b3sept1210q

0000879555-12-000010.txt : 20121114 0000879555-12-000010.hdr.sgml : 20121114 20121114111038 ACCESSION NUMBER: 0000879555-12-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND III L P CENTRAL INDEX KEY: 0000879555 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 521749505 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21718 FILM NUMBER: 121201851 BUSINESS ADDRESS: STREET 1: ONE BOSTON PLACE, SUITE 2100 STREET 2: C/O BOSTON CAPITAL PARTNERS INC CITY: BOSTON STATE: MA ZIP: 02108-4406 BUSINESS PHONE: 617-624-8900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 10-Q 1 b3sept1210q.htm BCTC III SEPTEMBER 2012 10-Q b3sept1210q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2012

( ) 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 0-21718

BOSTON CAPITAL TAX CREDIT FUND III L.P.
(Exact name of registrant as specified in its charter)

Delaware	52-1749505
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

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 ý

No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o

No ý

BOSTON CAPITAL TAX CREDIT FUND III L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2012

TABLE OF CONTENTS

Part I. Financial information

Item 1. CONDENSED FINANCIAL STATEMENTS

CONDENSED Balance Sheets *

Condensed Balance Sheets Series 15 *

Condensed Balance Sheets Series 16 *

Condensed Balance Sheets Series 17 *

Condensed Balance Sheets Series 18 *

Condensed Balance Sheets Series 19 *

CONDENSED Statements of Operations three months 10

Condensed Statements of Operations Series 15 11

Condensed Statements of Operations Series 16 12

Condensed Statements of Operations Series 17 13

Condensed Statements of Operations Series 18 14

Condensed Statements of Operations Series 19 15

CONDENSED Statements of Operations SIX months 16

Condensed Statements of Operations Series 15 17

Condensed Statements of Operations Series 16 18

Condensed Statements of Operations Series 17 19

Condensed Statements of Operations Series 18 20

Condensed Statements of Operations Series 19 21

CONDENSED STATEmentS OF Changes in Partners' Capital (Deficit) 22

Condensed Partners' Capital (Deficit) Series 15 23

Condensed Partners' Capital (Deficit) Series 16 23

Condensed Partners' Capital (Deficit) Series 17 24

Condensed Partners' Capital (Deficit) Series 18 24

Condensed Partners' Capital (Deficit) Series 19 25

CONDENSED Statements of Cash Flows 26

Condensed Statements of Cash Flows Series 15 27

Condensed Statements of Cash Flows Series 16 28

Condensed Statements of Cash Flows Series 17 29

Condensed Statements of Cash Flows Series 18 30

Condensed Statements of Cash Flows Series 19 31

BOSTON CAPITAL TAX CREDIT FUND III L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2012

TABLE OF CONTENTS (CONTINUED)

Notes to CONDENSED Financial Statements *

Note A Organization *

Note B Accounting and financial reporting policies *

Note C Related Party Transactions 34

Note D Investments in operating partnerships 35

COMBINED CONDENSED STATEMENTS OF OPERATIONS 37

Combined Condensed Statement of Operations Series 15 38

Combined Condensed Statement of Operations Series 16 39

Combined Condensed Statement of Operations Series 17 40

Combined Condensed Statement of Operations Series 18 41

Combined Condensed Statement of Operations Series 19 42

Note E Taxable Loss 43

Note F Income taxes 43

Item 2. Management's Discussion and Analysis of Financial Condition and

Results of Operations 44

Liquidity 44

Capital Resources 45

Results of Operations 46

principal accounting policies and estimates 68

Recent Accounting Changes 69

Item 3. Quantitative and Qualitative Disclosures about market risk 70

Item 4. Controls and Procedures 70

Part II Other Information 71

Item 1. Legal Proceedings 71

Item 1A. Risk Factors 71

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 71

Item 3. Defaults Upon Senior Securities 71

Item 4. Mine Safety Disclosures 71

Item 5. Other Information 71

Item 6. Exhibits 71

SIGNATURES 72

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

	September 30, 2012	March 31, 2012
ASSETS

Cash and cash equivalents	$ 5,784,916	$ 4,880,195
Other assets	93,816	14,400
	$ 5,878,732	$ 4,894,595

LIABILITIES

Accounts payable & accrued expenses	$ 66,021	$ 29,746
Accounts payable affiliates (Note C)	24,562,169	24,351,080
Capital contributions payable	91,360	91,360
	24,719,550	24,472,186

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 21,996,102 issued and 21,992,202 outstanding	(16,797,132)	(17,526,537)
General Partner	(2,043,686)	(2,051,054)
	(18,840,818)	(19,577,591)
	$ 5,878,732	$ 4,894,595

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 15

	September 30, 2012	March 31, 2012
ASSETS

Cash and cash equivalents	$ 172,649	$ 198,803
Other assets	-	-
	$ 172,649	$ 198,803

LIABILITIES

Accounts payable & accrued expenses	$ 4,746	$ 1,246
Accounts payable affiliates (Note C)	3,869,580	3,805,724
Capital contributions payable	-	-
	3,874,326	3,806,970

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,870,500 issued and 3,869,900 outstanding	(3,342,471)	(3,249,896)
General Partner	(359,206)	(358,271)
	(3,701,677)	(3,608,167)
	$ 172,649	$ 198,803

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 16

	September 30, 2012	March 31, 2012
ASSETS

Cash and cash equivalents	$ 203,673	$ 360,565
Other assets	73,516	-
	$ 277,189	$ 360,565

LIABILITIES

Accounts payable & accrued expenses	$ 8,500	$ 5,000
Accounts payable affiliates (Note C)	8,517,208	8,521,279
Capital contributions payable	50,008	50,008
	8,575,716	8,576,287

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,429,402 issued and 5,427,102 outstanding	(7,748,933)	(7,666,956)
General Partner	(549,594)	(548,766)

	(8,298,527)	(8,215,722)
	$ 277,189	$ 360,565

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 17

	September 30, 2012	March 31, 2012
ASSETS

Cash and cash equivalents	$ 224,015	$ 344,436
Other assets	4,400	4,400
	$ 228,415	$ 348,836

LIABILITIES

Accounts payable & accrued expenses	$ 14,500	$ 18,500
Accounts payable affiliates (Note C)	7,026,390	7,003,068
Capital contributions payable	22,798	22,798
	7,063,688	7,044,366

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,000,000 issued and 4,999,000 outstanding	(6,346,143)	(6,207,797)
General Partner	(489,130)	(487,733)
	(6,835,273)	(6,695,530)
	$ 228,415	$ 348,836

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 18

	September 30, 2012	March 31, 2012
ASSETS

Cash and cash equivalents	$ 171,135	$ 164,525
Other assets	10,000	10,000
	$ 181,135	$ 174,525

LIABILITIES

Accounts payable & accrued expenses	$ 8,500	$ 5,000
Accounts payable affiliates (Note C)	5,148,991	5,021,009
Capital contributions payable	18,554	18,554
	5,176,045	5,044,563

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,616,200 issued and outstanding	(4,634,733)	(4,511,110)
General Partner	(360,177)	(358,928)
	(4,994,910)	(4,870,038)
	$ 181,135	$ 174,525

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 19

	September 30, 2012	March 31, 2012
ASSETS

Cash and cash equivalents	$ 5,013,444	$ 3,811,866
Other assets	5,900	-
	$ 5,019,344	$ 3,811,866

LIABILITIES

Accounts payable & accrued expenses	$ 29,775	$ -
Accounts payable affiliates (Note C)	-	-
Capital contributions payable	-	-
	29,775	-

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 4,080,000 issued and outstanding	5,275,148	4,109,222
General Partner	(285,579)	(297,356)
	4,989,569	3,811,866
	$ 5,019,344	$ 3,811,866

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

	2012	2011

Income
Interest income	$ 4,915	$ 7,271
Other income	260	20,224
	5,175	27,495

Share of Income from Operating Partnerships(Note D)	1,314,389	198,791

Expenses
Professional fees	136,715	104,971
Fund management fee, net (Note C)	184,712	203,428
General and administrative expenses	23,830	19,241
	345,257	327,640

NET INCOME (LOSS)	$ 974,307	$ (101,354)

Net income (loss) allocated to limited assignees	$ 964,564	$ (100,340)

Net income (loss) allocated to general partner	$ 9,743	$ (1,014)

Net income (loss) per BAC	$ .04	$ (.00)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 15

	2012	2011

Income
Interest income	$ 155	$ 383
Other income	-	856
	155	1,239

Share of Income from Operating Partnerships(Note D)	20,737	-

Expenses
Professional fees	29,998	23,244
Fund management fee, net (Note C)	40,002	34,635
General and administrative expenses	4,403	3,734
	74,403	61,613

NET INCOME (LOSS)	$ (53,511)	$ (60,374)

Net income (loss) allocated to limited assignees	$ (52,976)	$ (59,770)

Net income (loss) allocated to general partner	$ (535)	$ (604)

Net income (loss) per BAC	$ (.01)	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 16

	2012	2011

Income
Interest income	$ 186	$ 537
Other income	146	1,326
	332	1,863

Share of Income from Operating Partnerships(Note D)	94,453	68,510

Expenses
Professional fees	34,028	26,923
Fund management fee, net (Note C)	66,668	4,947
General and administrative expenses	5,086	4,316
	105,782	36,186

NET INCOME (LOSS)	$ (10,997)	$ 34,187

Net income (loss) allocated to limited assignees	$ (10,887)	$ 33,845

Net income (loss) allocated to general partner	$ (110)	$ 342

Net income (loss) per BAC	$ (.00)	$ .01

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 17

	2012	2011

Income
Interest income	$ 178	$ 545
Other income	-	10,059
	178	10,604

Share of Income from Operating Partnerships(Note D)	20,937	30,831

Expenses
Professional fees	30,705	22,927
Fund management fee, net (Note C)	73,907	70,973
General and administrative expenses	5,901	3,970
	110,513	97,870

NET INCOME (LOSS)	$ (89,398)	$ (56,435)

Net income (loss) allocated to limited assignees	$ (88,504)	$ (55,871)

Net income (loss) allocated to general partner	$ (894)	$ (564)

Net income (loss) per BAC	$ (.02)	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 18

	2012	2011

Income
Interest income	$ 49	$ 184
Other income	-	7,934
	49	8,118

Share of Income from Operating Partnerships(Note D)	20,937	-

Expenses
Professional fees	22,468	17,444
Fund management fee, net (Note C)	61,128	57,780
General and administrative expenses	4,122	3,466
	87,718	78,690

NET INCOME (LOSS)	$ (66,732)	$ (70,572)

Net income (loss) allocated to limited assignees	$ (66,065)	$ (69,866)

Net income (loss) allocated to general partner	$ (667)	$ (706)

Net income (loss) per BAC	$ (.02)	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 19

	2012	2011

Income
Interest income	$ 4,347	$ 5,622
Other income	114	49
	4,461	5,671

Share of Income from Operating Partnerships(Note D)	1,157,325	99,450

Expenses
Professional fees	19,516	14,433
Fund management fee, net (Note C)	(56,993)	35,093
General and administrative expenses	4,318	3,755
	(33,159)	53,281

NET INCOME (LOSS)	$ 1,194,945	$ 51,840

Net income (loss) allocated to limited assignees	$ 1,182,996	$ 51,322

Net income (loss) allocated to general partner	$ 11,949	$ 518

Net income (loss) per BAC	$ .29	$ .01

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

	2012	2011

Income
Interest income	$ 10,338	$ 14,563
Other income	32,803	26,224
	43,141	40,787

Share of Income from Operating Partnerships(Note D)	1,314,389	447,890

Expenses
Professional fees	139,004	144,181
Fund management fee, net (Note C)	426,556	481,734
General and administrative expenses	55,197	40,477
	620,757	666,392

NET INCOME (LOSS)	$ 736,773	$ (177,715)

Net income (loss) allocated to limited assignees	$ 729,405	$ (175,939)

Net income (loss) allocated to general partner	$ 7,368	$ (1,776)

Net income (loss) per BAC	$ .03	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 15

	2012	2011

Income
Interest income	$ 359	$ 807
Other income	856	1,269
	1,215	2,076

Share of Income from Operating Partnerships(Note D)	20,737	-

Expenses
Professional fees	30,098	32,730
Fund management fee, net (Note C)	75,798	82,213
General and administrative expenses	9,566	7,335
	115,462	122,278

NET INCOME (LOSS)	$ (93,510)	$ (120,202)

Net income (loss) allocated to limited assignees	$ (92,575)	$ (119,000)

Net income (loss) allocated to general partner	$ (935)	$ (1,202)

Net income (loss) per BAC	$ (.02)	$ (.03)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 16

	2012	2011

Income
Interest income	$ 480	$ 1,058
Other income	1,237	2,019
	1,717	3,077

Share of Income from Operating Partnerships(Note D)	94,453	148,294

Expenses
Professional fees	34,507	35,935
Fund management fee, net (Note C)	133,436	103,242
General and administrative expenses	11,032	8,909
	178,975	148,086

NET INCOME (LOSS)	$ (82,805)	$ 3,285

Net income (loss) allocated to limited assignees	$ (81,977)	$ 3,252

Net income (loss) allocated to general partner	$ (828)	$ 33

Net income (loss) per BAC	$ (.02)	$ .00

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 17

	2012	2011

Income
Interest income	$ 437	$ 998
Other income	9,870	13,617
	10,307	14,615

Share of Income from Operating Partnerships(Note D)	20,937	200,146

Expenses
Professional fees	32,233	31,016
Fund management fee, net (Note C)	127,334	108,803
General and administrative expenses	11,420	8,877
	170,987	148,696

NET INCOME (LOSS)	$ (139,743)	$ 66,065

Net income (loss) allocated to limited assignees	$ (138,346)	$ 65,404

Net income (loss) allocated to general partner	$ (1,397)	$ 661

Net income (loss) per BAC	$ (.03)	$ .01

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 18

	2012	2011

Income
Interest income	$ 103	$ 465
Other income	11,000	9,270
	11,103	9,735

Share of Income from Operating Partnerships(Note D)	20,937	-

Expenses
Professional fees	22,554	23,702
Fund management fee, net (Note C)	124,919	119,463
General and administrative expenses	9,439	7,389
	156,912	150,554

NET INCOME (LOSS)	$ (124,872)	$ (140,819)

Net income (loss) allocated to limited assignees	$ (123,623)	$ (139,411)

Net income (loss) allocated to general partner	$ (1,249)	$ (1,408)

Net income (loss) per BAC	$ (.03)	$ (.04)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 19

	2012	2011

Income
Interest income	$ 8,959	$ 11,235
Other income	9,840	49
	18,799	11,284

Share of Income from Operating Partnerships(Note D)	1,157,325	99,450

Expenses
Professional fees	19,612	20,798
Fund management fee, net (Note C)	(34,931)	68,013
General and administrative expenses	13,740	7,967
	(1,579)	96,778

NET INCOME (LOSS)	$ 1,177,703	$ 13,956

Net income (loss) allocated to limited assignees	$ 1,165,926	$ 13,816

Net income (loss) allocated to general partner	$ 11,777	$ 140

Net income (loss) per BAC	$ .29	$ .00

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2012

(Unaudited)

	Assignees	General Partner	Total

Partners' capital (deficit) April 1, 2012	$(17,526,537)	$ (2,051,054)	$(19,577,591)

Net income (loss)	729,405	7,368	736,773

Partners' capital (deficit), September 30, 2012	$(16,797,132)	$ (2,043,686)	$(18,840,818)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2012

(Unaudited)

	Assignees	General Partner	Total
Series 15
Partners' capital (deficit) April 1, 2012	$ (3,249,896)	$ (358,271)	$ (3,608,167)

Net income (loss)	(92,575)	(935)	(93,510)

Partners' capital (deficit), September 30, 2012	$ (3,342,471)	$ (359,206)	$ (3,701,677)


