<TABLE> <S> <C>

<ARTICLE> 5
<MULTIPLIER> 1000

<S>                                     <C>
<PERIOD-TYPE>                           3-MOS
<FISCAL-YEAR-END>                       DEC-31-2000
<PERIOD-START>                          JAN-01-2000
<PERIOD-END>                            MAR-31-2000
<CASH>                                        2291
<SECURITIES>                                     0
<RECEIVABLES>                                14613   <F1>
<ALLOWANCES>                                   100
<INVENTORY>                                      0
<CURRENT-ASSETS>                                 0
<PP&E>                                      135231
<DEPRECIATION>                                5459
<TOTAL-ASSETS>                              164797
<CURRENT-LIABILITIES>                            0
<BONDS>                                          0
                            0
                                      0
<COMMON>                                         8
<OTHER-SE>                                    7577
<TOTAL-LIABILITY-AND-EQUITY>                164797
<SALES>                                      23951
<TOTAL-REVENUES>                             25287
<CGS>                                        22299   <F2>
<TOTAL-COSTS>                                22808
<OTHER-EXPENSES>                              4201   <F3>
<LOSS-PROVISION>                                 0
<INTEREST-EXPENSE>                            1604
<INCOME-PRETAX>                              (3329)
<INCOME-TAX>                                  (918)
<INCOME-CONTINUING>                          (2411)
<DISCONTINUED>                                   0
<EXTRAORDINARY>                                  0
<CHANGES>                                        0
<NET-INCOME>                                 (2411)
<EPS-BASIC>                                 (.29)
<EPS-DILUTED>                                 (.29)
<FN>
<F1> Receivables are comprised of due from tax credit partnerships, construction
     contracts  receivables,  notes  receivable  and  due  from  related parties

<F2> Cost  of goods sold is comprised of cost of construction, write-down of tax
     credit  partnerships  to  fair  value,  cost  of  homes  sold  and  cost of
     commercial  properties  sold

<F3> Other  expenses  are  comprised of general and administrative, depreciation
     and  amortization  expenses  and  joint  venture  losses.



</TABLE>



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