and principal executive office)             (Zip Code)

Registrant's telephone number, including area code (314) 515-2000

                                         ________________________

Securities registered pursuant to Section 12(b) of the Act:  None.

Securities registered pursuant to Section 12(g) of the Act:  None.

  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 (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
                                                  ____        ____

  As of March 15, 1997, 70,715 units of limited partnership
interest (Units), totaling $1,582,602 were held by non-affiliates.
There is no established public market for such Units.












<PAGE>
                   DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Prospectus of the Registrant dated March 12, 1990,
filed with the Securities and Exchange Commission and portions of
the Proxy Statement of the Registrant dated March 12, 1991, and
filed with the Securities and Exchange Commission are incorporated
by reference in Part I, Part II and Part III hereof.





















































<PAGE>
                   COMMUNITY INVESTMENT PARTNERS, L.P.

                           TABLE OF CONTENTS

PART I                                                 Page

  Item 1. Business................................        4

  Item 2. Properties..............................        5

  Item 3. Legal Proceedings.......................        5

  Item 4. Submission of Matters to a Vote
          of Security Holders.....................        5

PART II

  Item 5. Market for the Registrant's Common Equity
           and Related Stockholder Matters........        6

  Item 6. Selected Financial
           Data...................................        7

  Item 7. Management's Discussion and Analysis of Financial
           Condition and Results of Operations.........   8

  Item 8. Financial Statements and Supplementary Data..  10

  Item 9. Change in and Disagreements with Accountants
           on Accounting and Financial Disclosure......  25

PART III

  Item 10.Directors and Executive Officers
            of the Registrant........................... 26

  Item 11.Executive Compensation........................ 27

  Item 12.Security Ownership of Certain Beneficial
           Owners and Management........................ 27

  Item 13.Certain Relationships and Related
           Transactions................................. 28

PART IV

  Item 14.Exhibits, Financial Statement Schedules
            and Reports on Form 8-K..................... 29

SIGNATURES.............................................. 30

INDEX TO EXHIBITS....................................... 31








<PAGE>
                              PART I

Item 1.  BUSINESS

     Community Investment Partners, L.P. (the ``Partnership'') was
formed to seek long-term capital appreciation by making investments
in companies and other special investment situations.  The
Partnership will not engage in any other business or activity.  The
Partnership will dissolve on December 31, 2005, subject to the
right of the Individual General Partners to extend the term for up
to two additional two-year periods.

     The Partnership has elected to be a business development
company under the Investment Company Act of 1940, as amended.  As a
business development company, the Partnership is required to invest
at least 70% of its assets in qualifying investments as specified
in the Investment Company Act.

     The Partnership was formed on October 10, 1989, under the
Revised Uniform Limited Partnership Act of Missouri. CIP
Management, L.P., the Managing General Partner, is a Missouri
limited partnership formed on October 10, 1989.  The general
partner of CIP Management, L.P., is CIP Management, Inc., an
indirect subsidiary of Edward D. Jones & Co., L.P.

     The Partnership participated in a public offering of its
limited partnership interests in 1990.  The Partnership sold 91,820
Units of limited partnership interest for an aggregate price of
$2,295,500.  After offering expenses of approximately $122,000, the
Partnership received approximately $2,173,500 in proceeds available
for investment.

     The Partnership is no longer making initial portfolio
investments, but may continue to make follow-on investments.  For
information regarding the Partnership's current portfolio
investments, see Item 8 of this Form 10-K.

     The information set forth under the captions ``Investment
Objectives & Policies'' and ``Regulation'' in the Prospectus of the
Partnership dated March 12, 1990, filed with the Securities and
Exchange Commission pursuant to Rule 497(b) under the Securities
Act of 1933, is incorporated herein by reference.

Risks of Unit Ownership

     The purchase and ownership of Units involve a number of
significant risks and other important factors.  The portfolio
company investments of the Partnership involve a high degree of
business and financial risk that can result in substantial losses.
Among these are the risks associated with investments in companies
with little operating history, companies operating at a loss or
with substantial variations in operating results from period to
period, companies with the need for substantial additional capital
to support expansion or achieve or maintain a competitive position,
companies which may be highly leveraged, companies which may be
less diversified and companies in which the Partnership may be the
sole or primary lender.  The Partnership intends to invest in only
a few companies.  Therefore, a loss or other problem with a single
investment would have a material adverse effect on the Partnership.

<PAGE>
     Risks may arise due to the period of time (typically four to
seven years or longer) which will elapse before portfolio company
investments have reached a state of maturity such that disposition
can be considered.

     Portfolio companies may require additional funds and there can
be no assurance that the Partnership will have sufficient funds
from reserves or borrowing to make such follow-on investments which
may have a substantial negative impact on a portfolio company in
need of additional funds.

     All decisions with respect to the management of the
Partnership, including identifying and making portfolio
investments, are made exclusively by the General Partners.  Limited
Partners must rely on the abilities of the General Partners, and,
while the key personnel of the Managing General Partner have
considerable prior experience in investment banking and in
structuring investments, they do not have prior experience in the
operation of a business development company such as the
Partnership.

     Ownership of the Units also entails risk because Limited
Partners may not be able to liquidate their investment in the event
of an emergency or for any other reason due to the substantial
restrictions on transfers contained in the Partnership Agreement
and the lack of a market for the resale of Units.