Series 16
Partners' capital (deficit) April 1, 2012	$ (7,666,956)	$ (548,766)	$ (8,215,722)

Net income (loss)	(81,977)	(828)	(82,805)

Partners' capital (deficit), September 30, 2012	$ (7,748,933)	$ (549,594)	$ (8,298,527)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2012
(Unaudited)

	Assignees	General Partner	Total
Series 17
Partners' capital (deficit) April 1, 2012	$ (6,207,797)	$ (487,733)	$ (6,695,530)

Net income (loss)	(138,346)	(1,397)	(139,743)

Partners' capital (deficit), September 30, 2012	$ (6,346,143)	$ (489,130)	$ (6,835,273)


Series 18
Partners' capital (deficit) April 1, 2012	$ (4,511,110)	$ (358,928)	$ (4,870,038)

Net income (loss)	(123,623)	(1,249)	(124,872)

Partners' capital (deficit), September 30, 2012	$ (4,634,733)	$ (360,177)	$ (4,994,910)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2012
(Unaudited)

	Assignees	General Partner	Total
Series 19
Partners' capital (deficit) April 1, 2012	$ 4,109,222	$ (297,356)	$ 3,811,866

Net income (loss)	1,165,926	11,777	1,177,703

Partners' capital (deficit), September 30, 2012	$ 5,275,148	$ (285,579)	$ 4,989,569

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

		2012		2011
Cash flows from operating activities:

Net Income (Loss)		$ 736,773		$ (177,715)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(1,314,389)		(447,890)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		36,275		226,028
(Increase) Decrease in other assets		(79,416)		71,538
(Decrease) Increase in accounts payable affiliates		211,089		(59,598)

Net cash (used in) provided by operating activities		(409,668)		(387,637)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		1,314,389		446,106

Net cash provided by investing activities		1,314,389		446,106

Cash flows from financing activities:

Distributions		-		(261,830)

Net cash used in financing activities		-		(261,830)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	904,721		(203,361)

Cash and cash equivalents, beginning	4,880,195		5,463,659

Cash and cash equivalents, ending	$ 5,784,916		$ 5,260,298

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 15

		2012		2011
Cash flows from operating activities:

Net Income (Loss)		$ (93,510)		$ (120,202)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(20,737)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,500		162,028
(Increase) Decrease in other assets		-		69,038
(Decrease) Increase in accounts payable affiliates		63,856		(17,231)

Net cash (used in) provided by operating activities		(46,891)		93,633

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		20,737		-

Net cash provided by investing activities		20,737		-

Cash flows from financing activities:

Distributions		-		-

Net cash used in financing activities		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(26,154)		93,633

Cash and cash equivalents, beginning	198,803		299,446

Cash and cash equivalents, ending	$ 172,649		$ 393,079

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 16

		2012		2011
Cash flows from operating activities:

Net Income (Loss)		$ (82,805)		$ 3,285
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(94,453)		(148,294)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,500		36,500
(Increase) Decrease in other assets		(73,516)		2,500
(Decrease) Increase in accounts payable affiliates		(4,071)		62,691

Net cash (used in) provided by operating activities		(251,345)		(43,318)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		94,453		146,510

Net cash provided by investing activities		94,453		146,510

Cash flows from financing activities:

Distributions		-		-

Net cash used in financing activities		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(156,892)		103,192

Cash and cash equivalents, beginning	360,565		416,806

Cash and cash equivalents, ending	$ 203,673		$ 519,998

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 17

		2012		2011
Cash flows from operating activities:

Net Income (Loss)		$ (139,743)		$ 66,065
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(20,937)		(200,146)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(4,000)		27,500
(Increase) Decrease in other assets		-		-
(Decrease) Increase in accounts payable affiliates		23,322		(80,290)

Net cash (used in) provided by operating activities		(141,358)		(186,871)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		20,937		200,146

Net cash provided by investing activities		20,937		200,146

Cash flows from financing activities:

Distributions		-		-

Net cash used in financing activities		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(120,421)		13,275

Cash and cash equivalents, beginning	344,436		328,413

Cash and cash equivalents, ending	$ 224,015		$ 341,688

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 18

		2012		2011
Cash flows from operating activities:

Net Income (Loss)		$ (124,872)		$ (140,819)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(20,937)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,500		-
(Increase) Decrease in other assets		-		-
(Decrease) Increase in accounts payable affiliates		127,982		(24,768)

Net cash (used in) provided by operating activities		(14,327)		(165,587)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		20,937		-

Net cash provided by investing activities		20,937		-

Cash flows from financing activities:

Distributions		-		-

Net cash used in financing activities		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,610		(165,587)

Cash and cash equivalents, beginning	164,525		293,045

Cash and cash equivalents, ending	$ 171,135		$ 127,458

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 19

		2012		2011
Cash flows from operating activities:

Net Income (Loss)		$ 1,177,703		$ 13,956
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(1,157,325)		(99,450)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		29,775		-
(Increase) Decrease in other assets		(5,900)		-
(Decrease) Increase in accounts payable affiliates		-		-

Net cash (used in) provided by operating activities		44,253		(85,494)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		1,157,325		99,450

Net cash provided by investing activities		1,157,325		99,450

Cash flows from financing activities:

Distributions		-		(261,830)

Net cash used in financing activities		-		(261,830)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,201,578		(247,874)

Cash and cash equivalents, beginning	3,811,866		4,125,949

Cash and cash equivalents, ending	$ 5,013,444		$ 3,878,075

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2012

(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively. The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000. As of September 30, 2012, 3,869,900 BACs in Series 15, 5,427,102 BACs in Series 16, and 4,999,000 BACs in Series 17, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Public Offering of the Fund.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of September 30, 2012 and for the six months then ended have been prepared by the Fund, without audit. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of its general partner, including Boston Capital Holdings LP, Boston Capital Partners, Inc., and Boston Capital Asset Management Limited Partnership, as follows:

An annual fund management fee, based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the three months ended September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ 44,015	$ 52,941
Series 16	76,404	82,821
Series 17	75,411	78,409
Series 18	63,491	66,782
Series 19	30,205	38,250
	$289,526	$319,203

The fund management fees paid for the three months ended September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ 25,000	$ 125,000
Series 16	157,500	130,000
Series 17	127,500	245,000
Series 18	-	-
Series 19	30,205	38,250
	$ 340,205	$ 538,250

The fund management fees paid for the six months ended September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ 25,000	$ 125,000
Series 16	157,500	130,000
Series 17	127,500	245,000
Series 18	-	-
Series 19	68,116	76,500
	$ 378,116	$ 576,500

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2012 and 2011, the Fund had limited partnership interests in 123 and 141 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 2012 and 2011 is as follows:

	2012	2011
Series 15	29	34
Series 16	36	38
Series 17	26	28
Series 18	22	24
Series 19	10	17
	123	141

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ -	$ -
Series 16	50,008	50,008
Series 17	22,798	22,798
Series 18	18,554	18,554
Series 19	-	-
	$ 91,360	$ 91,360

During the six months ended September 30, 2012 the Fund disposed of eleven Operating Partnership. A summary of the dispositions by Series for September 30, 2012 is as follows:

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition *

Gain/(Loss) on Disposition

Series 15

1

-

$

20,737

$

20,737

Series 16

2

-

94,453

94,453

Series 17

1

-

20,937

20,937

Series 18

1

-

20,937

20,937

Series 19

6

-

1,157,325

1,157,325

Total

11

-

$

1,314,389

$

1,314,389

* Fund proceeds from disposition include $73,516 recorded as a receivable as of September 30, 2012, for Series 16.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

During the six months ended September 30, 2011 the Fund disposed of eleven Operating Partnerships and received additional proceeds from one Operating Partnership disposed of in the prior year. A summary of the dispositions by Series for September 30, 2011 is as follows:

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition *

Gain/(Loss) on Disposition

Series 15

1

1

$

-

$

-

Series 16

5

-

146,510

148,294

Series 17

3

1

200,146

200,146

Series 18

-

-

-

-

Series 19

-

-

99,450

99,450

Total

9

2

$

446,106

$

447,890

* Fund proceeds from disposition does not include the following amount which was due to a write-off of capital contributions payable of $1,784 for Series 16.

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the condensed financial statements.

The Fund's fiscal year ends March 31st of each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnerships quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2012.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

	2012	2011

Revenues
Rental	$ 14,354,270	$ 16,649,037
Interest and other	396,287	602,931

	14,750,557	17,251,968

Expenses
Interest	2,449,163	2,875,224
Depreciation and amortization	3,724,545	4,572,524
Operating expenses	10,432,742	12,208,099
	16,606,450	19,655,847

NET LOSS	$(1,855,893)	$(2,403,879)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$(1,837,333)	$(2,379,840)


Net loss allocated to other Partners	$ (18,560)	$ (24,039)

* Amounts include $1,837,333 and $2,379,840 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 15

	2012	2011

Revenues
Rental	$ 2,644,505	$ 3,064,681
Interest and other	80,424	61,369

	2,724,929	3,126,050

Expenses
Interest	425,248	481,181
Depreciation and amortization	703,464	823,651
Operating expenses	1,929,404	2,282,260
	3,058,116	3,587,092

NET LOSS	$ (333,187)	$ (461,042)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (329,855)	$ (456,432)


Net loss allocated to other Partners	$ (3,332)	$ (4,610)

* Amounts include $329,855 and $456,432 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 16

	2012	2011

Revenues
Rental	$ 3,566,981	$ 4,657,370
Interest and other	65,424	192,619

	3,632,405	4,849,989

Expenses
Interest	629,677	793,226
Depreciation and amortization	916,417	1,301,137
Operating expenses	2,596,339	3,325,010
	4,142,433	5,419,373

NET LOSS	$ (510,028)	$ (569,384)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (504,928)	$ (563,690)


Net loss allocated to other Partners	$ (5,100)	$ (5,694)

* Amounts include $504,928 and $563,690 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 17

	2012	2011

Revenues
Rental	$ 4,074,193	$ 4,378,511
Interest and other	102,196	113,773

	4,176,389	4,492,284

Expenses
Interest	630,863	719,849
Depreciation and amortization	1,038,799	1,053,910
Operating expenses	3,002,638	3,089,736
	4,672,300	4,863,495

NET LOSS	$ (495,911)	$ (371,211)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (490,951)	$ (367,498)


Net loss allocated to other Partners	$ (4,960)	$ (3,713)

* Amounts include $490,951 and $367,498 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 18

	2012	2011

Revenues
Rental	$ 2,960,275	$ 2,966,360
Interest and other	92,336	176,451

	3,052,611	3,142,811

Expenses
Interest	543,280	526,548
Depreciation and amortization	770,108	941,997
Operating expenses	2,123,419	2,283,611
	3,436,807	3,752,156

NET LOSS	$ (384,196)	$ (609,345)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (380,354)	$ (603,252)


Net loss allocated to other Partners	$ (3,842)	$ (6,093)

* Amounts include $380,354 and $603,252 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 19

	2012	2011

Revenues
Rental	$ 1,108,316	$ 1,582,115
Interest and other	55,907	58,719

	1,164,223	1,640,834

Expenses
Interest	220,095	354,420
Depreciation and amortization	295,757	451,829
Operating expenses	780,942	1,227,482
	1,296,794	2,033,731

NET LOSS	$ (132,571)	$ (392,897)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (131,245)	$ (388,968)


Net loss allocated to other Partners	$ (1,326)	$ (3,929)

* Amounts include $131,245 and $388,968 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2012
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2012 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2012. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital reserves and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and will invest. Interest income is expected to decrease over the life of the Fund as capital contributions are paid to the Operating Partnerships and working capital reserves are expended. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2012 were $289,526 and total fund management fees accrued as of September 30, 2012 were $23,926,807. During the three months ended September 30, 2012, $340,205 of accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations of the Fund.

As of September 30, 2012, an affiliate of the general partner of the Fund advanced a total of $635,362 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. During the six months ended September 30, 2012 there were no advances. Below is a summary, by series, of the total advances made to date.

	Six Months Ended	Total
Series 15	$ -	$ -
Series 16	-	-
Series 17	-	635,362
Series 18	-	-
Series 19	-	-
	$ -	$635,362

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

Capital Resources

The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on January 24, 1992. The Fund received $38,705,000, $54,293,000, $50,000,000, $36,162,000 and $40,800,000 representing 3,870,500, 5,429,402, 5,000,000, 3,616,200 and 4,080,000 BACs from investors admitted as BAC Holders in Series 15, Series 16, Series 17, Series 18, and Series 19, respectively. The Public Offering was completed on December 17, 1993.

(Series 15) The Fund commenced offering BACs in Series 15 on January 24, 1992. Offers and sales of BACs in Series 15 were completed on September 26, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 68 Operating Partnerships in the amount of $28,257,701. Series 15 has since sold its interest in 39 of the Operating Partnerships.

During the quarter ended September 30, 2012, none of Series 15 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 15 has invested in as of September 30, 2012.

(Series 16) The Fund commenced offering BACs in Series 16 on July 13, 1992. Offers and sales of BACs in Series 16 were completed on December 28, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 64 Operating Partnerships in the amount of $39,579,774. Series 16 has since sold its interest in 28 of the Operating Partnerships.

During the quarter ended September 30, 2012, none of Series 16 net offering proceeds were used to pay capital contributions. Series 16 has contributions payable to 1 Operating Partnership in the amount of $50,008 as of September 30, 2012. The remaining contributions will be released to the Operating Partnership when it has achieved the conditions set forth in its partnership agreement.

(Series 17) The Fund commenced offering BACs in Series 17 on January 24, 1993. Offers and sales of BACs in Series 17 were completed on September 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 49 Operating Partnerships in the amount of $36,538,204. Series 17 has since sold its interest in 23 of the Operating Partnerships.

During the quarter ended September 30, 2012, none of Series 17 net offering proceeds were used to pay capital contributions. Series 17 has contributions payable to 3 Operating Partnerships in the amount of $22,798 as of September 30, 2012. The remaining contributions as well as the escrowed funds will be released to the Operating Partnerships when they have achieved the conditions set forth in their partnership agreements.

(Series 18) The Fund commenced offering BACs in Series 18 on September 17, 1993. Offers and sales of BACs in Series 18 were completed on September 22, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 34 Operating Partnerships in the amount of $26,442,202. Series 18 has since sold its interest in 12 of the Operating Partnerships.

During the quarter ended September 30, 2012, none of Series 18 net offering proceeds were used to pay capital contributions. Series 18 has contributions payable to 2 Operating Partnerships in the amount of $18,554 as of September 30, 2012. The remaining contributions will be released to the Operating Partnerships when they have achieved the conditions set forth in their partnership agreements.

(Series 19) The Fund commenced offering BACs in Series 19 on October 8, 1993. Offers and sales of BACs in Series 19 were completed on December 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnerships in the amount of $29,614,506. Series 19 has since sold its interest in 16 of the Operating Partnerships.

During the quarter ended September 30, 2012, none of Series 19 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 19 has invested in as of September 30, 2012.

