UNITED STATES

                SECURITIES AND EXCHANGE COMMISSION

                                 Washington, D.C. 20549

                                          FORM 10-Q

[XXX]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

        For the quarterly period ended September 30, 1996

                                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 0-7761

               URBAN IMPROVEMENT FUND LIMITED   1973        
      (Exact name of registrant as specified in its charter)

          California                                        95-6442510     
State or other jurisdiction of                (I.R.S. Employer   
incorporation or organization                 Identification No.)

1201 Third Avenue, Suite 5400, Seattle, Washington              98101
     (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.

                           XXX Yes         No     


<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   1973
                                                     (Registrant)
                              By:  Interfinancial Real Estate Management
                                         Company, General Partner
    


Date 04/30/97                   Michael Fulbright                    
                                   (Signature)
                           By:  Michael Fulbright, Secretary         



Date 04/30/97                   John M. Orehek                       
                                   (Signature)
                           By:  John M. Orehek, Senior Vice President


<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                         292,892
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               3,386,984
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
                                0
                                          0
<COMMON>                                             0
<OTHER-SE>                                   3,337,912
<TOTAL-LIABILITY-AND-EQUITY>                 3,386,984
<SALES>                                              0
<TOTAL-REVENUES>                                 6,118
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                90,588
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                864,997
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   864,997
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

</TABLE>



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