     The information set forth under the captions ``Risk and Other
Important Factors'' (including the subsections ``Risks of
Investment,'' ``Size of Partnership,'' ``Ability to Invest Funds,''
`` Time Required to Maturity of Investments; Illiquidity of
Investments,'' ''Need for Follow-on Investments,'' ``Use of
Leverage,'' ``Unspecified Investment,'' ``Reliance on Management,''
`` New Business,'' ``No Market for Units'' and ``Federal Income Tax
Considerations'') on pages 9 through 14 of the Prospectus of
Partnership dated March 12, 1990, filed with the Securities and
Exchange Commission pursuant to Rule 497(b) under the Securities
Act of 1933 on March 12, 1990, is incorporated herein by this
reference.  (This information has been restated herein pursuant to
section 64(b) of the Investment Company Act of 1940).

     Partners should refer to the Partnership Agreement for more
detailed information.

Employees

     The Partnership has no employees.  The Managing General
Partner, subject to the supervision of the Individual General
Partners, manages the Partnership's portfolio company investments
and, pursuant to a Management Agreement with the Partnership,
performs or arranges for affiliates to perform, the management and
administrative services for the Partnership and is responsible for
managing the Partnership's money-market investments.  The Managing
General Partner receives no fee under the Management Agreement but
is reimbursed by the Partnership for certain expenses.

Item 2.  PROPERTIES

           The Partnership has no physical properties.

<PAGE>
Item 3.  LEGAL PROCEEDINGS

           The Partnership is not a party to any material pending
legal proceedings.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

           No matter was submitted to a vote of security holders
during the period covered by this report.



















































<PAGE>
                           PART II

Item 5.   MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED
          STOCKHOLDER MATTERS

          There is no established public trading market for the
       Limited Partnership interests.  As of March 15, 1997, the
       total number of holders of units is 105. The number of
       limited partnership units outstanding is 87,820.  The number
       of general partnership units outstanding is 20,000 as of
       March 15, 1997.

          Cash distributions of $20 per unit were made to its
       Partners during the year ended December 31, 1996.  On July
       2, 1993, CIP repurchased 4,000 units from a limited partner
       at a per unit price of $26.25, or a total of $105,000.

          The information  set forth under the captions
       ``Partnership Distributions and Allocations'' and
       ``Transferability of Units'' in the Prospectus of the
       Partnership dated March 12, 1990, filed with the Securities
       and Exchange Commission pursuant to Rule 497(b) under the
       Securities Act of 1933 is incorporated herein by reference.





































<PAGE>
Item 6.   SELECTED FINANCIAL DATA

 BALANCE SHEET:
                                  As of
                              December 31,

                  1996      1995      1994      1993      1992
              _________  _________  _________  _________  _________

 Net Assets  $2,413,382 $3,577,659 $3,221,998 $3,235,105 $4,270,686

 Portfolio
 Investments $2,341,691  3,217,156  3,075,566  3,051,309  4,025,971

 INCOME STATEMENT:
                            For the Year Ended
                               December 31,

                  1996      1995      1994      1993      1992
              _________  _________  _________  _________  _________

 Net Income (Loss)
 before Unrealized
 Gains
 (Losses):    $1,645,082  $575,891  $(110,514)   $374,346   $67,174

 Unrealized
  (Losses)
   Gains        (652,959)  318,870     97,407    (765,827) 1,925,379

 Net Income
  (Loss)         992,123   894,761    (13,107)   (391,481) 1,992,553

 Per Unit of
 Partnership Interest:

  Net Asset Value  22.38     33.18      29.88       30.00      38.19

  Net Income (Loss)
  before Unrealized
  Gains (Losses)   15.26      5.34      (1.02)       3.47        .60

  Unrealized
   (Losses) Gains  (6.06)     2.96        .90       (7.10)     17.22

  Net Income (Loss) 9.20      8.30       (.12)      (3.63)     17.82














<PAGE>
Item 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
       AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

                        (FISCAL YEAR 1996 VERSUS 1995)

    Net income for the year ended December 31, 1996, was $992,123,

compared to net income of $894,761 in 1995, an increase of 11%.

The increase in net income is attributable to an increase in

realized gains of $1,052,817 offset by increased unrealized losses

of $971,829 and reduced expenses due to lower professional fees in

the current year.

     Realized gains increased approximately $1.1 million compared

to 1995 due to significant gains recognized during 1996.  The

partnership sold shares in Citation Computer Systems, Intermedia

Communications of Florida, and Isolyser Company, Inc. resulting in

realized gains of $530,535, $879,563 and $237,400, respectively.

     Also, during 1996, unrealized gains recognized in previous

years were converted to realized gains when the partnership sold

the three investments described above.

     The future income or loss of the Partnership is contingent

upon the performance of the portfolio investments.






