Results of Operations

As of September 30, 2012 and 2011, the Fund held limited partnership interests in 123 and 141 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurs a fund management fee to Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership), or BCAMLP, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2012 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 15	$ 44,015	$ 4,013	$ 40,002
Series 16	76,404	9,736	66,668
Series 17	75,411	1,504	73,907
Series 18	63,491	2,363	61,128
Series 19	30,205	87,198	(56,993)
	$289,526	$104,814	$ 184,712

	6 Months Gross Fund Management Fee	6 Months Reporting Fee	6 Months Fund Management Fee Net of Reporting Fee
Series 15	$ 88,856	$ 13,058	$ 75,798
Series 16	153,429	19,993	133,436
Series 17	150,822	23,488	127,334
Series 18	127,982	3,063	124,919
Series 19	68,116	103,047	(34,931)
	$589,205	$162,649	$ 426,556

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 15

As of September 30, 2012 and 2011, the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties September 30, 2012, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2012 and 2011, Series 15 reflects a net loss from Operating Partnerships of $(333,187) and $(461,042), respectively, which includes depreciation and amortization of $703,464 and $823,651, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Beckwood Manor Eight Limited Partnership (Lakeside Apartments) is a 32-unit senior property located in Lake Village, Arkansas. The property receives rental assistance for 23 units and is more successful renting these units. It remains difficult to rent the units that do not have rental assistance. There are several other low income tax credit developments in the area offering rental assistance, and the property's continued low occupancy is attributed to this competition. Management advertises the property in Lake Village's local paper and in several other regional newspapers. The property also distributes fliers to all surrounding communities; however, management believes word of mouth and referrals are the most effective forms of obtaining potential residents. In 2011, occupancy averaged 53%, down from 61% in 2010. The property generated an $18,715 deficit in 2011, which was primarily funded by accruing management fees and management payroll due to an affiliate of the operating general partner. The operating general partner has historically funded operating deficits in this manner. Through September 2012, the property is averaging 48% occupancy and is operating below breakeven. On November 12, 2011, a fire occurred at the property, which started as a grease fire in a resident's kitchen. One apartment was a total loss, and another suffered smoke and water damage. One resident had their lease terminated, and the other resident was moved into a vacant unit. Repairs totaling approximately $95,000 were completed in September 2012, and the two damaged units are back on-line. The mortgage payments, taxes, insurance, and accounts payable are all current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Beckwood Manor Eight.

Livingston Plaza, Limited (Livingston Plaza) is a 24-unit, family property located in Livingston, Texas. The property has struggled with occupancy levels for several years. Despite efforts to improve the reputation of the property and reduce resident turnover and evictions, occupancy averaged 52% in both 2011 and 2010. Through September 30, 2012, average occupancy improved slightly to 65%. The continued low occupancy is partially due to economic conditions in the area and lack of qualified applicants. Management reports that trailer home ownership is very affordable in the area and often monthly mortgage payments are at a similar level as the rents at Livingston Plaza. There are also several competitive properties less than a mile from the property. Marketing consists of advertisements in local newspapers and distributing fliers to local businesses, churches, and schools. Despite operating expenses that are tightly controlled and below the state's average, the property operated below breakeven through September 30, 2012 and in 2011. Operating deficits were funded primarily by withdrawals from the replacement reserve. The property operated at about breakeven in 2010. The mortgage payments, real estate taxes, insurance, and accounts payable are current as of September 30, 2012. The operating general partner guarantee is unlimited in time and amount. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Livingston Plaza. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. It is unlikely that any proceeds will be available to the investment limited partners from the disposition of the property or partnership.

In April 2011, the operating general partner of Showboat Manor LDHA entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on July 7, 2011. The sales price of the property was $818,348, which included the outstanding mortgage balance of approximately $772,998 and cash proceeds to the investment partnership of $11,000. Of the total proceeds received by the investment partnership, $6,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. There are no remaining proceeds from the sale to be returned to cash reserves held by Series 15. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of September 30, 2011.

In February 2010, the operating general partner of North Prairie Manor L.D.H.A. LP approved an agreement to sell the property and the transaction closed on March 30, 2011. The sales price for the property was $939,566, which included the outstanding mortgage balance of approximately $829,566 and cash proceeds to the investment partnership of $69,038. Of the total proceeds received by the investment partnership, $3,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $15,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $51,038 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. The sale proceeds were received April 2011; so a receivable in the amount of $69,038 was recorded for Series 15 as of March 31, 2011. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $51,038 as of March 31, 2011.

In October 2011, the investment general partner transferred its interest in Autumnwood LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,187,795 and cash proceeds to the investment partnership of $128,000. Of the total proceeds received, $6,924 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $116,076 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $116,076 as of December 31, 2011.

In October 2011, the investment general partner transferred its interest in Brunswick LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $739,986 and cash proceeds to the investment partnership of $76,800. Of the total proceeds received, $3,321 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $68,479 were be returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $68,479 as of December 31, 2011.

In October 2011, the investment general partner transferred its interest in Lebanon II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $855,578 and cash proceeds to the investment partnership of $76,800. Of the total proceeds received, $16,305 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $55,495 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $55,495 as of December 31, 2011.

In December 2011, the investment general partner transferred its interest in Weedpatch Investment Group, CA LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,857,960 and cash proceeds to the investment partnership of $90,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $85,000 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $85,000 as of December 31, 2011.

In September 2012, the investment general partner transferred its interest in Investment Group of Payson to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,394,713 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $763 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $20,737 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $20,737 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within ten years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

Series 16

As of September 30, 2012 and 2011, the average Qualified Occupancy for the series was 100%. The series had a total of 36 properties at September 30, 2012, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2012 and 2011, Series 16 reflects a net loss from Operating Partnerships of $(510,028) and $(569,384), respectively, which includes depreciation and amortization of $916,417 and $1,301,137, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Butler Rental Housing LP (Forest Pointe Apartments) is a 25-unit family property located in Butler, Georgia. During the first quarter of 2012 the property operated below breakeven due to low occupancy caused by a weak rental market. Occupancy began to decline in June 2011 and the property averaged 82% in the first half of 2012. As of September 2012, the property was 84% occupied. Occupancy has declined due to high unemployment and an overall trend of household consolidation in the market. The property has recently hired new onsite and district managers. They have increased marketing efforts including flier distribution, local newspaper advertising and tenant referral incentives. An effort to appeal the 2012 tax bill was successful and a 50% reduction will be realized on the upcoming tax bill that will improve the property's cash flow. The mortgage payments, taxes, insurance, and accounts payable are all current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Butler Rental Housing LP.

Blairsville Rental Housing, Limited Partnership (Tan Yard Branch Apartments I) is a 24-unit family property located in Blairsville, GA. The property has performed poorly over the last several years due to locally weak economic conditions that began in 2009 and have continued through the third quarter of 2012. Many employers have either closed or significantly reduced employee hours. As a result of a large portion of the tenant base being composed of hourly-wage employees, evictions and move outs have increased. In addition, several tenants requiring greater personal care have transferred to nursing home facilities, causing occupancy to decline further. Because of the property's rural location, traffic at the site has been limited. Management has been aggressively marketing the community by distributing fliers throughout the area and by having brightly colored directional signage installed. Additionally, a tenant referral program has been implemented and move-in specials are being offered. These efforts have been successful in 2012, as occupancy has increased from 63% in January 2012 to 92% in September 2012. However, due to the high vacancy loss experienced in the first half of the year, the property continues to operate below breakeven. The mortgage, real estate taxes, and insurance payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Blairsville Rental Housing.

St. Croix Commons Limited Partnership (St. Croix Commons Apartments) is a 40-unit family property located in Woodville, Wisconsin. Occupancy at the end of the third quarter of 2012 was 98%. Although expenses remain below the state averages for the investment limited partnership's portfolio of properties, low rental rates in the area have prevented the property from achieving breakeven operations. The property's taxes and insurance are current; however, the operating general partner stopped making debt service payments in 2011 due to cash flow shortfalls. In the first quarter of 2012, the investment general partner learned that the property was ten months in arrears on its mortgage and the lender had issued a notice of default. The operating general partner contacted the lender in the hope of gaining an interest only forbearance for a four year period. The lender did not agree to modify the terms of the loan and demanded a payment of $736,851 to be made by November 15, 2011 to cure the default. The operating general partner failed to make the payment and the lender has commenced foreclosure proceedings. The redemption period for the foreclosure in this action is six months. The default foreclosure judgment was entered on February 23, 2012; the redemption period ended on August 23, 2012. A foreclosure sale occurring in 2012 would not result in any recapture or penalties because the property is beyond the compliance period. A local developer bought the loan at sheriff's sale from the lender. The operating general partner then bought the property back from the local developer. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to St. Croix Commons.

In August 2011, the investment general partner transferred its interest in Sable Chase of McDonough to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $3,077,178 and cash proceeds to the investment partnership of $150,000. Of the total proceeds received, $63,990 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $17,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $68,510 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $68,510 as of September 30, 2011.

Greenfield Properties, Limited Partnership (Greenfield Properties) is a 20-unit elderly property located in Greenfield, Missouri. In 2012, the property continues to operate below breakeven due to insufficient rental rates, inconsistent occupancy and high operating expenses. After averaging 85% occupancy in 2011, and reaching 100% occupancy in June 2012, the property backtracked and finished September 2012 at 85% occupancy. Management continues to advertise in the local newspaper and place fliers in area schools and at the local community center, but persistent low employment and a depressed local economy continue to present leasing challenges. A $15 per unit per month rent increase approved by the Missouri Housing Development Commission (MHDC) and implemented in January 2012 has improved revenue, but not enough to greatly improve performance. Management has already petitioned MHDC for an additional $15 per unit, per month, for 2013 and is waiting for approval. This would raise an additional $3,600 annually and while it would again improve revenue it is unlikely to have enough of an impact to greatly affect performance without increased occupancy. High operating expenses continue to be an issue due to high vacancy loss and maintenance costs related to vacant unit turnovers. All taxes, insurance and mortgage payments are current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Greenfield Properties, Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In April 2011, the investment general partner transferred its interest in Lawrenceville Manor LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,340,119 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $55,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment partnership entered into a partner interest pledge agreement with the Operating Partnership for receipt of a residual payment. Under the terms of the partner interest pledge agreement, if the property owned by the Operating Partnership is sold, within 5 years from the initial transfer date, there would be a residual payment of up to $200,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $55,000 as of June 30, 2011. In addition, equity outstanding for the Operating Partnership in the amount of $1,784 was recorded as gain on the sale of the Operating Partnership as of June 30, 2011.

In June 2011, the investment general partner transferred its interest in Victoria Pointe RRH to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,374,232 and cash proceeds to the investment partnership of $28,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $23,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 5 years from the initial transfer date, there would be a residual payment of up to $75,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,000 as of June 30, 2011.

In July 2011, the investment general partner transferred its interest in Haynes House Associates II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,853,800 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No remaining proceeds were returned to cash reserves held by Series 16. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of September 30, 2011.

In August 2011, the investment general partner transferred its interest in Cedar Trace L.D.H.A. LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $471,680 and cash proceeds to the investment partnership of $1,500. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. There were no remaining proceeds returned to cash reserves held by Series 16. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of September 30, 2011.

Meadows of Southgate L.D.H.A., LP (Meadows of Southgate) is an 83-unit elderly property located in Southgate, Michigan. During the third quarter of 2012 the property continued to operate below breakeven largely due to ongoing occupancy challenges caused by a weak rental market. Occupancy averaged 58% in 2011, and as of September 2012, the property was 75% occupied. The operating general partner confirmed that the Down River area of Detroit is still dealing with a very soft rental market and that the reduction of supportive services in Wayne County is exacerbating the situation. The management agent, an affiliate of the operating general partner, continues to focus on improving occupancy through curb appeal enhancements and new marketing initiatives including rental concessions, lowered rental rates, and expanded leasing office hours. A recent Craigslist campaign has been the primary cause of the improvement in occupancy to 75% in the third quarter of 2012. All real estate tax, mortgage, and insurance payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Meadows of Southgate. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In August 2012, the investment general partner transferred its interest in Eastman Elderly Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,089,806 and receipt of a Promissory Note (the "Note") to the investment partnership in the amount of $78,516 maturing on December 31, 2012. Of the amounts payable under the Note, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $73,516 will be returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $73,516 as of September 30, 2012.

In September 2012, the investment general partner transferred its interest in Willcox Investment Group II, An AZ Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,025,098 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $563 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $20,937 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $20,937 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within ten years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

Anson Limited Partnership (Parkwood Apartments) is a 24-unit, elderly property located in Anson, ME. The property has continued to average 94% occupancy since 2010. Through September 2012, occupancy remains stable at 94%, but operations remain below breakeven due to high operating expenses. Utilities, administrative and maintenance expenses continue to increase. Turnover costs are high due to the replacement of appliances and flooring. Management has requested a rent increase from Rural Development to help offset the continued increase in expenses. Rural Development has not yet approved the requested increase. The investment general partner will attempt to ensure that the operating general partner continues to follow up with Rural Development until approval is received. The operating general partner is planning to replace the current management company with a new management company in October 2012. The low income housing tax credit compliance period expired on December 31, 2007.

Series 17

As of September 30, 2012 and 2011, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at September 30, 2012, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2012 and 2011, Series 17 reflects a net loss from Operating Partnerships of $(495,911) and $(371,211), respectively, which includes depreciation and amortization of $1,038,799 and $1,053,910, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Skowhegan Housing, LP (West Front Residence) is a 30-unit, 100% LIHTC property located in Skowhegan, Maine. The property operated below breakeven in 2011 and continues to operate below breakeven in 2012 due to insufficient rental rates and high debt service payments. After averaging 94% occupancy in 2011, the property reached 97% occupancy as of August 2012, and is averaging 95% through September 2012. Management had proposed a rent increase in its 2012 budget to partially offset high debt service, but their request was denied by Maine State Housing Authority (MSHA). On October 11, 2011, MSHA, the mortgage lender, issued a notice of default due to unpaid taxes, delays in past insurance payments, and underfunded tax, insurance, and replacement reserve escrow accounts. On November 11, 2011, the investment general partner issued a letter to the operating general partner stating that they are in violation of the Partnership Agreement for failure to advance funds to meet operating expenses and debt service, including replacement reserves, as the operating general partner's operating deficit guaranty is unlimited in time and amount. As of the end of the fourth quarter of 2011, the insurance payment issue had been resolved and the operating general partner had submitted a payment plan to MSHA to address the remaining default issues. In August 2012, it was learned that the operating general partner's proposal was denied by MSHA and that MSHA had called the note on the property, demanding either the immediate repayment of the outstanding mortgage balance due, or a foreclosure sale of the property at auction. The date of the foreclosure was set for September 12, 2012. The operating general partner refused to make payment and requested consent from the investment general partner to file for protection under Chapter 11 of the Federal Bankruptcy Code. After exhausting all other alternatives, the investment general partner gave its consent and the operating general partner filed for bankruptcy on September 12, 2012. The property continues its daily operations while the operating general partner waits for the terms of receivership from the bankruptcy court. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Skowhegan Housing, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Green Acres Limited Partnership (Green Acres Estates) is a 48-unit (20 tax credit units) property located in West Bath, Maine. The property operated below breakeven in 2011 due to high vacancy, insufficient rental rates and high debt service. Through September 2012, the property continues to operate below breakeven due to low occupancy and rental rates, high maintenance expenses, and a high interest rate on the debt. After averaging 77% occupancy in 2011, occupancy has increased to average 81% through September 2012. Improving occupancy is a challenge due mostly to the property's poor physical condition, the lack of available rent-ready units, and its isolated location. Management indicated that the closing of the nearby Brunswick Naval Air Station in May 2011 has affected occupancy through subsequent high local unemployment and relocation of some tenants. Higher maintenance expenses are related to management's efforts to make ready additional units. Management is working to improve collections and the initial resident screening process. On October 11, 2011, the lender MSHA, issued a notice of default due to unpaid taxes, delays in past insurance payments, and underfunded tax, insurance, and replacement reserve escrow accounts. On November 11, 2011, the investment general partner issued a letter to the operating general partner stating that they are in violation of the Partnership Agreement for failure to advance funds to meet operating expenses and debt service, including replacement reserves, as the operating general partner's operating deficit guaranty is unlimited in time and amount. The operating general partner submitted a payment plan to the MSHA during the fourth quarter of 2011 to address these default issues; however, the operating general partner's proposal was denied by MSHA. MSHA called the note on the property and demanded either the immediate repayment of the outstanding mortgage balance due, or a foreclosure sale of the property at auction. The date of the foreclosure was set for September 12, 2012. The operating general partner refused to make payment and requested consent from the investment general partner to file for protection under Chapter 11 of the Federal Bankruptcy Code. After exhausting all other alternatives, the investment general partner gave its consent and the operating general partner filed for bankruptcy on September 12, 2012. The property continues its daily operations while the operating general partner waits for the terms of receivership from the bankruptcy court. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Green Acres Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Mt. Vernon Associates, LP (Green Court Apartments) is a 76-unit property located in Mt. Vernon, New York. The property generated a small positive cash flow in 2011 and it averaged 88% occupancy for the year. Occupancy as of September 30, 2012 was 92%. The increased occupancy was a result of well-placed signage on the building, a recent increase in economic activity in the area and increased prospect follow-up. In the second quarter of 2012 the investment limited partner was notified that the second mortgage was delinquent. The second mortgage is a $250,000 mortgage held by the Mount Vernon Urban Renewal Agency (MVURA). The operating general partner has had ongoing discussions with MVURA in the hope of negotiating a forbearance agreement. To date, MVURA is cooperating with the operating general partner and has not issued a default notice. The operating general partner started to make payments again on the second mortgage in the second quarter of 2012 and made double payments in June and July in an effort to bring the loan current. All taxes, insurance, and payments on the first mortgage are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Mt. Vernon Associates.

