SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_______________________

SCHEDULE 13D
under the Securities Exchange Act of 1934
(Amendment No. 2)
_______________________

CENTURY PROPERTIES FUND XVII
(Name of Issuer)

UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of Class
 of Securities)

NONE
(CUSIP Number of Class
 of Securities)
_______________________

Michael L. Ashner                  Copy to:
DeForest Capital I Corporation     Mark I. Fisher
100 Jericho Quadrangle             Rosenman & Colin
Suite 214	                          575 Madison Avenue
Jericho, New York  11735-2717      New York, New York  10022-2585
(516) 822-0022                     (212) 940-8877

(Name, Address and Telephone Number of Person 
Authorized to Receive Notices and Communications)

August 17, 1995
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 
13G to report the acquisition which is the subject of this 
Schedule 13D, and is filing this schedule because of Rule 
13d-1(b)(3) or (4), check the following box ____.(

Check the following box if a fee is being paid with the 
statement( x  .
         ----
(A fee is not required only if the reporting person: (1) has a 
previous statement on file reporting beneficial ownership of more 
than five percent of the class of securities described in Item 1; 
and (2) has filed no amendment subsequent thereto reporting 
beneficial ownership of five percent or less of such class). (See 
Rule 13d-7.)  (

Note:  Six copies of this statement, including all exhibits, 
should be filed with the Commission.  See Rule 13d-1(a) for other 
parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a 
reporting person's initial filing on this form with respect to 
the subject class of securities, and for any subsequent amendment 
containing information which would alter disclosures provided in 
a prior cover page.

The information required on the remainder of this cover shall not 
be deemed to be "filed" for the purpose of Section 18 of the 
Securities Exchange Act of 1934 ("Act") or otherwise subject to 
the liabilities of that section of the Act but shall be subject 
to all other provisions of the Act (however, see the Notes).( (

                                                     Page 1 of 7

                                                     Page 2 of 7

__________________________________________________________________
1.  Name of Reporting Person
    S.S. or I.R.S. Identification No. of Above Person

               DeForest Ventures I L.P. 
               I.R.S. I.D. No. 11-3230287
__________________________________________________________________
2.  Check the Appropriate Box if a Member of a Group*

                                                         (a)  _____

                                                         (b)  _____
__________________________________________________________________
3.  SEC Use Only



__________________________________________________________________
4.  Sources of Funds*


__________________________________________________________________
5.  Check Box if Disclosure of Legal Proceedings is
    Required Pursuant to Items 2(e) of 2(f)

                                                              _____
__________________________________________________________________
6.	Citizenship or Place of Organization

              Delaware
__________________________________________________________________
Number         7.  Sole Voting Power        25,585.5
of                 ______________________________________________
Shares         8.  Shared Voting Power         - 0 -
Beneficially       ______________________________________________
Owned by Each  9.  Sole Dispositive Power   25,585.5
Reporting          ______________________________________________
Person With   10.  Shared Dispositive Power    - 0 -
__________________________________________________________________

                                                     Page 3 of 7

11.  Aggregate Amount Beneficially Owned by Each Reporting Person

     25,585.5 Units

__________________________________________________________________
12.  Check Box if the Aggregate Amount in Row (11) Excludes
     Certain Shares*
                                                               ____
__________________________________________________________________
13.  Percent of Class Represented by Amount in Row (11)

     34.11%

__________________________________________________________________
14.  Type of Reporting Person*

     PN
__________________________________________________________________

*SEE INSTRUCTIONS BEFORE FILLING OUT! 

                                                     Page 4 of 7

     This Amendment No. 2 amends certain information contained in 
the final amendment to Schedule 14D-1, filed by DeForest Ventures 
I L.P. ("DeForest")on November 30, 1994 with respect to units of 
limited partnership interest (the "Units") in Century Properties 
Fund XVII ("Issuer"), as amended on July 10, 1995, the filing of 
which, pursuant to Instruction F of Schedule 14D-1, also 
satisfied DeForest's reporting obligations under Section 13(d) of 
the Act, and constituted the filing by DeForest on Schedule 13D.

Item 4.    Purpose of Transaction.