<PAGE>
                     (FISCAL YEAR 1995 VERSUS 1994)

       Net income for the year ended December 31, 1995, was

$894,761, compared to a net loss of $13,107 for 1994.  The increase

in net income is attributable to an increase in realized gains of

$667,872, an increase in unrealized gains of $221,463 and a

reduction in expenses. The increase in realized gains is due to

significant gains recognized during 1995 as the Partnership sold

shares in PDT, Inc., Intermedia Communications of Florida, Saztec

International and Citation Computer Systems, Inc., which resulted

in realized gains (losses) of $330,156, $207,826, ($14,801) and

$71,500, respectively.  In 1994, the Partnership realized a gain

relating to a reserve refund in the amount of $21,809 from Detroit

Tool Group, L.P. and a $95,000 loss associated with Guidance

Technologies.  The increase in unrealized gains is largely

attributable to increases for Intermedia Communications of Florida

and Micro Partners, L.P. of $258,020 and $203,766, respectively,

partially offset by declines in Saztec International and Citation

Computer Systems of $42,653 and $207,725, respectively.  Overall,

expenses declined $16,770 due to a decrease in amortization of

deferred organization costs.

LIQUIDITY AND CAPITAL RESOURCES

     Total capital for the Partnership as of December 31, 1996, was

$2,413,382.  This consisted of $1,973,575 in Limited Partner

capital and $439,807 in General Partner capital.

     Net income of $992,123 for 1996 was allocated in the amount of

$808,089 to the Limited Partners and in the amount of $184,034 to

the General Partners.

     At December 31, 1996, the Partnership has $80,000 in cash and

cash equivalents.



<PAGE>
Item 8.INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY
       FINANCIAL DATA

                                                     Page

  Report of Independent Accountants.................    11

  Balance Sheet as of December 31, 1996 and 1995....    12

  Schedule of Portfolio Investments as of
    December 31, 1996 and 1995......................    13

  Income Statement for the Years Ended
    December 31, 1996, 1995 and 1994................    17

  Statement of Changes in Partnership Capital for the
    Years Ended December 31, 1996, 1995 and 1994 ....   18

  Statement of Cash Flows for the Years Ended
     December 31, 1996, 1995 and 1994 ...............   19

  Notes to Financial Statements......................   20

Financial Statement Schedules:

All financial statement schedules are omitted because they are not
applicable or the required information is shown in the financial
statements or notes thereto.
































<PAGE>
                 REPORT OF INDEPENDENT ACCOUNTANTS

To the Partners of
Community Investment Partners, L.P.

In our opinion, the financial statements listed in the accompanying
index present fairly, in all material respects, the financial
position of Community Investment Partners, L.P. (the
``Partnership'') at December 31, 1996 and 1995, and the results of
its operations and its cash flows for each of the three years in
the period ended December 31, 1996, in conformity with generally
accepted accounting principles.  These financial statements are the
responsibility of the Partnership's management; our responsibility
is to express an opinion on these financial statements based on our
audits.  We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the
overall financial statement presentation. Our procedures included
confirmation of portfolio investments owned as of December 31, 1996
and 1995.  We believe that our audits provide a reasonable basis
for the opinion expressed above.

As explained in Note 3, the financial statements include
investments, valued at $2,341,691 (97 percent of net assets), whose
values have been determined by the Managing General Partner in the
absence of readily ascertainable market values.  We have reviewed
the procedures used by the Managing General Partner in arriving at
an estimate of value and have inspected underlying documentation,
and, in the circumstances, we believe the procedures are reasonable
and the documentation appropriate.  However, because of the
inherent uncertainty of valuation, those estimated values may
differ significantly from the values that would have been used had
a ready market for the investments existed, and the differences
could be material to the financial statements.

PRICE WATERHOUSE LLP

St. Louis, Missouri

February 21, 1997















<PAGE>
                    COMMUNITY INVESTMENT PARTNERS, L.P.

                             BALANCE SHEET

                                ASSETS

                                          December 31,
                                      1996            1995
                                   __________      __________
Investments at Fair Market Value
  (cost $1,418,821 and $1,641,327,
    respectively)              $    2,341,691  $   3,217,156
Cash and Cash Equivalents              80,365        395,499
Accrued Interest Receivable             3,426          8,022
                                  ___________    ___________

     TOTAL ASSETS              $    2,425,482  $   3,620,677
                                  ===========    ===========

                  LIABILITIES AND PARTNERSHIP CAPITAL

                                          December 31,
                                       1996           1995
                                    __________     __________

Liabilities
Accrued Expenses               $       12,100  $      12,100
Accounts Payable                            -         30,918
                                   __________     __________

     TOTAL LIABILITIES                 12,100         43,018
                                   __________     __________

Partnership Capital
Capital - Limited Partners          1,973,575      2,921,886
Capital - General Partners            439,807        655,773
                                   __________     __________

     TOTAL PARTNERSHIP CAPITAL      2,413,382      3,577,659
                                   __________     __________
TOTAL LIABILITIES AND
  PARTNERSHIP CAPITAL           $   2,425,482   $  3,620,677
                                   ==========     ==========
                The accompanying notes are an integral
                  part of these financial statements.















<PAGE>
                   COMMUNITY INVESTMENT PARTNERS, L.P.