In June 2011, the investment general partner transferred its interest in Park Place II, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,284,456 and cash proceeds to the investment partnership of $23,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $18,000 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment partnership entered into a RRN with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 5 years from the initial transfer date, there would be a residual payment of up to $75,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $18,000 as of June 30, 2011.

In June 2011, the operating general partner of Cypress Pointe LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 21, 2011. The sales price of the property was $3,320,000, which included the outstanding mortgage balance of approximately $2,438,528 and cash proceeds to the investment partnership of $181,310. Of the total proceeds received by the investment partnership, $45,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $20,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds of approximately $116,310 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In September 2011, the investment partnership received its share of the Operating Partnership's cash account in the amount of $12,836, which was returned to the cash reserves held by Series 17. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $129,146 as of September 30, 2011.

In April 2011, the investment general partner transferred its interest in Lee Terrace LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,411,220 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $55,000 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment partnership entered into a partner interest pledge agreement with the Operating Partnership for receipt of a residual payment. Under the terms of the partner interest pledge agreement, if the property owned by the Operating Partnership is sold, within 5 years from the initial transfer date, there would be a residual payment of up to $200,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $55,000 as of June 30, 2011.

In June 2011, the investment general partner transferred its interest in Seabreeze Manor RRH Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,175,097 and cash proceeds to the investment partnership of $23,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $18,000 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment partnership entered into a RRN with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 5 years from the initial transfer date, there would be a residual payment of up to $75,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $18,000 as of June 30, 2011.

In November 2011, the investment general partner transferred its interest in Midland Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $763,796 and cash proceeds to the investment partnership of $55,000. Of the total proceeds received, $20,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $27,500 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $27,500 as of December 31, 2011.

In September 2012, the investment general partner transferred its interest in Soledad Enterprises, A CA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,790,189 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $563 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $20,937 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $20,937 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within ten years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

Series 18

As of September 30, 2012 and 2011 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at September 30, 2012, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2012 and 2011, Series 18 reflects a net loss from Operating Partnerships of $(384,196) and $(609,345), respectively, which includes depreciation and amortization of $770,108 and $941,997, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Leesville Elderly Apartments, a Louisiana Partnership (Leesville Elderly Apartments) is a 40-unit, family property located in Leesville, Louisiana. In March 2012, the property incurred $186,000 in damages from a hailstorm, resulting in an insurance claim. The operating general partner reported that all repairs were completed in July 2012. As of September 30, 2012, the property was 93% occupied and operating above breakeven. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Leesville Elderly Apartments. The mortgage, taxes, and insurance are current.

Ripley Housing, Limited Partnership (Oakhaven Apartments) is a 24-unit family property located in Ripley, Mississippi. The property operated below breakeven in 2011 due to low occupancy as it averaged 80% occupancy for the year. The continued struggle with vacancy is a direct reflection of economic conditions in Ripley, where ongoing job losses have led to increased evictions and migration from the area. Management continues to focus marketing efforts on internet advertising. They also perform outreach to the local HUD office, the Mississippi Housing Authority, and the Tippah County housing agencies. As of September 30, 2012, occupancy was 88% with below breakeven operations. All real estate taxes, mortgage and insurance payments are current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Ripley Housing, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Natchitoches Elderly Apartments LP (Natchitoches Seniors Apartments) is a 40-unit property located in Natchitoches, Louisiana. The property operated below breakeven in 2010 due to low occupancy and high operating expenses. In early 2011, a new management team was put in place to focus on occupancy and controlling expenses. Occupancy increased throughout 2011 ending at 95%, while the property continued to operate below breakeven. As of September 30, 2012, occupancy was 100%. Despite the improvement in occupancy, the property continued to operate below breakeven in 2012. All real estate tax, mortgage, and insurance payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Natchitoches Elderly Apartments LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Newton I, Limited Partnership (Newton Plaza Apartments) is a 24-unit family development in Newton, Iowa. Occupancy has trended downward since 2006, and the increased vacancy along with high operating expenses have caused below breakeven operations. Operations improved in 2011 due to the expanded marketing efforts of a new onsite manager. The property averaged 88% occupancy for the year. Despite the improvement over the past years, the property continues to be monitored by the investment general partner as occupancy has decreased to 75% as of September 30, 2012. Occupancy has struggled due to soft market conditions. Management continues to increase advertising in surrounding areas and to offer incentives but has struggled to find qualified applicants. Although occupancy has decreased in 2012 the property is still operating above breakeven through the third quarter 2012. There was a site visit done in June 2012 and the property was found to be in good condition. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Newton I. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Bear Creek of Naples (Bear Creek Apartments) is a 120-unit family development located in Naples, Florida. Occupancy remained strong in the third quarter of 2012, with September occupancy ending at 98%. However, the property continued to operate below breakeven due to high administrative and real estate tax expenses as well as a court ordered special assessment fee. The property's insurance payments are current but the real estate taxes are delinquent. The local tax authority has issued a tax certificate for the delinquent taxes, which will accrue interest until paid. The operating general partner has three years to pay the delinquent taxes before the property goes to tax sale. The operating general partner paid the 2010 real estate taxes in the first quarter of 2011, paid the 2011 real estate taxes in November 2011 and anticipates paying the 2009 real estate taxes in late 2012, which is within the allotted three year deadline before the property could face a tax sale. The 2012 taxes are anticipated to be paid when due. The mortgage was also delinquent until a settlement was reached at the end of May 2012 as the operating general partner stopped making mortgage payments in June 2010 in an attempt to focus the lender's attention on the property. During the second quarter of 2011, the operating general partner discussed with the investment general partner whether the Operating Partnership should declare bankruptcy in order to delay a foreclosure and to maintain control of the property. The investment general partner advised the operating general partner not to file for bankruptcy. However, on June 6, 2011 Bear Creek of Naples, Ltd. filed for Chapter 11 bankruptcy. Authority to do so was vested solely with the operating general partner; the investment limited partner did not consent to this action. The court ordered a monthly "special assessment" payment of $20,000 to the lender starting in July 2011 and continuing until a settlement was reached. In December 2011, May 2012 and March 2012 there were hearings with regard to a motion to reach an agreement on the appraised value of the property. During the July 26, 2012 hearing, the property value and new monthly payment of principal and interest were determined. The first mortgage's past due accrued interest and principal were eliminated and the interest rate was lowered. Additionally, a significant portion of the second mortgage's principal was wiped out and loan servicing fees, compliance monitoring fees, and interest accruals that arose prior to May 21, 2012 were waived. The property can support the new monthly debt service. Now that a settlement has been reached, the operating general partner will attend a hearing on October 31, 2012 where a final decree is expected to be issued that should take Bear Creek of Naples, Ltd out of Chapter 11. The operating general partner is attempting to find a buyer to acquire the operating general partner and investment limited partner interest. The investment general partner intends to continue to monitor the process. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Bear Creek of Naples. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In August 2011, the operating general partner of Parvin's Limited Partnership approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2012. The sales price for the property was $900,000, which included the outstanding mortgage balance of approximately $319,948 and cash proceeds to the investment partnership of $450,000. Of the proceeds received by the investment partnership, $445,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 18. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of March 31, 2012.

Humboldt I, LP (Briarwood Apartments) is a 20-unit property located in Humboldt, IA. Operations have struggled at the property for the past several years due to low occupancy and high maintenance expenses related to resident turnover. Lack of cash flow and withdrawals to finance capital expenditures have resulted in an underfunding of the replacement reserve escrow. Historical and ongoing challenges cited by management include problem tenants that require eviction, difficulty attracting quality tenants, and the poor state of the local economy. Management relies heavily on outside contacts and referrals from the local housing authority, but also runs advertisements on a weekly basis in a free weekly advertiser that is distributed throughout town. Advertising has been expanded into surrounding towns to increase interest in the property. The property is operating under a Servicing Workout Plan approved by Rural Development on March 1, 2011. The plan aims to fully fund the replacement reserve escrow, reduce accounts payable, and increase occupancy. The plan has been effective as average occupancy in 2011 was 92%, and the property operated above breakeven. In addition, accounts payable have been reduced significantly and are now at manageable levels. The property is operating above breakeven through the third quarter of 2012. Occupancy is at 85% as of September 30, 2012. The investment general partner performed a site visit in June 2012 and the property was found to be in good condition. The mortgage, taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Humboldt I, LP.

Marengo Park Apartments LP (West Pine Homes) is a 24-unit property located in Marengo Park, IA. Occupancy has historically been an issue at this property, mainly due to evictions for nonpayment of rent and residents vacating because of job losses. The property is operating under a Servicing Workout Plan approved by Rural Development on October 1, 2010, which aims to fund the replacement reserves, make payables current, and resolve capital improvement issues through expanded marketing efforts to improve occupancy. In the summer of 2010 the operating general partner hired a new property manager and changed the name of the community to West Pine Homes with the hopes of improving the reputation of the property. Current marketing includes advertising on Rent.com, advertising in the Local Free Shopper (which covers three cities/towns), posting fliers in the local community and frequent contacts with local agencies, as well as 'for rent' signs located on the property. Occupancy averaged 83% in 2011 and the property operated above breakeven. In 2012, occupancy has remained a concern as the property is 83% occupied as of September 30, 2012. Despite the inconsistent occupancy, the property has continued to operate above breakeven through the third quarter. The property is able to operate above breakeven at low occupancy levels because management keeps very tight control on expenses. The investment general partner intends to work closely with the operating general partner until occupancy improves and operations stabilize. The investment general partner performed a site visit in June 2012 and the property was found to be in good condition. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Marengo Park Apartments. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In September 2012, the investment general partner transferred its interest in San Joaquin Enterprises III, A CA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,681,071 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $563 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $20,937 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $20,937 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within ten years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

Series 19

As of September 30, 2012 and 2011 the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at September 30, 2012, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2012 and 2011, Series 19 reflects a net loss from Operating Partnerships of $(132,571) and $(392,897), respectively, which includes depreciation and amortization of $295,757 and $451,829, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Carrollton Villa, L.P. (Meadow Ridge Apartments), is a 35-unit family project located in Carrollton, Missouri. The property was operating with below breakeven operations caused by low rental rates, high operating expenses, high utility costs and high debt service. The property averaged 99% occupancy in 2011 and continues to average 99% occupancy through September 2012. The property is operating above breakeven in 2012 due to a renegotiated debt service payment and lower utility expenses. Management has petitioned the Missouri Housing Development Commission (MHDC) for a $10 per unit rent increase effective January 2013 and expects a decision sometime in November 2012. The rent increase will add $4,200 annually to revenue. Over the past six years the City of Carrollton increased water and sewer rates to cover the repair of water lines, such that since 2005, water and sewer rates increased over 300%. While management continues to include similar water/sewer increases in its budgets, it significantly reduced water/sewer costs starting in 2011 when it discovered and repaired a leak to a city-owned, underground water pipe. The Operating Partnership received a rebate from the city in February 2012. This pipe, which may have been leaking since 2009, had drastically and improperly increased usage at the property. Water/sewer expenses are now roughly a third of previous years. To alleviate pressure on cash flow, in 2004, MHDC agreed to make the mortgage cash flow only for a year, which would then be revisited on a year-to-year basis. MHDC has since extended its deferral through the remaining term of the loan, in 2036. This allowed the property to drastically reduce its debt service payments and operating deficits. Site staff wages were also reduced $5 and $2 per hour for the manager and maintenance technician, respectively. The real estate taxes, mortgage and insurance are all current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Carrollton Villas. The investment general partner continues to look at various disposition opportunities consistent with the investment objectives of the investment partnership.

Forest Associates Limited (Sharon Apartments) is a 24-unit apartment complex for families located in Forest, OH. The operating general partner passed away in the second quarter of 2007 and his widow assumed the operating general partner responsibilities. During 2008, communication with the new operating general partner became extremely difficult. The operations declined and the property operated below breakeven for 2008 with occupancy ending at 63% for December 2008. During the first quarter of 2009, the investment general partner learned that the current management company's contract had been terminated as of December 31, 2008. In addition, Rural Development accelerated the note and started foreclosure proceedings. Although the operating general partner appealed, the appeal was denied. The investment general partner learned of these developments from the real estate broker engaged by the operating general partner. The affiliated management company of a potential replacement operating general partner was placed on-site by Rural Development during May 2009. The potential operating general partner had been interested in acquiring the operating general partner and investment general partner interests, but attempts by the potential operating general partner to develop a workout plan failed and Rural Development foreclosed on the property on September 16, 2011. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Forest Associates. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the foreclosure of the Operating Partnership was recorded as of December 31, 2011.

Sherwood Knoll L.P. (Sherwood Knoll Apartments) is a 24-unit project in Rainsville, Alabama. Occupancy averaged 95% and 90% in 2010 and 2011, respectively. In order to improve occupancy and increase traffic at the property, management has been advertising in the local newspaper as well as posting fliers throughout the immediate area. A new site manager was hired in the second quarter of 2011, and regional management reports that she is very effective at collecting current and delinquent rents. To assist in improving property operations, Rural Development approved a $10 rent increase effective January 1, 2011. This caused 2011 revenue to improve by 9% despite the fact that occupancy decreased by 5%. Although operating expenses increased by 15% in 2011, the property was able to generate cash due to the higher revenue. Rural Development approved an additional rent increase of $15 that began on January 1, 2012. In the third quarter of 2012, occupancy dropped to 88%, with operations below breakeven status. The operating deficit guarantee is unlimited in time and amount. The real estate taxes, mortgage and insurance are all current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Sherwood Knoll, L.P. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Northpointe, L.P. (Northpointe Apartments) is a 158-unit family property located in Kansas City, MO. Rents have been kept below the maximum allowable to remain competitive with two nearby tax credit properties developed within the past five years. Occupancy in 2012 remains strong through the third quarter of 2012 averaging 95%, with operations remaining below breakeven status. Move-outs continue due to the struggling local economy. The main reason for residents moving out is that they cannot afford to pay the rent or are evicted for non-payment. In 2012, rental rates continue to remain insufficient to cover expenses. Management continues to advertise in For Rent Magazine, and online, and has temporarily reduced selected one and two bedroom rents in order to improve occupancy. The operating general partner and investment general partner have explored refinancing and disposition options, but the significant prepayment penalty of $770,000 associated with the debt has prevented a sale or refinance from being a feasible option. The operating general partner plans to continue funding the property to the best of his ability until the mortgage maturity date of August 2014. Most recently, the operating general partner contacted the lender to see if they could modify the loan terms. The lender has not been responsive to the request. Written documentation received confirms that the property's mortgage, real estate taxes and insurance payments are all current through September 2012. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Northpointe Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In October 2010, the operating general partner of Vistas Associates LP approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 31, 2011. The sales price for the property was $8,450,000, which included the outstanding mortgage balances of approximately $4,575,943 and cash proceeds to the investment partnership of $2,750,000. Of the proceeds received by the investment partnership, $25,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $15,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $2,710,000 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In March 2011, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $722,500 which was returned to the cash reserves held by Series 19. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $3,432,500 as of March 31, 2011. In August 2011, the investment partnership received its final cash distribution from the Operating Partnership's remaining cash totaling $99,450, which was returned to the cash reserves held by Series 19. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $99,450 as of September 30, 2011.