     The following information is hereby added to the information 
provided in response to Item 4:

     On August 17, 1995, DeForest entered into an agreement (the 
"Partnership Units Agreement") pursuant to which it agreed to 
sell to Insignia NPI, L.L.C., an affiliate of Insignia Financial 
Group, Inc. ("Insignia"), all of the Units held by DeForest in 
the Issuer.  The sale of the Units is subject to the satisfaction 
of certain conditions (including governmental third party 
consents and other conditions not within the control of the 
parties to the agreement) and is scheduled to close in January 
1996. 

     DeForest does not expect to acquire any additional Units 
prior to the Closing.


Item 6.   Contracts, Arrangements, Understandings or 
          Relationships with Respect to Securities of the
          Issuer

     The following information is hereby added to the information 
provided in response to Item 6:

     See Item 4

     On August 17, 1995, the stockholders of National Property 
Investors, Inc. ("NPI"), the sole shareholder of NPI Equity 
Investments II, Inc. ("NPI Equity"), , the entity which controls 
Fox Capital Management Corporation ("FCMC"), the managing general 
partner of Registrant's general partner, entered into an 

                                                     Page 5 of 7

agreement to sell to IFGP Corporation, an affiliate of Insignia, 
all of the issued and outstanding stock of NPI.  The sale of the 
stock is subject to the satisfaction of certain conditions 
(including governmental and third party consents and other 
conditions not within the control of the parties to the 
agreement) and is scheduled to close in January 1996.  Upon 
Closing, it is expected that the current officers and directors 
of NPI Equity and FCMC will resign and Insignia will elect new 
officers and directors. 

     Pursuant to the terms of the Partnership Units Agreement, 
DeForest and NPI Equity have agreed that, consistent with and 
subject to the terms of the Settlement Agreement and subject to 
its fiduciary duties as general partner of a Issuer and the 
provisions of the partnership agreement of Issuer, until the 
closing date of the Partnership Units Agreement, they will vote 
all of their respective interests in Issuer against and shall not 
take any action to cause (a) any merger, consolidation, 
reorganization, other business combination, or recapitalization 
involving Issuer, (b) any dissolution, liquidation, or 
termination of Issuer, (c) a sale of all or substantially all of 
the assets of Issuer in one transaction, (d) the amendment of the 
limited partnership agreement or any other organizational 
document of Issuer, (e) any change in the general partner of 
Issuer, or (f) any proposition the effect of which may be to 
inhibit, prohibit, restrict, or delay the consummation of any of 
the transactions contemplated by the Partnership Units Agreement 
or any of the other agreements contemplated thereby or impair the 
contemplated benefits thereunder.


Item 7.    Material to Filed as Exhibits

   1.    Partnership Units Purchase Agreement, dated as of August 
         17, 1995, incorporated by reference to Exhibit 1 to 
         Amendment No. 2 to DeForest's Schedule 13D filed with 
         the Securities and Exchange Commission on August 24, 
         1995 with respect to DeForest's ownership interest in 
         Century Properties Fund XIV.

   2.    NPI, Inc. Stock Purchase Agreement, dated as of August
         17, 1995, incorporated by reference to Exhibit 1 to 
         Amendment No. 2 to DeForest's Schedule 13D filed with 
         the Securities and Exchange Commission on August 24, 
         1995 with respect to DeForest's ownership interest in 
         Century Properties Fund XIV.


                                                     Page 6 of 7

                            Signatures

     After due inquiry and to the best of my knowledge and belief, 

I certify that the information set forth in this statement is 

true, complete and correct.


Dated:  August 21, 1995

                           DEFOREST VENTURES I L.P.

                           By:  DeForest Capital I Corporation,
                                its General Partner  

                                By:   /s/ Michael L. Ashner       
                                     Name:   Michael L. Ashner
                                     Title:  President

                                                     Page 7 of 7

                            EXHIBIT INDEX



     Exhibit                                          Page No.

1.    Partnership Units Purchase Agreement,          (1)
      dated as of August 17, 1995

2.    NPI, Inc. Stock Purchase Agreement,            (1)
      dated as of August 17, 1995





_________________________

(1)    Incorporated by reference to Exhibit 1 to Amendment No. 2 
       to DeForest's Schedule 13D filed with the Securities and 
       Exchange Commission on August 24, 1995 with respect to 
       DeForest's ownership interest in Century Properties Fund 
       XIV



??(..continued)