                    SCHEDULE OF PORTFOLIO INVESTMENTS

Company                                            Fair Market
Initial            Nature of Business                   Value

Investment Date   Investment               Cost    Dec. 31, 1996

Saztec International,
Inc.              Provides services for database
(Sazz)            construction and information
                  conversion

 June 7, 1990     108,400 shares Common
                  Stock                    $78,324     $14,092

Intermedia         Organized to install and provide
Communications of  private, dedicated telecommunication
Florida            lines using fiber optic cable
(ICIX)

 May 31, 1991     25,000 shares Common
                   Stock                    70,000     643,750

Innovation Medical
Technologies, Inc.Manufactures highly specialized
                  medical instruments for use in
                  ophthalmic surgery

 July 26, 1991    5,769 shares of 6% Class A
                  Cumulative Convertible
                  Preferred Stock          149,994     149,994
 March 11, 1992   5,625 shares of Class B
                  Convertible Preferred
                  Stock                     90,000      90,000
 September 30, 1992 5% Term Notes, due
                  December 31, 1997         40,763      40,763
                  Warrants to purchase
                  14,440 shares of
                  Common Stock
 May 26, 1994     5% Term Notes, due
                  December 31, 1997         15,008      15,008
                  Warrants to purchase
                  2,800 shares of
                  Common Stock

Citation ComputersProvides clinical
(CITA)            laboratory information

 October 31, 1991 16,480 shares of Common
                  Stock                     40,410     107,120


                The accompanying notes are an integral
                  part of these financial statements.




<PAGE>
                 COMMUNITY INVESTMENT PARTNERS, L.P.

                  SCHEDULE OF PORTFOLIO INVESTMENTS

Company                                            Fair Market
Initial            Nature of Business                   Value
Investment Date   Investment               Cost    Dec. 31, 1996

PDT, Inc.         Develops, manufactures
(PDTI)            and markets the drug
                  devices used in Photodynamic
                  Therapy

 May 28, 1992     2,323.50 shares of Common
                  Stock                   9,294        65,058

Vision Partners, L.P.Owns stock in Family
                  Vision Center, Inc., which
                  operates leased optical
                  departments in host stores

 October 19, 1992 Limited Partnership
                  Interests             450,000       450,000
 December 1, 1993 Limited Partnership
                  Interests             124,965       124,965

Isolyser Company, Inc.Makes healthcare disposables
                  from hot-water soluble
                  polymer

   August 30, 199691,563 shares of Common
                  Stock                 350,063       640,941
                                     __________      __________

                                     $1,418,821     $2,341,691
                                     ==========      ==========
               The accompanying notes are an integral
                part of these financial statements.






















<PAGE>
                  COMMUNITY INVESTMENT PARTNERS, L.P.

                  SCHEDULE OF PORTFOLIO INVESTMENTS

Company                                            Fair Market
Initial            Nature of Business                   Value
Investment Date    Investment               Cost    Dec. 31, 1995

Saztec International,
Inc.              Provides services for database
(Sazz)            construction and information
                  conversion

 June 7, 1990     108,400 shares Common
                  Stock                    $78,324      $4,871

Intermedia
Communications of
Florida           Organized to install and provide
(ICIX)            private, dedicated telecommunication
                  lines using fiber optic cable

 May 31, 1991     70,000 shares Common
                    Stock                  196,000   1,225,000

Innovation Medical
Technologies, Inc.Manufactures highly specialized
                  medical instruments for use in
                  ophthalmic surgery

 July 26, 1991    5,769 shares of 6% Class A
                  Cumulative Convertible
                  Preferred Stock          149,994     149,994
 March 11, 1992   5,625 shares of Class B
                  Convertible Preferred
                  Stock                     90,000      90,000
 September 30, 1992      5% Term Notes, due
                  December 31, 1995         36,000      36,000
 May 26, 1994     5% Term Notes, due
                  December 31, 1997         17,500      17,500

Micro Partners,
L.P.              Formed to acquire an
(Microtek-Mtmi)   interest in Microtek Medical,
                  Inc. a manufacturer of
                  disposable medical products

 September 30, 1991 Limited Partnership
                     Interests             300,000     566,245

Citation ComputersProvides clinical
(Cita)            laboratory information

 October 31, 1991 77,480 shares of Common
                  Stock                    189,250     435,825

                The accompanying notes are an integral
                  part of these financial statements.


<PAGE>
                 COMMUNITY INVESTMENT PARTNERS, L.P.

                  SCHEDULE OF PORTFOLIO INVESTMENTS

Company                                             Fair Market
Initial            Nature of Business                   Value
Investment Date   Investment               Cost    Dec. 31, 1995

PDT, Inc.         Develops, manufactures
(Pdti)            and markets the drug
                  devices used in Photodynamic
                  Therapy

May 28, 1992     2,323.50 shares of Common
                  Stock                   9,294        116,756

Vision Partners,
L.P.              Owns stock in Family
                  Vision Center, Inc., which
                  operates leased optical
                  departments in host stores

 October 19, 1992 Limited Partnership
                  Interests             450,000        450,000
 December 1, 1993 Limited Partnership
                  Interests             124,965        124,965
                                     __________      __________

                                     $1,641,327      $3,217,156
                                     ==========      ==========
                 The accompanying notes are an integral
                  part of these financial statements.




























<PAGE>
                   COMMUNITY INVESTMENT PARTNERS, L.P.