In June 2012, the investment general partners of Series 19 and Boston Capital Tax Credit Fund IV LP - Series 24 and Series 42 transferred their respective interests in Jeremy Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,804,427 and cash proceeds to the investment partnerships of $18,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively. Of the total proceeds received $13,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the respective investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 19, Series 24 and Series 42, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of June 30, 2012.

In July 2012, the investment general partner transferred its interest in Hebbronville Apartments, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $480,322 and cash proceeds to the investment partnership of $9,000. Of the total proceeds received, $2,625 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $6,375 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership, also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In July 2012, the investment general partner transferred its interest in Lone Star Seniors Apartments, Ltd. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $566,795 and cash proceeds to the investment partnership of $9,000. Of the total proceeds received, $2,625 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $6,375 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership, also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In July 2012, the investment general partner transferred its interest in Martindale Apartments, Ltd. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $619,411 and cash proceeds to the investment partnership of $9,000. Of the total proceeds received, $2,625 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $6,375 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership, also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In September 2012, the investment general partner transferred its interest in Hollister Investment Group V to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,635,390 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $1,313 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $20,187 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $20,187 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the "RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within ten years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

In September 2012, the investment general partner transferred its interest in Jefferson Square to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,889,271 and cash proceeds to the investment partnership of $1,200,000. Of the total proceeds received, $68,587 represents reporting fees due to an affiliate of the investment partnership; and the balance represents proceeds from the transfer. Of the remaining proceeds, $13,400 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $1,118,013 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $1,118,013 as of September 30, 2012.

Other Matters

The investment general partner has done a complete review of all properties located within federally declared disaster areas as a result of Hurricane Sandy. While some properties sustained minor damage, there were no properties that were severely impacted by the storm. The investment general partner believes that none of the damage will have a material impact on property operations or the delivery of any remaining tax credits.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The condensed financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships plus advances made to Operating Partnerships represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Recent Accounting Changes

In May 2011, the Financial Accounting Standards Board ("FASB") issued an update to existing guidance related to fair value measurements on how to measure fair value and what disclosures to provide about fair value measurements. For fair value measurements categorized as level 3, a reporting entity should disclose quantitative information of the unobservable inputs and assumptions, a description of the valuation processes and narrative description of the sensitivity of the fair value to changes in unobservable inputs. This update is effective for interim and annual periods beginning after December 15, 2011. The adoption of this update did not materially affect the Fund's condensed financial statements.

Item 3.	Quantitative and Qualitative Disclosures About Market Risk

	Not Applicable

Item 4.	Controls & Procedures

	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.

	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2012 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings

	None

Item 1A.	Risk Factors

	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2012.

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

	None

Item 3.	Defaults upon Senior Securities

	None

Item 4.	Mine Safety Disclosures

	Not Applicable

Item 5.	Other Information

	None

Item 6.	Exhibits

	(a)Exhibits

		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein

		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein

		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein

		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein 101. The following materials from the Boston Capital Tax Credit Fund III, L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, furnished herewith

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Boston Capital Tax Credit Fund III L.P.
	By:	Boston Capital Associates III L.P.
		General Partner
	By:	BCA Associates Limited Partnership,
		General Partner
	By:	C&M Management Inc.,
		General Partner
Date: November 14, 2012	By:	/s/ John P. Manning

		John P. Manning

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 Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:

November 14, 2012	/s/ John P. Manning	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.

	John P. Manning

DATE:	SIGNATURE:	TITLE:

November 14, 2012	/s/ Marc N. Teal	Chief Financial Officer (Principal Financial and Accounting Officer) C&M Management Inc.; Chief Financial Officer (Principal Financial and Accounting Officer) BCTC III Assignor Corp.
November 14, 2012	Marc N. Teal

EX-31 2 b3912cert302jpm.htm BCTC III CERTIFICATION 302 BCTC III 10-Q

Exhibit 31.a

I, John P. Manning, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund III L.P.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2012	/s/ John P. Manning

	John P. Manning
	Principal Executive Officer

EX-31 3 b3912cert302mnt.htm BCTC III CERTIFICATION 302 BCTC III 10-K

Exhibit 31.b

I, Marc Teal, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund III L.P.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2012	/s/ Marc N. Teal
	Marc N. Teal, Principal Financial Officer

EX-32 4 b3912cert906jpm.htm BCTC III CERTIFICATION 906 EXHIBIT 99

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund III L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
November 14, 2012		/s/ John P. Manning

		John P. Manning
		Principal Executive Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32 5 b3912cert906mnt.htm BCTC III CERTIFICATION 906 EXHIBIT 99

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund III L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
November 14, 2012		/s/ Marc N. Teal

		Marc. N. Teal
		Principal Financial Officer

A signed original of this written statement required by Section 906, or other

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<a name="note_a_organization"></a>NOTE A - ORGANIZATION <div> Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning. Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series.  On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively.  The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000.  As of September 30, 2012, 3,869,900 BACs in Series 15, 5,427,102 BACs in Series 16, and 4,999,000 BACs in Series 17, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993.  This concluded the Public Offering of the Fund.</div>

<a name="note_b_accounting">NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES</a> The condensed financial statements included herein as of September 30, 2012 and for the six months then ended have been prepared by the Fund, without audit. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.  Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.   <div>The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.</div>

<a name="note_c_related_party_transactions">NOTE C - RELATED PARTY TRANSACTIONS</a> The Fund has entered into several transactions with various affiliates of its general partner, including Boston Capital Holdings LP, Boston Capital Partners, Inc., and Boston Capital Asset Management Limited Partnership, as follows: An annual fund management fee, based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership.  Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the three months ended September 30, 2012 and 2011 are as follows: <div align="center"> <table style="width: 380px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"><a name="_hlk181598390"></a></td> <td style="background-color: transparent; width: 41%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="41%">         2012 </td> <td style="background-color: transparent; width: 36%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="36%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 15 </td> <td style="background-color: transparent; width: 41%; 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width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 127,500 </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> 245,000 </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 23%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 18 </td> <td style="background-color: transparent; width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> - </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> - </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 23%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 19 </td> <td style="background-color: transparent; width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%">   30,205 </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%">   38,250 </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 23%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"></td> <td style="background-color: transparent; width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> $ 340,205 </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> $ 538,250 </td> </tr> </table> </div> The fund management fees paid for the six months ended September 30, 2012 and 2011 are as follows: <div align="center"> <table style="width: 384px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%">   </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 2012 </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> 2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 15 </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> $  25,000 </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> $ 125,000 </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 23%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 16 </td> <td style="background-color: transparent; width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 157,500 </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> 130,000 </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 23%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 17 </td> <td style="background-color: transparent; width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 127,500 </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> 245,000 </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 23%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 18 </td> <td style="background-color: transparent; width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> - </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> - </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 23%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 19 </td> <td style="background-color: transparent; width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%">   68,116 </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%">   76,500 </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 23%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"></td> <td style="background-color: transparent; width: 39%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> $ 378,116 </td> <td style="background-color: transparent; width: 38%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> $ 576,500 </td> </tr> </table> </div>

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At September 30, 2012 and 2011, the Fund had limited partnership interests in 123 and 141 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 2012 and 2011 is as follows: <div align="center"> <table style="width: 381px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%">   </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 2012 </td> <td style="background-color: transparent; width: 37%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="37%"> 2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 15 </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 29 </td> <td style="background-color: transparent; width: 37%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="37%"> 34 </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 16 </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 36 </td> <td style="background-color: transparent; width: 37%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="37%"> 38 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 17 </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 26 </td> <td style="background-color: transparent; width: 37%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="37%"> 28 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 18 </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 22 </td> <td style="background-color: transparent; width: 37%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="37%"> 24 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%"> Series 19 </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%">  10 </td> <td style="background-color: transparent; width: 37%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="37%">  17 </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 23%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="23%">   </td> <td style="background-color: transparent; width: 39%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="39%"> 123 </td> <td style="background-color: transparent; width: 37%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="37%"> 141 </td> </tr> </table> </div>   Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships.  These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.  The contributions payable at September 30, 2012 and 2011 are as follows: <div align="center"> <table style="width: 399px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 28%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="28%">   </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%">         2012 </td> <td style="background-color: transparent; width: 35%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="35%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 28%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="28%"> Series 15 </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> $      - </td> <td style="background-color: transparent; width: 35%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="35%"> $      - </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 28%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="28%"> Series 16 </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> 50,008 </td> <td style="background-color: transparent; width: 35%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="35%"> 50,008 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 28%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="28%"> Series 17 </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> 22,798 </td> <td style="background-color: transparent; width: 35%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="35%"> 22,798 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 28%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="28%"> Series 18 </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> 18,554 </td> <td style="background-color: transparent; width: 35%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="35%"> 18,554 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 28%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="28%"> Series 19 </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%">       - </td> <td style="background-color: transparent; width: 35%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="35%">       - </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 28%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="28%">   </td> <td style="background-color: transparent; width: 38%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="38%"> $ 91,360 </td> <td style="background-color: transparent; width: 35%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="35%"> $ 91,360 </td> </tr> </table> </div> During the six months ended September 30, 2012 the Fund disposed of eleven Operating Partnership. A summary of the dispositions by Series for September 30, 2012 is as follows: <div align="right"> <table style="width: 584px; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184;" class="msonormaltable" border="1" cellspacing="1" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%">   </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> Operating Partnership Interest Transferred </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> Sale of Underlying Operating Partnership </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 21%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="21%" colspan="2"> Fund Proceeds from Disposition * </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%" colspan="2"> Gain/(Loss) on Disposition </td> </tr> <tr style="height: 6.75pt; mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 15%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"></td> <td style="background-color: transparent; width: 19%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 18%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 18%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 16%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"></td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 15 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 1 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"> $ </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 20,737 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"> $ </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 20,737 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 16 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 2 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 94,453 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 94,453 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 17 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 1 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 20,937 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 20,937 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 18 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 1 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 20,937 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 20,937 </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 19 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 6 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 1,157,325 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 1,157,325 </td> </tr> <tr style="height: 6.75pt; mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 15%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"></td> <td style="background-color: transparent; width: 19%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 18%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 18%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 16%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"></td> </tr> <tr style="mso-yfti-irow: 8; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Total </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 11 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"> $ </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 1,314,389 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"> $ </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 1,314,389 </td> </tr> </table> </div> * Fund proceeds from disposition include $73,516 recorded as a receivable as of September 30, 2012, for Series 16.   During the six months ended September 30, 2011 the Fund disposed of eleven Operating Partnerships and received additional proceeds from one Operating Partnership disposed of in the prior year. A summary of the dispositions by Series for September 30, 2011 is as follows: <div align="right"> <table style="width: 584px; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184;" class="msonormaltable" border="1" cellspacing="1" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%">   </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> Operating Partnership Interest Transferred </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> Sale of Underlying Operating Partnership </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 21%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="21%" colspan="2"> Fund Proceeds from Disposition * </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%" colspan="2"> Gain/(Loss) on Disposition </td> </tr> <tr style="height: 6.75pt; mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 15%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"></td> <td style="background-color: transparent; width: 19%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 18%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 18%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 16%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"></td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 15 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 1 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 1 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"> $ </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"> $ </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> - </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 16 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 5 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 146,510 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 148,294 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 17 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 3 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 1 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 200,146 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 200,146 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 18 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> - </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Series 19 </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> - </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 99,450 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 99,450 </td> </tr> <tr style="height: 6.75pt; mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 15%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"></td> <td style="background-color: transparent; width: 19%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 18%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 18%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 3%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"></td> <td style="background-color: transparent; width: 16%; height: 6.75pt; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"></td> </tr> <tr style="mso-yfti-irow: 8; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 15%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="15%"> Total </td> <td style="background-color: transparent; width: 19%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="19%"> 9 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 2 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"> $ </td> <td style="background-color: transparent; width: 18%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="18%"> 446,106 </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%">   </td> <td style="background-color: transparent; width: 3%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="3%"> $ </td> <td style="background-color: transparent; width: 16%; border: #f0f0f0; padding: 0.75pt;" valign="bottom" width="16%"> 447,890 </td> </tr> </table> </div> * Fund proceeds from disposition does not include the following amount which was due to a write-off of capital contributions payable of $1,784 for Series 16. The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the condensed financial statements. The Fund's fiscal year ends March 31st of each year, while all the Operating Partnerships' fiscal years are the calendar year.  Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnerships quarterly period.  Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2012. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) <div align="center"> <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $ 14,354,270 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $ 16,649,037 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">     396,287 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">     602,931 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">  14,750,557 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">  17,251,968 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 2,449,163 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 2,875,224 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 3,724,545 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 4,572,524 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">  10,432,742 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">  12,208,099 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">  16,606,450 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">  19,655,847 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $(1,855,893) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $(2,403,879) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $(1,837,333) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $(2,379,840) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (18,560) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (24,039) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> </table> </div>   * Amounts include $1,837,333 and $2,379,840 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.   COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) <a name="combined_statements_series_15"></a><a name="_toc475250016"></a>Series 15 <div align="center"> <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  2,644,505 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  3,064,681 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">      80,424 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">      61,369 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   2,724,929 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   3,126,050 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 425,248 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 481,181 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 703,464 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 823,651 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   1,929,404 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   2,282,260 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   3,058,116 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   3,587,092 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (333,187) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (461,042) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (329,855) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (456,432) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $    (3,332) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $    (4,610) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> </table> </div>   * Amounts include $329,855 and $456,432 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.   COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 16 <div align="center"> <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  3,566,981 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  4,657,370 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">      65,424 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">     192,619 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   3,632,405 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   4,849,989 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 629,677 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 793,226 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 916,417 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 1,301,137 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   2,596,339 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   3,325,010 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   4,142,433 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   5,419,373 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (510,028) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (569,384) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (504,928) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (563,690) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $    (5,100) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $    (5,694) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> <tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> </table> </div> * Amounts include $504,928 and $563,690 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.   The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.   COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 17 <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  4,074,193 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  4,378,511 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">     102,196 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">     113,773 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   4,176,389 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   4,492,284 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 630,863 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 719,849 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 1,038,799 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 1,053,910 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   3,002,638 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   3,089,736 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   4,672,300 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   4,863,495 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (495,911) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (371,211) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (490,951) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (367,498) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $    (4,960) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $    (3,713) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"></td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> <tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> </table> * Amounts include $490,951 and $367,498 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.   The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.   COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 18 <div align="center"> <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   2,960,275 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   2,966,360 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">       92,336 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">      176,451 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    3,052,611 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    3,142,811 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 543,280 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 526,548 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 770,108 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 941,997 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    2,123,419 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    2,283,611 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    3,436,807 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    3,752,156 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (384,196) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (609,345) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (380,354) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (603,252) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $     (3,842) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $     (6,093) </td> </tr> <tr style="height: 14.25pt; mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; height: 14.25pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"></td> <td style="background-color: transparent; width: 30%; height: 14.25pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"></td> <td style="background-color: transparent; width: 27%; height: 14.25pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> <tr style="height: 10.5pt; mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; height: 10.5pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"></td> <td style="background-color: transparent; width: 30%; height: 10.5pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"></td> <td style="background-color: transparent; width: 27%; height: 10.5pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> </table> </div>   <a name="ole_link1"></a>* Amounts include $380,354 and $603,252 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.   COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited)   Series 19 <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   1,108,316 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   1,582,115 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">       55,907 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">       58,719 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    1,164,223 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    1,640,834 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 220,095 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 354,420 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 295,757 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 451,829 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">      780,942 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    1,227,482 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    1,296,794 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    2,033,731 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (132,571) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (392,897) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (131,245) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (388,968) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $     (1,326) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $     (3,929) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"></td> <td style="background-color: transparent; width: 30%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"></td> <td style="background-color: transparent; width: 27%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> </table>   * Amounts include $131,245 and $388,968 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. <div>The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div>