                            INCOME STATEMENT

                                     For the Year Ended
                                        December 31,
                                   1996     1995       1994
                                _________ _________ _________

                               INCOME

Interest Income               $   11,611 $   5,338  $  3,725
Earnings from Investments           (125)    2,944     2,794
Net Realized Gains (Losses) on
  Sale of Investments          1,647,498   594,681   (73,191)
                              ____________________ _________

     TOTAL INCOME (LOSS)       1,658,984   602,963   (66,672)
                              ____________________ _________

                               EXPENSES

Amortization of Deferred
  Organizational Costs        $        - $   4,058 $  24,348
Independent General Partners'
 Fees                                  -         -     1,000
Professional Fees                 12,274    20,979    17,683
Other                              1,628     2,035       811
                                ________ _________ _________

     TOTAL EXPENSES               13,902    27,072    43,842
                                ________ _________ _________
Net Income (Loss) before
Unrealized (Losses) Gains      1,645,082   575,891  (110,514)

Net Unrealized (Losses) Gains
on Investments                  (652,959)  318,870    97,407
                                ________ _________ _________

     NET INCOME (LOSS)        $  992,123  $894,761$  (13,107)
                                ======== =========  ========
                   The accompanying notes are an integral
                     part of these financial statements.

















<PAGE>
                    COMMUNITY INVESTMENT PARTNERS, L.P.

                STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL

                              FOR THE YEARS ENDED DECEMBER 31,
                                    1996, 1995 and 1994
                        ____________________________________________

                             LIMITED       GENERAL
                            PARTNERS      PARTNERS     TOTALS
                          __________   ___________  __________

Balance, December 31, 1993$ 2,642,873  $   592,232 $ 3,235,105

Net loss                      (10,675)      (2,432)    (13,107)
                          ___________  ___________ ___________

Balance, December 31, 1994$ 2,632,198  $   589,800 $ 3,221,998

Distribution                 (439,100)    (100,000)   (539,100)

Net income                    728,788      165,973     894,761
                          ___________  ___________ ___________

Balance, December 31, 1995$ 2,921,886  $   655,773 $ 3,577,659

Distribution               (1,756,400)    (400,000) (2,156,400)

Net income                    808,089      184,034     992,123
                          ___________  ___________ ___________

Balance, December 31, 1996 $1,973,575  $   439,807 $ 2,413,382
                          ===========  =========== ===========

                  The accompanying notes are an integral
                    part of these financial statements.
























<PAGE>
                   COMMUNITY INVESTMENT PARTNERS, L.P.

                         STATEMENT OF CASH FLOWS

                               For the Year Ended December 31,

                                   1996      1995     1994
                                ________  ________  ________

CASH FLOWS PROVIDED BY  (USED FOR) OPERATING ACTIVITIES:
  Net Income (Loss)            $ 992,123 $ 894,761 $ (13,107)
  Adjustments to reconcile
  Net Income (Loss)
   to Net Cash provided by (used for)
     Operating Activities:
  Amortization of Deferred Organization
    Costs                              -     4,058    24,348
  Purchase of Portfolio
    Investments                  (256,413)       -   (21,850)
  Sale of Portfolio Investments 2,132,188  771,961    21,809
  Unrealized Losses (Gains) on
   Portfolio Investments          652,959  (318,870)  (97,407)
  Net Realized (Gains) Losses on
   Sale of Portfolio
     Investments               (1,647,498) (594,681)   73,191
  Interest Rollover into
     Investment                    (5,771)       -         -
  Decrease (Increase) in Other
   Assets                           4,596    (3,862)  (2,138)
  Increase in Accrued Expenses         -     7,000       864
  (Decrease) Increase in Accounts
    Payable                      (30,918)   30,918
                               ______________________________
Total Cash Provided (Used) by
  Operating Activities         1,841,266   791,285   (14,290)
                               ______________________________

CASH FLOWS USED BY FINANCING ACTIVITIES:
  Capital Distributions       (2,156,400) (539,100)        -
                               ______________________________
Total Cash Used by Financing
 Activities                   (2,156,400) (539,100)        -
                               ______________________________
Net (Decrease) Increase in Cash and
  Cash Equivalents              (315,134)  252,185   (14,290)

CASH AND CASH EQUIVALENTS:
  Beginning of year              395,499   143,314   157,604
                               ______________________________

     End of year               $  80,365 $ 395,499 $ 143,314
                               ========= =========  =========
                The accompanying notes are an integral
                  part of these financial statements.






<PAGE>
                COMMUNITY INVESTMENT PARTNERS, L.P.

                   NOTES TO FINANCIAL STATEMENTS
1.  GENERAL

    Partnership Organization

    Community Investment Partners, L.P. (the ``Partnership'') was
    formed on October 10, 1989, under the Revised Uniform Limited
    Partnership Act of Missouri.  CIP Management, L.P., the
    Managing general partner, is a Missouri limited partnership
    formed on October 10, 1989.  The general partner of CIP
    Management, L.P. is CIP Management, Inc., an indirect
    subsidiary of Edward D. Jones & Co., L.P.

    Business

    The Partnership elected to be a business development company
    under the Investment Company Act of 1940, as amended.  As a
    business development company, the Partnership is required to
    invest at least 70% of its assets in qualifying investments as
    specified in the Investment Company Act.

    The Partnership has sought and will continue to seek long-term
    capital appreciation by making investments in companies and
    other special investment situations.  The Partnership is not
    permitted to engage in any other business or activity.  The
    Partnership will dissolve on December 31, 2005, subject to the
    right of the Individual General Partners to extend the term for
    up to two additional two-year periods.

    As of December 31, 1992, the Partnership is no longer making
    initial portfolio investments, but may continue to make follow-
    on investments.