NOTE E - TAXABLE LOSS <div>The Fund's taxable loss for the calendar year ended December 31, 2012 is expected to differ from its loss for financial reporting purposes.  This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.  </div> NOTE F - INCOME TAXES <div>The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure.</div> The fund management fees accrued for the three months ended September 30, 2012 and 2011 are as follows: <div align="center"> <table style="width: 380px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"></td> <td style="width: 41.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="41%">         2012 </td> <td style="width: 36.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="36%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 15 </td> <td style="width: 41.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="41%"> $ 44,015 </td> <td style="width: 36.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="36%"> $ 52,941 </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 16 </td> <td style="width: 41.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="41%"> 76,404 </td> <td style="width: 36.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="36%"> 82,821 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 17 </td> <td style="width: 41.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="41%"> 75,411 </td> <td style="width: 36.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="36%"> 78,409 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 18 </td> <td style="width: 41.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="41%"> 63,491 </td> <td style="width: 36.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="36%"> 66,782 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 19 </td> <td style="width: 41.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="41%">  30,205 </td> <td style="width: 36.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="36%">  38,250 </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%">   </td> <td style="width: 41.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="41%"> $289,526 </td> <td style="width: 36.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="36%"> $319,203 </td> </tr> </table> </div> The fund management fees paid for the three months ended September 30, 2012 and 2011 are as follows: <div align="center"> <table style="width: 384px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%">   </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> 2012 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> 2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 15 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> $  25,000 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> $ 125,000 </td> </tr> <tr style="mso-yfti-irow: 2; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"> Series 16 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%"> 157,500 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%"> 130,000 </td> </tr> <tr style="mso-yfti-irow: 3; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"> Series 17 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%"> 127,500 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%"> 245,000 </td> </tr> <tr style="mso-yfti-irow: 4; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"> Series 18 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%"> - </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%"> - </td> </tr> <tr style="mso-yfti-irow: 5; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"> Series 19 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%">   30,205 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%">   38,250 </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"></td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%"> $ 340,205 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%"> $ 538,250 </td> </tr> </table> </div> The fund management fees paid for the six months ended September 30, 2012 and 2011 are as follows: <div align="center"> <table style="width: 384px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%">   </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> 2012 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> 2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 15 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> $  25,000 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> $ 125,000 </td> </tr> <tr style="mso-yfti-irow: 2; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"> Series 16 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%"> 157,500 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%"> 130,000 </td> </tr> <tr style="mso-yfti-irow: 3; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"> Series 17 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%"> 127,500 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%"> 245,000 </td> </tr> <tr style="mso-yfti-irow: 4; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"> Series 18 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%"> - </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%"> - </td> </tr> <tr style="mso-yfti-irow: 5; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"> Series 19 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%">   68,116 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%">   76,500 </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes; height: 12.0pt;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="23%"></td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="39%"> $ 378,116 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt; height: 12.0pt;" valign="top" width="38%"> $ 576,500 </td> </tr> </table> </div> The breakdown of Operating Partnerships within the Fund at September 30, 2012 and 2011 is as follows: <div align="center"> <table style="width: 381px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%">   </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> 2012 </td> <td style="width: 37.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="37%"> 2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 15 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> 29 </td> <td style="width: 37.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="37%"> 34 </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 16 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> 36 </td> <td style="width: 37.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="37%"> 38 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 17 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> 26 </td> <td style="width: 37.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="37%"> 28 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 18 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> 22 </td> <td style="width: 37.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="37%"> 24 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%"> Series 19 </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%">  10 </td> <td style="width: 37.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="37%">  17 </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="width: 23.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="23%">   </td> <td style="width: 39.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="39%"> 123 </td> <td style="width: 37.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="37%"> 141 </td> </tr> </table> </div> The contributions payable at September 30, 2012 and 2011 are as follows: <div align="center"> <table style="width: 399px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 28.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="28%">   </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%">         2012 </td> <td style="width: 35.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="35%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 28.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="28%"> Series 15 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> $      - </td> <td style="width: 35.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="35%"> $      - </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 28.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="28%"> Series 16 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> 50,008 </td> <td style="width: 35.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="35%"> 50,008 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="width: 28.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="28%"> Series 17 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> 22,798 </td> <td style="width: 35.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="35%"> 22,798 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="width: 28.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="28%"> Series 18 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> 18,554 </td> <td style="width: 35.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="35%"> 18,554 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="width: 28.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="28%"> Series 19 </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%">       - </td> <td style="width: 35.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="35%">       - </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="width: 28.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="28%">   </td> <td style="width: 38.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="38%"> $ 91,360 </td> <td style="width: 35.0%; padding: 5.25pt 5.25pt 5.25pt 5.25pt;" valign="top" width="35%"> $ 91,360 </td> </tr> </table> </div> During the six months ended September 30, 2012 the Fund disposed of eleven Operating Partnership. A summary of the dispositions by Series for September 30, 2012 is as follows: <div align="right"> <table style="width: 584px; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184;" class="msonormaltable" border="1" cellspacing="1" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%">   </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> Operating Partnership Interest Transferred </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> Sale of Underlying Operating Partnership </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 21.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="21%" colspan="2"> Fund Proceeds from Disposition * </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%" colspan="2"> Gain/(Loss) on Disposition </td> </tr> <tr style="mso-yfti-irow: 1; height: 6.75pt;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="15%"></td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="19%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="18%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="18%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="16%"></td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 15 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 1 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%"> $ </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 20,737 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%"> $ </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 20,737 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 16 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 2 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 94,453 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 94,453 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 17 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 1 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 20,937 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 20,937 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 18 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 1 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 20,937 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 20,937 </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 19 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 6 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 1,157,325 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 1,157,325 </td> </tr> <tr style="mso-yfti-irow: 7; height: 6.75pt;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="15%"></td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="19%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="18%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="18%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="16%"></td> </tr> <tr style="mso-yfti-irow: 8; mso-yfti-lastrow: yes;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Total </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 11 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%"> $ </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 1,314,389 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%"> $ </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 1,314,389 </td> </tr> </table> </div> * Fund proceeds from disposition include $73,516 recorded as a receivable as of September 30, 2012, for Series 16. During the six months ended September 30, 2011 the Fund disposed of eleven Operating Partnerships and received additional proceeds from one Operating Partnership disposed of in the prior year. A summary of the dispositions by Series for September 30, 2011 is as follows: <div align="right"> <table style="width: 584px; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184;" class="msonormaltable" border="1" cellspacing="1" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%">   </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> Operating Partnership Interest Transferred </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> Sale of Underlying Operating Partnership </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 21.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="21%" colspan="2"> Fund Proceeds from Disposition * </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%" colspan="2"> Gain/(Loss) on Disposition </td> </tr> <tr style="mso-yfti-irow: 1; height: 6.75pt;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="15%"></td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="19%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="18%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="18%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="16%"></td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 15 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 1 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 1 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%"> $ </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%"> $ </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> - </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 16 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 5 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 146,510 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 148,294 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 17 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 3 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 1 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 200,146 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 200,146 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 18 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> - </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Series 19 </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> - </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 99,450 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 99,450 </td> </tr> <tr style="mso-yfti-irow: 7; height: 6.75pt;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="15%"></td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="19%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="18%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="18%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="3%"></td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt; height: 6.75pt;" valign="bottom" width="16%"></td> </tr> <tr style="mso-yfti-irow: 8; mso-yfti-lastrow: yes;"> <td style="width: 15.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="15%"> Total </td> <td style="width: 19.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="19%"> 9 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 2 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%"> $ </td> <td style="width: 18.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="18%"> 446,106 </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%">   </td> <td style="width: 3.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="3%"> $ </td> <td style="width: 16.0%; padding: .75pt .75pt .75pt .75pt;" valign="bottom" width="16%"> 447,890 </td> </tr> </table> </div> <div>* Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $1,784 for Series 16.</div>

.  Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2012.   <div align="center"> <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $ 14,354,270 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $ 16,649,037 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">     396,287 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">     602,931 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">  14,750,557 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">  17,251,968 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 2,449,163 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 2,875,224 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 3,724,545 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 4,572,524 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">  10,432,742 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">  12,208,099 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">  16,606,450 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">  19,655,847 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $(1,855,893) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $(2,403,879) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $(1,837,333) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $(2,379,840) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (18,560) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (24,039) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> </table> </div>   * Amounts include $1,837,333 and $2,379,840 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.  Series 15 <div align="center"> <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  2,644,505 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  3,064,681 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">      80,424 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">      61,369 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   2,724,929 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   3,126,050 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 425,248 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 481,181 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 703,464 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 823,651 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   1,929,404 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   2,282,260 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   3,058,116 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   3,587,092 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (333,187) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (461,042) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (329,855) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (456,432) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $    (3,332) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $    (4,610) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> </table> </div>   * Amounts include $329,855 and $456,432 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.  Series 16 <div align="center"> <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  3,566,981 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  4,657,370 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">      65,424 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">     192,619 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   3,632,405 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   4,849,989 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 629,677 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 793,226 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 916,417 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 1,301,137 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   2,596,339 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   3,325,010 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   4,142,433 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   5,419,373 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (510,028) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (569,384) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (504,928) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (563,690) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $    (5,100) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $    (5,694) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> <tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> </table> </div> * Amounts include $504,928 and $563,690 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. Series 17 <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  4,074,193 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  4,378,511 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">     102,196 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">     113,773 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   4,176,389 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   4,492,284 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 630,863 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 719,849 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 1,038,799 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 1,053,910 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   3,002,638 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   3,089,736 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   4,672,300 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   4,863,495 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (495,911) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (371,211) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $  (490,951) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $  (367,498) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $    (4,960) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $    (3,713) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"></td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> <tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> </table> * Amounts include $490,951 and $367,498 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.  Series 18 <div align="center"> <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   2,960,275 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   2,966,360 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">       92,336 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">      176,451 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    3,052,611 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    3,142,811 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 543,280 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 526,548 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 770,108 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 941,997 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    2,123,419 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    2,283,611 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    3,436,807 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    3,752,156 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (384,196) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (609,345) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (380,354) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (603,252) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $     (3,842) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $     (6,093) </td> </tr> <tr style="height: 14.25pt; mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; height: 14.25pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"></td> <td style="background-color: transparent; width: 30%; height: 14.25pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"></td> <td style="background-color: transparent; width: 27%; height: 14.25pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> <tr style="height: 10.5pt; mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; height: 10.5pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"></td> <td style="background-color: transparent; width: 30%; height: 10.5pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"></td> <td style="background-color: transparent; width: 27%; height: 10.5pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> </table> </div>   * Amounts include $380,354 and $603,252 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.   Series 19 <table style="width: 679px; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 5.25pt 5.25pt 5.25pt 5.25pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">         2012 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">         2011 </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Revenues </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Rental </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   1,108,316 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   1,582,115 </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest and other </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">       55,907 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">       58,719 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    1,164,223 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    1,640,834 </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Interest </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 220,095 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 354,420 </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Depreciation and amortization </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> 295,757 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> 451,829 </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">    Operating expenses </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">      780,942 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    1,227,482 </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">    1,296,794 </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">    2,033,731 </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 14;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> NET LOSS </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (132,571) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (392,897) </td> </tr> <tr style="mso-yfti-irow: 15;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 16;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.* </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $   (131,245) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $   (388,968) </td> </tr> <tr style="mso-yfti-irow: 17;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 18;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="mso-yfti-irow: 19;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"> Net loss allocated to other     Partners </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"> $     (1,326) </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"> $     (3,929) </td> </tr> <tr style="mso-yfti-irow: 20;"> <td style="background-color: transparent; width: 43%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%">   </td> <td style="background-color: transparent; width: 30%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%">   </td> <td style="background-color: transparent; width: 27%; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%">   </td> </tr> <tr style="height: 12pt; mso-yfti-irow: 21; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 43%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="43%"></td> <td style="background-color: transparent; width: 30%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="30%"></td> <td style="background-color: transparent; width: 27%; height: 12pt; border: #f0f0f0; padding: 5.25pt;" valign="top" width="27%"></td> </tr> </table>   <div>* Amounts include $131,245 and $388,968 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</div>

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-261830

Amounts include $1,837,333 and $2,379,840 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. Amounts include $329,855 and $456,432 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. Amounts include $504,928 and $563,690 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. Amounts include $490,951 and $367,498 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. Amounts include $380,354 and $603,252 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. Amounts include $131,245 and $388,968 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting. Fund proceeds from disposition include $73,516 recorded as a receivable as of September 30, 2012, for Series 16. Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $1,784 for Series 16.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2012

NOTE C - RELATED PARTY TRANSACTIONS

	2012	2011
Series 15	$ 44,015	$ 52,941
Series 16	76,404	82,821
Series 17	75,411	78,409
Series 18	63,491	66,782
Series 19	30,205	38,250
	$289,526	$319,203

The fund management fees paid for the three months ended September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ 25,000	$ 125,000
Series 16	157,500	130,000
Series 17	127,500	245,000
Series 18	-	-
Series 19	30,205	38,250
	$ 340,205	$ 538,250

The fund management fees paid for the six months ended September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ 25,000	$ 125,000
Series 16	157,500	130,000
Series 17	127,500	245,000
Series 18	-	-
Series 19	68,116	76,500
	$ 378,116	$ 576,500

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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ACCOUNTING AND FINANCIAL REPORTING POLICIES

6 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2012	Mar. 31, 2012
ASSETS
Cash and cash equivalents	$ 5,784,916	$ 4,880,195
Other assets	93,816	14,400
Assets	5,878,732	4,894,595
LIABILITIES
Accounts payable & accrued expenses	66,021	29,746
Accounts payable affiliates (Note C)	24,562,169	24,351,080
Capital contributions payable	91,360	91,360
Liabilities	24,719,550	24,472,186
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	(16,797,132)	(17,526,537)
General Partner	(2,043,686)	(2,051,054)
Partners' capital (deficit)	(18,840,818)	(19,577,591)
Liabilities and Stockholders' Equity	5,878,732	4,894,595
Series Fifteen [Member]
ASSETS
Cash and cash equivalents	172,649	198,803
Other assets	0	0
Assets	172,649	198,803
LIABILITIES
Accounts payable & accrued expenses	4,746	1,246
Accounts payable affiliates (Note C)	3,869,580	3,805,724
Capital contributions payable	0	0
Liabilities	3,874,326	3,806,970
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	(3,342,471)	(3,249,896)
General Partner	(359,206)	(358,271)
Partners' capital (deficit)	(3,701,677)	(3,608,167)
Liabilities and Stockholders' Equity	172,649	198,803
Series Sixteen [Member]
ASSETS
Cash and cash equivalents	203,673	360,565
Other assets	73,516	0
Assets	277,189	360,565
LIABILITIES
Accounts payable & accrued expenses	8,500	5,000
Accounts payable affiliates (Note C)	8,517,208	8,521,279
Capital contributions payable	50,008	50,008
Liabilities	8,575,716	8,576,287
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	(7,748,933)	(7,666,956)
General Partner	(549,594)	(548,766)
Partners' capital (deficit)	(8,298,527)	(8,215,722)
Liabilities and Stockholders' Equity	277,189	360,565
Series Seventeen [Member]
ASSETS
Cash and cash equivalents	224,015	344,436
Other assets	4,400	4,400
Assets	228,415	348,836
LIABILITIES
Accounts payable & accrued expenses	14,500	18,500
Accounts payable affiliates (Note C)	7,026,390	7,003,068
Capital contributions payable	22,798	22,798
Liabilities	7,063,688	7,044,366
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	(6,346,143)	(6,207,797)
General Partner	(489,130)	(487,733)
Partners' capital (deficit)	(6,835,273)	(6,695,530)
Liabilities and Stockholders' Equity	228,415	348,836
Series Eighteen [Member]
ASSETS
Cash and cash equivalents	171,135	164,525
Other assets	10,000	10,000
Assets	181,135	174,525
LIABILITIES
Accounts payable & accrued expenses	8,500	5,000
Accounts payable affiliates (Note C)	5,148,991	5,021,009
Capital contributions payable	18,554	18,554
Liabilities	5,176,045	5,044,563
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	(4,634,733)	(4,511,110)
General Partner	(360,177)	(358,928)
Partners' capital (deficit)	(4,994,910)	(4,870,038)
Liabilities and Stockholders' Equity	181,135	174,525
Series Nineteen [Member]
ASSETS
Cash and cash equivalents	5,013,444	3,811,866
Other assets	5,900	0
Assets	5,019,344	3,811,866
LIABILITIES
Accounts payable & accrued expenses	29,775	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
Liabilities	29,775	0
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	5,275,148	4,109,222
General Partner	(285,579)	(297,356)
Partners' capital (deficit)	4,989,569	3,811,866
Liabilities and Stockholders' Equity	$ 5,019,344	$ 3,811,866