    Risk of Ownership

    The purchase and ownership of Units involve a number of
    significant risks and other important factors.  The portfolio
    company investments of the Partnership involve a high degree of
    business and financial risk that can result in substantial
    losses.  Among these are the risks associated with investments
    in companies with little operating history, companies operating
    at a loss or with substantial variations in operating results
    from period to period, companies with the need for substantial
    additional capital to support expansion or achieve or maintain
    a competitive position, companies which may be highly
    leveraged, companies which may be less diversified and
    companies in which the Partnership may be the sole or primary
    lender.  The Partnership intends to invest in only a few
    companies; therefore, a loss or other problem with a single
    investment would have a material adverse effect on the
    Partnership.







<PAGE>
2.  ALLOCATION OF PARTNERSHIP PROFITS AND LOSSES

    The Partnership Agreement generally provides for the allocation
    of profits and losses pro rata based on the Partners' capital
    contributions.  Partners should refer to the Partnership
    Agreement for more detailed information.

3.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    Cash and Cash Equivalents

    All short-term investments with original maturities of three
    months or less are considered to be cash equivalents.

    Investment Transactions

    All portfolio investments are carried at cost until significant
    developments affecting an investment provide a basis for
    revaluation.  Thereafter, portfolio investments are carried at
    fair value as obtained from outside sources or at a value
    determined quarterly by the Managing General Partner under the
    supervision of the Independent General Partners.  Due to the
    inherent uncertainty of valuation, those estimated values for
    portfolio investments carried at cost may differ significantly
    from the values that would have been used had a ready market
    for the investment existed, and the differences could be
    material to the financial statements.  Investments in
    securities traded on a national securities exchange are valued
    at the latest reported sales price on the last business day of
    the period.  If no sale has taken place, the securities are
    valued at the last bid price.  If no bid price has been
    reported, or if no exchange quotation is available, the
    securities are valued at the quotation obtained from an outside
    broker.  Investment transactions are recorded on a trade date
    basis.  Income is recorded on an accrual basis.

    Use of Estimates

    The preparation of financial statements in conformity with
    generally accepted accounting principles requires management to
    make estimates and assumptions that affect the reported amounts
    of assets and liabilities and disclosure of contingent assets
    and liabilities as of the date of the financial statements and
    the reported amounts of revenues and expenses during the
    reporting period.  Actual results could differ from those
    estimates.

    Organizational Costs

    Organizational costs were amortized over a sixty-month period
    and were fully amortized in 1995.

    Income Taxes

    Income taxes have not been provided for as the Partnership is a
    limited partnership and each partner is liable for its own tax
    payments.  Allocation of Partnership profits and losses for tax
    purposes is based upon taxable income which may differ from net
    income for financial reporting primarily due to differences
    between book and tax accounting for portfolio investments.
<PAGE>
4.  PER UNIT INFORMATION

    There is no market for the Limited Partnership interests.  Per
    Unit Information is as follows:

                                  For the Year Ended December 31,
                                   1996     1995       1994

Number of unit holders               105       105       105

Limited partnership units         87,820    87,820    87,820

General partnership units         20,000    20,000    20,000
                               _________ _________ _________

Total units outstanding          107,820   107,820   107,820
                               ========= ========= =========

Net asset value per unit         $ 22.38   $ 33.18   $ 29.88
                               ========= ========= =========

Net income (loss) per unit        $ 9.20    $ 8.30    $ (.12)
                               ========= ========= =========

5.  RELATED PARTY TRANSACTIONS

    The Partnership is furnished with certain non-reimbursed
    management and accounting services by affiliates, whose value
    is not reflected in the accompanying financial statements.

    The Partnership may place its General Partners on Boards of
    Directors of portfolio companies.

    The Managing General Partner and the Independent General
    Partners of the Partnership are also the managing general
    partner and independent general partners, respectively, of
    Community Investment Partners II, L.P., a business development
    company.






















<PAGE>
6.  INVESTMENT TRANSACTIONS

    Following is a summary of portfolio investment transactions
    during the years ended December 31, 1996, 1995 and 1994,
    respectively.

    For the year ended December 31, 1996

                                              Realized
    Investment           Cost     Proceeds   Gain (Loss)

    Purchases:
    Micro Partners,
    L.P.              $256,413   $     -       $    -

    Innovation Medical
      Technologies, Inc. 5,771
                     __________ __________   __________

                      $262,184    $     -       $    -
                     ========== ==========   ==========
    Sales:
    Intermedia
      Communications  $126,000  $1,005,563     $879,563
    Citation Computers 148,840     679,375      530,535
    Isolyser Company,
      Inc.             206,350     443,750      237,400
    Innovation Medical
      Technologies, Inc. 3,500       3,500            0
                     __________ __________   __________

      Total Sales     $484,690  $2,132,188   $1,647,498
                     ========== ==========   ==========

    As of December 31, 1995, the Partnership held a $300,000
    limited partnership investment in Micro Partners, L.P.  During
    1996, an additional investment of $256,413 was made in Micro
    Partners, L.P.  Subsequent to this investment, the Micro
    Partners, L.P. partnership was dissolved and the Partnership
    received 88,220 shares of common stock in Microtek.  Then,
    Microtek merged with Isolyser Company and the Partnership
    received 145,563 shares of Isolyser Company stock.


















<PAGE>
For the year ended December 31, 1995:

                                              Realized
    Investment           Cost     Proceeds   Gain (Loss)

    Sales:
    PDT, Inc.           $ 2,934   $  7,276    $   4,342
    PDT, Inc.            27,882    218,409      190,527
    PDT, Inc.            18,588    153,875      135,287
    Saztec International,
     Inc.                21,676      6,875      (14,801)
    Intermedia Communications
     of Florida          45,200    253,026      207,826
    Citation Computers   61,000    132,500       71,500
                     __________ __________   __________

    Total Sales        $177,280   $771,961    $ 594,681
                     ========== ==========   ==========

    For the year ended December 31, 1994:

                                              Realized
    Investment           Cost     Proceeds   Gain (Loss)

    Purchases:
    PDT, Inc.          $  4,350   $      -    $       -
    Innovation Medical
      Technologies, Inc. 17,500          -            -
                      _________  _________    _________

      Total Purchases  $ 21,850   $      -    $       -
                    =========== ==========   ==========
    Sales:
    Midland Detroit Tool,
    L.P.               $      -   $ 21,809    $  21,809

    Worthless Securities:
    Guidance
     Technologies        95,000          -      (95,000)
                    ___________ ___________  ___________

    Total Sales
      and Worthless
       Securities      $ 95,000   $ 21,809    $ (73,191)
                    ======================  ===========















<PAGE>
Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
      ACCOUNTING AND FINANCIAL DISCLOSURES

      None
























































<PAGE>
                              PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

      There are two Independent General Partners and one Managing
General Partner of the Partnership.  These Independent General
Partners and the Managing General Partner are responsible for the
management and administration of the Partnership.  The General
Partners are ``interested persons'' of the Partnership as defined by
the Investment Company Act, but the Partnership has obtained an
exemptive order from the Securities and Exchange Commission
permitting them to be considered disinterested persons.  The
Independent General Partners provide overall guidance and
supervision with respect to the operations of the Partnership and
perform the various duties imposed on the directors of a business
development company by the Investment Company Act.  In addition to
general fiduciary duties, the Independent General Partners
supervise the management and underwriting arrangement of the
Partnership, the custody arrangement with respect to portfolio
securities, the selection of accountants, fidelity bonding and
transactions with affiliates.

Specific Information regarding the Independent General Partners:

      Tommy L. Gleason, Jr., 51, has been an Independent General
Partner of the Partnership since February 1990.  He is also an
independent general partner of Community Investment Partners II,
L.P., a business development company.  Mr. Gleason is the Chairman
and Chief Executive Officer of Galaxy Systems Management, Inc., the
general Partner of Galaxy Telecom, L.P., which is involved in
management of cable television systems located in sixteen states
and serving approximately 175,000 subscribers.  Mr. Gleason owns
4,000 Units.

      E. Stanley Kroenke, 49, has served as an Independent General
Partner of the Partnership since February 1990.  He is also an
independent general partner of Community Investment Partners II,
L.P., a business development company.  Mr. Kroenke leads a company
that is a national investor, developer, and owner of commercial
real estate.  The company is a developer and owner of numerous
shopping centers as well as apartment projects around the country.
Mr. Kroenke is co-owner and vice chairman of the St. Louis Rams
National Football League franchise.  He also serves as a member of
the board of directors of Wal-Mart Stores, Inc., Bentonville,
Arkansas; Central Bancompany, Jefferson City, Missouri; Boone
County National Bank, Columbia, Missouri; and the Strategic
Development Board of the University of Missouri School of Business,
Columbia, Missouri.  He serves as a trustee of the College of the
Ozarks in Point Lookout, Missouri, as well as chairman of their
real estate committee.  Mr. Kroenke owns 4,000 Units.

      CIP Management, L.P. (the ``Managing General Partner'') is
the Managing General Partner of Community Investment Partners, L.P.
The Managing General Partner is also managing general partner of
Community Investment Partners II, L.P., a business development
company.  The General Partners of the Managing General Partner are
CIP Management, Inc., a Missouri corporation and a wholly-owned
subsidiary of Edward D. Jones & Co., L.P., and Daniel A. Burkhardt.


<PAGE>
The Directors and Officers of CIP Management, Inc. are as follows:

      Daniel A. Burkhardt, 49, President, Treasurer and Director
of CIP Management, Inc. since October 1989 and general partner of
CIP Management, L.P. since February 1990.  He is a general partner
of The Jones Financial Companies, L.P., LLP, the parent company of
Edward D. Jones & Co., L.P. where he has specialized in investment
banking and structuring investments since 1980.  He is also a
director of Essex County Gas Company, St. Joseph Light & Power Co.,
Southeastern Michigan Gas Enterprises and Mid-America Realty
Investment, Inc.  Mr. Burkhardt is the beneficial owner of 2,105
Units.

      Ray A. Robbins, Jr., 52, Vice President and Director of CIP
Management, Inc. since October 1989.  He is a general partner of
The Jones Financial Companies, L.P., LLP, the parent company of
Edward D. Jones & Co., L.P., where he has specialized in securities
analysis since 1984, and where he was responsible for municipal
bond transactions from 1975 to 1983.  Mr. Robbins is a beneficial
owner of 2,000 Units.

      Marilyn A. Gaffney, 38, Secretary of CIP Management, Inc.
since October 1989.  She is a Limited Partner of The Jones
Financial Companies, L.P., LLP, the parent company of Edward D.
Jones & Co., L.P., where she has been a senior investment advisor
in investment banking since 1980.  Ms. Gaffney is the beneficial
owner of 200 Units.