XML 18 R6.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CASH FLOWS (USD $)

6 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Cash flows from operating activities:

Net Income (Loss)

$ 736,773

$ (177,715)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Share of Income from Operating Partnerships

(1,314,389)

(447,890)

Changes in assets and liabilities

(Decrease) Increase in accounts payable and accrued expenses

36,275

226,028

(Increase) Decrease in other assets

(79,416)

71,538

(Decrease) Increase in accounts payable affiliates

211,089

(59,598)

Net cash (used in) provided by operating activities

(409,668)

(387,637)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

1,314,389

^[1]

446,106

^[2]

Net cash provided by investing activities

1,314,389

446,106

Cash flows from financing activities:

Distributions

(261,830)

Net cash used in financing activities

(261,830)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

904,721

(203,361)

Cash and cash equivalents, beginning

4,880,195

5,463,659

Cash and cash equivalents, ending

5,784,916

5,260,298

Series Fifteen [Member]

Cash flows from operating activities:

Net Income (Loss)

(93,510)

(120,202)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Share of Income from Operating Partnerships

(20,737)

Changes in assets and liabilities

(Decrease) Increase in accounts payable and accrued expenses

3,500

162,028

(Increase) Decrease in other assets

69,038

(Decrease) Increase in accounts payable affiliates

63,856

(17,231)

Net cash (used in) provided by operating activities

(46,891)

93,633

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

20,737

^[1]

^[2]

Net cash provided by investing activities

20,737

Cash flows from financing activities:

Distributions

Net cash used in financing activities

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(26,154)

93,633

Cash and cash equivalents, beginning

198,803

299,446

Cash and cash equivalents, ending

172,649

393,079

Series Sixteen [Member]

Cash flows from operating activities:

Net Income (Loss)

(82,805)

3,285

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Share of Income from Operating Partnerships

(94,453)

(148,294)

Changes in assets and liabilities

(Decrease) Increase in accounts payable and accrued expenses

3,500

36,500

(Increase) Decrease in other assets

(73,516)

2,500

(Decrease) Increase in accounts payable affiliates

(4,071)

62,691

Net cash (used in) provided by operating activities

(251,345)

(43,318)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

94,453

^[1]

146,510

^[2]

Net cash provided by investing activities

94,453

146,510

Cash flows from financing activities:

Distributions

Net cash used in financing activities

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(156,892)

103,192

Cash and cash equivalents, beginning

360,565

416,806

Cash and cash equivalents, ending

203,673

519,998

Series Seventeen [Member]

Cash flows from operating activities:

Net Income (Loss)

(139,743)

66,065

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Share of Income from Operating Partnerships

(20,937)

(200,146)

Changes in assets and liabilities

(Decrease) Increase in accounts payable and accrued expenses

(4,000)

27,500

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

23,322

(80,290)

Net cash (used in) provided by operating activities

(141,358)

(186,871)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

20,937

^[1]

200,146

^[2]

Net cash provided by investing activities

20,937

200,146

Cash flows from financing activities:

Distributions

Net cash used in financing activities

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(120,421)

13,275

Cash and cash equivalents, beginning

344,436

328,413

Cash and cash equivalents, ending

224,015

341,688

Series Eighteen [Member]

Cash flows from operating activities:

Net Income (Loss)

(124,872)

(140,819)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Share of Income from Operating Partnerships

(20,937)

Changes in assets and liabilities

(Decrease) Increase in accounts payable and accrued expenses

3,500

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

127,982

(24,768)

Net cash (used in) provided by operating activities

(14,327)

(165,587)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

20,937

^[1]

^[2]

Net cash provided by investing activities

20,937

Cash flows from financing activities:

Distributions

Net cash used in financing activities

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

6,610

(165,587)

Cash and cash equivalents, beginning

164,525

293,045

Cash and cash equivalents, ending

171,135

127,458

Series Nineteen [Member]

Cash flows from operating activities:

Net Income (Loss)

1,177,703

13,956

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Share of Income from Operating Partnerships

(1,157,325)

(99,450)

Changes in assets and liabilities

(Decrease) Increase in accounts payable and accrued expenses

29,775

(Increase) Decrease in other assets

(5,900)

(Decrease) Increase in accounts payable affiliates

Net cash (used in) provided by operating activities

44,253

(85,494)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

1,157,325

^[1]

99,450

^[2]

Net cash provided by investing activities

1,157,325

99,450

Cash flows from financing activities:

Distributions

(261,830)

Net cash used in financing activities

(261,830)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

1,201,578

(247,874)

Cash and cash equivalents, beginning

3,811,866

4,125,949

Cash and cash equivalents, ending

$ 5,013,444

$ 3,878,075

[1]	Fund proceeds from disposition include $73,516 recorded as a receivable as of September 30, 2012, for Series 16.
[2]	Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $1,784 for Series 16.

XML 19 R22.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 3) (USD $)

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Revenues

Rental

$ 14,354,270

$ 16,649,037

Interest and other

396,287

602,931

Operating Partnerships Revenues

14,750,557

17,251,968

Expenses

Interest

2,449,163

2,875,224

Depreciation and amortization

3,724,545

4,572,524

Operating expenses

10,432,742

12,208,099

Operating Partnerships Total Expenses

16,606,450

19,655,847

NET LOSS

(1,855,893)

(2,403,879)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*

(1,837,333)

^[1]

(2,379,840)

^[1]

Net loss allocated to other Partners

(18,560)

(24,039)

Series Fifteen [Member]

Revenues

Rental

2,644,505

3,064,681

Interest and other

80,424

61,369

Operating Partnerships Revenues

2,724,929

3,126,050

Expenses

Interest

425,248

481,181

Depreciation and amortization

703,464

823,651

Operating expenses

1,929,404

2,282,260

Operating Partnerships Total Expenses

3,058,116

3,587,092

NET LOSS

(333,187)

(461,042)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*

(329,855)

^[2]

(456,432)

^[2]

Net loss allocated to other Partners

(3,332)

(4,610)

Series Sixteen [Member]

Revenues

Rental

3,566,981

4,657,370

Interest and other

65,424

192,619

Operating Partnerships Revenues

3,632,405

4,849,989

Expenses

Interest

629,677

793,226

Depreciation and amortization

916,417

1,301,137

Operating expenses

2,596,339

3,325,010

Operating Partnerships Total Expenses

4,142,433

5,419,373

NET LOSS

(510,028)

(569,384)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*

(504,928)

^[3]

(563,690)

^[3]

Net loss allocated to other Partners

(5,100)

(5,694)

Series Seventeen [Member]

Revenues

Rental

4,074,193

4,378,511

Interest and other

102,196

113,773

Operating Partnerships Revenues

4,176,389

4,492,284

Expenses

Interest

630,863

719,849

Depreciation and amortization

1,038,799

1,053,910

Operating expenses

3,002,638

3,089,736

Operating Partnerships Total Expenses

4,672,300

4,863,495

NET LOSS

(495,911)

(371,211)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*

(490,951)

^[4]

(367,498)

^[4]

Net loss allocated to other Partners

(4,960)

(3,713)

Series Eighteen [Member]

Revenues

Rental

2,960,275

2,966,360

Interest and other

92,336

176,451

Operating Partnerships Revenues

3,052,611

3,142,811

Expenses

Interest

543,280

526,548

Depreciation and amortization

770,108

941,997

Operating expenses

2,123,419

2,283,611

Operating Partnerships Total Expenses

3,436,807

3,752,156

NET LOSS

(384,196)

(609,345)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*

(380,354)

^[5]

(603,252)

^[5]

Net loss allocated to other Partners

(3,842)

(6,093)

Series Nineteen [Member]

Revenues

Rental

1,108,316

1,582,115

Interest and other

55,907

58,719

Operating Partnerships Revenues

1,164,223

1,640,834

Expenses

Interest

220,095

354,420

Depreciation and amortization

295,757

451,829

Operating expenses

780,942

1,227,482

Operating Partnerships Total Expenses

1,296,794

2,033,731

NET LOSS

(132,571)

(392,897)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*

(131,245)

^[6]

(388,968)

^[6]

Net loss allocated to other Partners

$ (1,326)

$ (3,929)

[1]	Amounts include $1,837,333 and $2,379,840 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
[2]	Amounts include $329,855 and $456,432 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
[3]	Amounts include $504,928 and $563,690 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
[4]	Amounts include $490,951 and $367,498 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
[5]	Amounts include $380,354 and $603,252 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
[6]	Amounts include $131,245 and $388,968 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

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ORGANIZATION	6 Months Ended
ORGANIZATION	Sep. 30, 2012
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block]	NOTE A - ORGANIZATION Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning. Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively. The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000. As of September 30, 2012, 3,869,900 BACs in Series 15, 5,427,102 BACs in Series 16, and 4,999,000 BACs in Series 17, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Public Offering of the Fund.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

XML 22 R3.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2012	Mar. 31, 2012	Mar. 31, 1994
Beneficial assignee certificate, par value (in dollars per share)	10	$ 10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000	20,000,000
Units of limited partnership interest, issued	21,996,102	21,996,102
Units of limited partnership interest, outstanding	21,992,202	21,992,202
Series Fifteen [Member]
Beneficial assignee certificate, par value (in dollars per share)	10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	3,870,500	3,870,500
Units of limited partnership interest, outstanding	3,869,900	3,869,900
Series Sixteen [Member]
Beneficial assignee certificate, par value (in dollars per share)	10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	5,429,402	5,429,402
Units of limited partnership interest, outstanding	5,427,102	5,427,102
Series Seventeen [Member]
Beneficial assignee certificate, par value (in dollars per share)	10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	5,000,000	5,000,000
Units of limited partnership interest, outstanding	4,999,000	4,999,000
Series Eighteen [Member]
Beneficial assignee certificate, par value (in dollars per share)	10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	3,616,200	3,616,200
Units of limited partnership interest, outstanding	3,616,200	3,616,200
Series Nineteen [Member]
Beneficial assignee certificate, par value (in dollars per share)	10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	4,080,000	4,080,000
Units of limited partnership interest, outstanding	4,080,000	4,080,000

- Definition

The number of limited partner units authorized to be issued.

+ References+ Details

- Definition

The number of limited partner units issued.

+ References+ Details

- Definition

The number of limited partner units outstanding.

+ References+ Details

- Definition

The amount of the distribution per unit of limited partner interest.

+ References+ Details

XML 23 R17.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details 1) (USD $)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details 1) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Fund management fees paid	$ 340,205	$ 538,250	$ 378,116	$ 576,500
Series Fifteen [Member]
Fund management fees paid	25,000	125,000	25,000	125,000
Series Sixteen [Member]
Fund management fees paid	157,500	130,000	157,500	130,000
Series Seventeen [Member]
Fund management fees paid	127,500	245,000	127,500	245,000
Series Eighteen [Member]
Fund management fees paid	0	0	0	0
Series Nineteen [Member]
Fund management fees paid	$ 30,205	$ 38,250	$ 68,116	$ 76,500

XML 24 R1.htm IDEA: XBRL DOCUMENT

DOCUMENT AND ENTITY INFORMATION	6 Months Ended
DOCUMENT AND ENTITY INFORMATION	Sep. 30, 2012
Entity Registrant Name	BOSTON CAPITAL TAX CREDIT FUND III L P
Entity Central Index Key	0000879555
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2013

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RELATED PARTY TRANSACTIONS (Details Textual)	6 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual)	Sep. 30, 2012
Percentage Of Annual Management Fee	0.50%

XML 26 R4.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income
Interest income	$ 4,915	$ 7,271	$ 10,338	$ 14,563
Other income	260	20,224	32,803	26,224
Revenues	5,175	27,495	43,141	40,787
Share of Income from Operating Partnerships(Note D)	1,314,389	198,791	1,314,389	447,890
Expenses
Professional fees	136,715	104,971	139,004	144,181
Fund management fee, net (Note C)	184,712	203,428	426,556	481,734
General and administrative expenses	23,830	19,241	55,197	40,477
Operating expenses	345,257	327,640	620,757	666,392
NET INCOME (LOSS)	974,307	(101,354)	736,773	(177,715)
Net income (loss) allocated to limited assignees	964,564	(100,340)	729,405	(175,939)
Net income (loss) allocated to general partner	9,743	(1,014)	7,368	(1,776)
Net income (loss) per BAC	0.04	0.00	0.03	(0.01)
Series Fifteen [Member]
Income
Interest income	155	383	359	807
Other income	0	856	856	1,269
Revenues	155	1,239	1,215	2,076
Share of Income from Operating Partnerships(Note D)	20,737	0	20,737	0
Expenses
Professional fees	29,998	23,244	30,098	32,730
Fund management fee, net (Note C)	40,002	34,635	75,798	82,213
General and administrative expenses	4,403	3,734	9,566	7,335
Operating expenses	74,403	61,613	115,462	122,278
NET INCOME (LOSS)	(53,511)	(60,374)	(93,510)	(120,202)
Net income (loss) allocated to limited assignees	(52,976)	(59,770)	(92,575)	(119,000)
Net income (loss) allocated to general partner	(535)	(604)	(935)	(1,202)
Net income (loss) per BAC	(0.01)	(0.02)	(0.02)	(0.03)
Series Sixteen [Member]
Income
Interest income	186	537	480	1,058
Other income	146	1,326	1,237	2,019
Revenues	332	1,863	1,717	3,077
Share of Income from Operating Partnerships(Note D)	94,453	68,510	94,453	148,294
Expenses
Professional fees	34,028	26,923	34,507	35,935
Fund management fee, net (Note C)	66,668	4,947	133,436	103,242
General and administrative expenses	5,086	4,316	11,032	8,909
Operating expenses	105,782	36,186	178,975	148,086
NET INCOME (LOSS)	(10,997)	34,187	(82,805)	3,285
Net income (loss) allocated to limited assignees	(10,887)	33,845	(81,977)	3,252
Net income (loss) allocated to general partner	(110)	342	(828)	33
Net income (loss) per BAC	0.00	0.01	(0.02)	0.00
Series Seventeen [Member]
Income
Interest income	178	545	437	998
Other income	0	10,059	9,870	13,617
Revenues	178	10,604	10,307	14,615
Share of Income from Operating Partnerships(Note D)	20,937	30,831	20,937	200,146
Expenses
Professional fees	30,705	22,927	32,233	31,016
Fund management fee, net (Note C)	73,907	70,973	127,334	108,803
General and administrative expenses	5,901	3,970	11,420	8,877
Operating expenses	110,513	97,870	170,987	148,696
NET INCOME (LOSS)	(89,398)	(56,435)	(139,743)	66,065
Net income (loss) allocated to limited assignees	(88,504)	(55,871)	(138,346)	65,404
Net income (loss) allocated to general partner	(894)	(564)	(1,397)	661
Net income (loss) per BAC	(0.02)	(0.01)	(0.03)	0.01
Series Eighteen [Member]
Income
Interest income	49	184	103	465
Other income	0	7,934	11,000	9,270
Revenues	49	8,118	11,103	9,735
Share of Income from Operating Partnerships(Note D)	20,937	0	20,937	0
Expenses
Professional fees	22,468	17,444	22,554	23,702
Fund management fee, net (Note C)	61,128	57,780	124,919	119,463
General and administrative expenses	4,122	3,466	9,439	7,389
Operating expenses	87,718	78,690	156,912	150,554
NET INCOME (LOSS)	(66,732)	(70,572)	(124,872)	(140,819)
Net income (loss) allocated to limited assignees	(66,065)	(69,866)	(123,623)	(139,411)
Net income (loss) allocated to general partner	(667)	(706)	(1,249)	(1,408)
Net income (loss) per BAC	(0.02)	(0.02)	(0.03)	(0.04)
Series Nineteen [Member]
Income
Interest income	4,347	5,622	8,959	11,235
Other income	114	49	9,840	49
Revenues	4,461	5,671	18,799	11,284
Share of Income from Operating Partnerships(Note D)	1,157,325	99,450	1,157,325	99,450
Expenses
Professional fees	19,516	14,433	19,612	20,798
Fund management fee, net (Note C)	(56,993)	35,093	(34,931)	68,013
General and administrative expenses	4,318	3,755	13,740	7,967
Operating expenses	(33,159)	53,281	(1,579)	96,778
NET INCOME (LOSS)	1,194,945	51,840	1,177,703	13,956
Net income (loss) allocated to limited assignees	1,182,996	51,322	1,165,926	13,816
Net income (loss) allocated to general partner	$ 11,949	$ 518	$ 11,777	$ 140
Net income (loss) per BAC	0.29	0.01	0.29	0.00