Item 11.  EXECUTIVE COMPENSATION

      The information set forth under the caption ``Partnership
Distributions and Allocations'' in the Prospectus of the
Partnership dated March 12, 1990, filed with the Securities and
Exchange Commission pursuant to Rule 497(b) under the Securities
Act of 1933, is incorporated herein by reference.

Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT

      The information concerning the security ownership of the
General Partner, Independent General Partners and the Officers and
Directors of CIP Management, Inc., described in Items 1 and 10, is
herein incorporated by reference.

      As of March 15, 1997, the following parties are known by the
Partnership to be the beneficial owners of more than 5% of the
Units.

                            Amount of
                           Beneficial          % of Limited
      Name             Ownership of Units  Partnership Capital

      InterCoast Energy      10,000             11.39%
      EDJ Ventures Ltd.      19,800             22.55%
      Richard P. Kiphart      4,590              5.23%

      The Partnership is not aware of any arrangement which may,
at a subsequent date, result in a change of control of the
Partnership.

<PAGE>
Item 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      Certain relationships and related transactions, described in
Item 10, are herein incorporated by reference.
























































<PAGE>
                                PART IV

Item 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
          FORM 8-K

  a.  The following documents are filed as part of this report:

      1.  Financial Statements:

             See Index to Financial Statements and Supplementary
          Data contained in Item 8 of this Form 10-K.

      2.  Financial Statement Schedules:

             All financial statement schedules are omitted because
          they are not applicable or the required information is
          included in the balance sheet or notes thereto.

      3.  Exhibits:

          (3)Amended and Restated Certificate and Agreement of
              Limited Partnership dated as of March 29, 1990.
          (4)Form of Unit Certificate. *
          (10) Management Agreement dated March 28, 1990, between
              the Partnership and CIP Management, L.P. **
          (28) Prospectus of the Partnership dated March 12, 1990,
              filed with the Securities and Exchange Commission in
              connection with Registration Statement No. 33-31649
              on Form N-2 under the Securities Act of
              1933. ***

          *  Incorporated by reference to Exhibit A of the
              Prospectus of the Partnership dated March 12, 1990
              filed with the Securities and Exchange Commission
              pursuant to Rule 497(b) under the Securities Act of
              1933.

          ** Incorporated by reference to the Partnership's Proxy
              Statement filed with the Securities Exchange
              Commission on March 11, 1991.

          ***Incorporated by reference to the Partnership's
              Registration Statement No. 33-31649 on Form N-2 under
              the Securities Act of 1933.

  b.  No reports on Form 8-K were filed during the quarter ended
          December 31, 1996.

  c.  Exhibits filed as part of this report are included in Item
          (14) (a)(3) above.

  d.  Financial Statement Schedules required by Regulations S-X
       are included as described in Part II Item 8 above.







<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, on this 27th day of March, 1997.

                              Community Investment Partners, L.P.
                              By:  CIP Management, L.P., its
                                 Managing General Partner

                                 By:  CIP Management, Inc., its
                                    Managing General Partner



                              /s/    Daniel A. Burkhardt, President
                              _____________________________________
                              By:    Daniel A. Burkhardt, President

   Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities indicated.

/s/ Daniel A. Burkhardt
______________________________     General Partner of CIP Management
    Daniel A. Burkhardt            L.P., President, Treasurer and
                                   Director of CIP Management, Inc.

/s/ Ray L. Robbins
______________________________     Vice President and Director of CIP
    Ray L. Robbins                 Management, Inc.

/s/ Tommy L. Gleason, Jr.
______________________________     Individual General Partner,
    Tommy L. Gleason, Jr.          Community Investment Partners, L.P.

/s/ Stanley Kroenke
______________________________     Individual General Partner,
    Stanley Kroenke                Community Investment Partners, L.P.




















<PAGE>
                        INDEX TO EXHIBITS

Exhibit
Number             Description of Exhibit              Page

(3)              Amended and Restated Certificate and
                 Agreement of Limited Partnership dated
                 as of March 29, 1990                   *

(4)              Form of Unit Certificate               *

(10)             Management Agreement dated March 28, 1990,
                 between the Partnership and CIP Management,
                 L.P.                                   *

(28)             Prospectus of the Partnership dated March 12,
                 1990, filed with the Securities and Exchange
                 Commission in connection with Registration
                 Statement No. 33-31649 on Form N-2 under the
                 Securities Act of 1933                 *
______________________

*Incorporated by reference





































<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, on this 27th day of March, 1997.

                              Community Investment Partners, L.P.
                              By:  CIP Management, L.P., its
                                 Managing General Partner

                                 By:  CIP Management, Inc., its
                                    Managing General Partner


                              ___________________________________
                              By:  Daniel A. Burkhardt, President

   Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities indicated.

______________________________     General Partner of CIP Management
  Daniel A. Burkhardt              L.P., President, Treasurer and
                                   Director of CIP Management, Inc.

______________________________     Vice President and Director of CIP
  Ray L. Robbins                   Management, Inc.

______________________________     Individual General Partner,
  Tommy L. Gleason, Jr.            Community Investment Partners, L.P.

______________________________     Individual General Partner,
  Stanley Kroenke                  Community Investment Partners, L.P.


























<PAGE>