XML 27 R12.htm IDEA: XBRL DOCUMENT

INCOME TAXES	6 Months Ended
INCOME TAXES	Sep. 30, 2012
Income Tax Disclosure [Abstract]
Income Tax Relating To Partnership Disclosure [Text Block]	NOTE F - INCOME TAXES The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure.

XML 28 R11.htm IDEA: XBRL DOCUMENT

TAXABLE LOSS	6 Months Ended
TAXABLE LOSS	Sep. 30, 2012
Taxable Loss [Abstract]
Taxable Loss [Text Block]	NOTE E - TAXABLE LOSS The Fund's taxable loss for the calendar year ended December 31, 2012 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

XML 29 R23.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2012	Sep. 30, 2011	Jun. 30, 2011	Sep. 30, 2012
Income Loss Not Recognized Under Equity Method Accounting	$ 1,837,333		$ 2,379,840
Series Fifteen [Member]
Income Loss Not Recognized Under Equity Method Accounting	329,855		456,432
Series Sixteen [Member]
Write Off Of Capital Contribution Payable		1,784
Income Loss Not Recognized Under Equity Method Accounting	504,928		563,690
Fund Receivable				73,516
Series Seventeen [Member]
Income Loss Not Recognized Under Equity Method Accounting	490,951		367,498
Series Eighteen [Member]
Income Loss Not Recognized Under Equity Method Accounting	380,354		603,252
Series Nineteen [Member]
Income Loss Not Recognized Under Equity Method Accounting	$ 131,245		$ 388,968

XML 30 R19.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details)	Sep. 30, 2012	Sep. 30, 2011
Number Of Operating Partnerships	123	141
Series Fifteen [Member]
Number Of Operating Partnerships	29	34
Series Sixteen [Member]
Number Of Operating Partnerships	36	38
Series Seventeen [Member]
Number Of Operating Partnerships	26	28
Series Eighteen [Member]
Number Of Operating Partnerships	22	24
Series Nineteen [Member]
Number Of Operating Partnerships	10	17

XML 31 R15.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Details Textual) (USD $)	12 Months Ended
ORGANIZATION (Details Textual) (USD $)	Mar. 31, 1994	Sep. 30, 2012	Mar. 31, 2012
Units of limited partnership interest, authorized	20,000,000	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	10	$ 10
Limited Partners Capital Account Additional Units Registered For Sale	2,000,000
Units of limited partnership interest, issued		21,996,102	21,996,102
Units of limited partnership interest, outstanding		21,992,202	21,992,202
Series Fifteen [Member]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		10	$ 10
Units of limited partnership interest, issued		3,870,500	3,870,500
Limited Partners Capital Accounts Units Issued Value		38,705,000
Units of limited partnership interest, outstanding		3,869,900	3,869,900
Series Sixteen [Member]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		10	$ 10
Units of limited partnership interest, issued		5,429,402	5,429,402
Limited Partners Capital Accounts Units Issued Value		54,293,000
Units of limited partnership interest, outstanding		5,427,102	5,427,102
Series Seventeen [Member]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		10	$ 10
Units of limited partnership interest, issued		5,000,000	5,000,000
Limited Partners Capital Accounts Units Issued Value		50,000,000
Units of limited partnership interest, outstanding		4,999,000	4,999,000
Series Eighteen [Member]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		10	$ 10
Units of limited partnership interest, issued		3,616,200	3,616,200
Limited Partners Capital Accounts Units Issued Value		36,162,000
Units of limited partnership interest, outstanding		3,616,200	3,616,200
Series Nineteen [Member]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		10	$ 10
Units of limited partnership interest, issued		4,080,000	4,080,000
Limited Partners Capital Accounts Units Issued Value		40,800,000
Units of limited partnership interest, outstanding		4,080,000	4,080,000

- Definition

The number of limited partner units authorized to be issued.

+ References+ Details

- Definition

The number of limited partner units issued.

+ References+ Details

- Definition

The number of limited partner units outstanding.

+ References+ Details

- Definition

The amount of the distribution per unit of limited partner interest.

+ References+ Details

XML 32 R13.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Sep. 30, 2012

Schedule Of Gross Management Fee [Table Text Block]

The fund management fees accrued for the three months ended September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ 44,015	$ 52,941
Series 16	76,404	82,821
Series 17	75,411	78,409
Series 18	63,491	66,782
Series 19	30,205	38,250
	$289,526	$319,203

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the three months ended September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ 25,000	$ 125,000
Series 16	157,500	130,000
Series 17	127,500	245,000
Series 18	-	-
Series 19	30,205	38,250
	$ 340,205	$ 538,250

The fund management fees paid for the six months ended September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ 25,000	$ 125,000
Series 16	157,500	130,000
Series 17	127,500	245,000
Series 18	-	-
Series 19	68,116	76,500
	$ 378,116	$ 576,500

XML 33 R14.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

6 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

The breakdown of Operating Partnerships within the Fund at September 30, 2012 and 2011 is as follows:

	2012	2011
Series 15	29	34
Series 16	36	38
Series 17	26	28
Series 18	22	24
Series 19	10	17
	123	141

Schedule Of Contributions Payable [Table Text Block]

The contributions payable at September 30, 2012 and 2011 are as follows:

	2012	2011
Series 15	$ -	$ -
Series 16	50,008	50,008
Series 17	22,798	22,798
Series 18	18,554	18,554
Series 19	-	-
	$ 91,360	$ 91,360

Schedule Of Dispositions By Series [Table Text Block]

During the six months ended September 30, 2012 the Fund disposed of eleven Operating Partnership. A summary of the dispositions by Series for September 30, 2012 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain/(Loss) on Disposition

Series 15	1	-	$	20,737	$	20,737
Series 16	2	-		94,453		94,453
Series 17	1	-		20,937		20,937
Series 18	1	-		20,937		20,937
Series 19	6	-		1,157,325		1,157,325

Total	11	-	$	1,314,389	$	1,314,389

* Fund proceeds from disposition include $73,516 recorded as a receivable as of September 30, 2012, for Series 16.

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain/(Loss) on Disposition

Series 15	1	1	$	-	$	-
Series 16	5	-		146,510		148,294
Series 17	3	1		200,146		200,146
Series 18	-	-		-		-
Series 19	-	-		99,450		99,450

Total	9	2	$	446,106	$	447,890

* Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $1,784 for Series 16.

Schedule Of Condensed Income Statement [Table Text Block]

. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2012.

	2012	2011

Revenues
Rental	$ 14,354,270	$ 16,649,037
Interest and other	396,287	602,931

	14,750,557	17,251,968

Expenses
Interest	2,449,163	2,875,224
Depreciation and amortization	3,724,545	4,572,524
Operating expenses	10,432,742	12,208,099
	16,606,450	19,655,847

NET LOSS	$(1,855,893)	$(2,403,879)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$(1,837,333)	$(2,379,840)


Net loss allocated to other Partners	$ (18,560)	$ (24,039)

* Amounts include $1,837,333 and $2,379,840 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Series 15

	2012	2011

Revenues
Rental	$ 2,644,505	$ 3,064,681
Interest and other	80,424	61,369

	2,724,929	3,126,050

Expenses
Interest	425,248	481,181
Depreciation and amortization	703,464	823,651
Operating expenses	1,929,404	2,282,260
	3,058,116	3,587,092

NET LOSS	$ (333,187)	$ (461,042)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (329,855)	$ (456,432)


Net loss allocated to other Partners	$ (3,332)	$ (4,610)

* Amounts include $329,855 and $456,432 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Series 16

	2012	2011

Revenues
Rental	$ 3,566,981	$ 4,657,370
Interest and other	65,424	192,619

	3,632,405	4,849,989

Expenses
Interest	629,677	793,226
Depreciation and amortization	916,417	1,301,137
Operating expenses	2,596,339	3,325,010
	4,142,433	5,419,373

NET LOSS	$ (510,028)	$ (569,384)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (504,928)	$ (563,690)


Net loss allocated to other Partners	$ (5,100)	$ (5,694)

* Amounts include $504,928 and $563,690 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Series 17

	2012	2011

Revenues
Rental	$ 4,074,193	$ 4,378,511
Interest and other	102,196	113,773

	4,176,389	4,492,284

Expenses
Interest	630,863	719,849
Depreciation and amortization	1,038,799	1,053,910
Operating expenses	3,002,638	3,089,736
	4,672,300	4,863,495

NET LOSS	$ (495,911)	$ (371,211)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (490,951)	$ (367,498)


Net loss allocated to other Partners	$ (4,960)	$ (3,713)

* Amounts include $490,951 and $367,498 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Series 18

	2012	2011

Revenues
Rental	$ 2,960,275	$ 2,966,360
Interest and other	92,336	176,451

	3,052,611	3,142,811

Expenses
Interest	543,280	526,548
Depreciation and amortization	770,108	941,997
Operating expenses	2,123,419	2,283,611
	3,436,807	3,752,156

NET LOSS	$ (384,196)	$ (609,345)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (380,354)	$ (603,252)


Net loss allocated to other Partners	$ (3,842)	$ (6,093)

* Amounts include $380,354 and $603,252 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

Series 19

	2012	2011

Revenues
Rental	$ 1,108,316	$ 1,582,115
Interest and other	55,907	58,719

	1,164,223	1,640,834

Expenses
Interest	220,095	354,420
Depreciation and amortization	295,757	451,829
Operating expenses	780,942	1,227,482
	1,296,794	2,033,731

NET LOSS	$ (132,571)	$ (392,897)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (131,245)	$ (388,968)


Net loss allocated to other Partners	$ (1,326)	$ (3,929)

* Amounts include $131,245 and $388,968 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

XML 34 R16.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Accrued management fees	$ 289,526	$ 319,203
Series Fifteen [Member]
Accrued management fees	44,015	52,941
Series Sixteen [Member]
Accrued management fees	76,404	82,821
Series Seventeen [Member]
Accrued management fees	75,411	78,409
Series Eighteen [Member]
Accrued management fees	63,491	66,782
Series Nineteen [Member]
Accrued management fees	$ 30,205	$ 38,250

XML 35 R21.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2) (USD $)

3 Months Ended

6 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition

$ 1,314,389

^[1]

$ 446,106

^[2]

Gain/(Loss) on Disposition

1,314,389

198,791

1,314,389

447,890

Series Fifteen [Member]

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition

20,737

^[1]

^[2]

Gain/(Loss) on Disposition

20,737

Series Sixteen [Member]

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition

94,453

^[1]

146,510

^[2]

Gain/(Loss) on Disposition

94,453

68,510

94,453

148,294

Series Seventeen [Member]

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition

20,937

^[1]

200,146

^[2]

Gain/(Loss) on Disposition

20,937

30,831

20,937

200,146

Series Eighteen [Member]

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition

20,937

^[1]

^[2]

Gain/(Loss) on Disposition

20,937

Series Nineteen [Member]

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition

1,157,325

^[1]

99,450

^[2]

Gain/(Loss) on Disposition

$ 1,157,325

$ 99,450

$ 1,157,325

$ 99,450

[1]	Fund proceeds from disposition include $73,516 recorded as a receivable as of September 30, 2012, for Series 16.
[2]	Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $1,784 for Series 16.

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.12)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 9

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 11

-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33749-111570

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 6

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 19

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The cash inflow associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.

+ References+ Details

XML 36 R5.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (USD $)	Assignees [Member]	General Partner [Member]	Total	Series Fifteen [Member] Assignees [Member]	Series Fifteen [Member] General Partner [Member]	Series Fifteen [Member]	Series Sixteen [Member] Assignees [Member]	Series Sixteen [Member] General Partner [Member]	Series Sixteen [Member]	Series Seventeen [Member] Assignees [Member]	Series Seventeen [Member] General Partner [Member]	Series Seventeen [Member]	Series Eighteen [Member] Assignees [Member]	Series Eighteen [Member] General Partner [Member]	Series Eighteen [Member]	Series Nineteen [Member] Assignees [Member]	Series Nineteen [Member] General Partner [Member]	Series Nineteen [Member]
Partners' capital (deficit) at Mar. 31, 2012	$ (17,526,537)	$ (2,051,054)	$ (19,577,591)	$ (3,249,896)	$ (358,271)	$ (3,608,167)	$ (7,666,956)	$ (548,766)	$ (8,215,722)	$ (6,207,797)	$ (487,733)	$ (6,695,530)	$ (4,511,110)	$ (358,928)	$ (4,870,038)	$ 4,109,222	$ (297,356)	$ 3,811,866
Net Income (Loss)	729,405	7,368	736,773	(92,575)	(935)	(93,510)	(81,977)	(828)	(82,805)	(138,346)	(1,397)	(139,743)	(123,623)	(1,249)	(124,872)	1,165,926	11,777	1,177,703
Partners' capital (deficit) at Sep. 30, 2012	(16,797,132)	(2,043,686)	(18,840,818)	(3,342,471)	(359,206)	(3,701,677)	(7,748,933)	(549,594)	(8,298,527)	(6,346,143)	(489,130)	(6,835,273)	(4,634,733)	(360,177)	(4,994,910)	5,275,148	(285,579)	4,989,569
Partners' capital (deficit) at Jun. 30, 2012
Net Income (Loss)			974,307			(53,511)			(10,997)			(89,398)			(66,732)			1,194,945
Partners' capital (deficit) at Sep. 30, 2012			$ (18,840,818)			$ (3,701,677)			$ (8,298,527)			$ (6,835,273)			$ (4,994,910)			$ 4,989,569

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The amount of ownership interest of different classes of partners in limited partnership.

+ References+ Details

XML 37 R10.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS

6 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

	2012	2011
Series 15	29	34
Series 16	36	38
Series 17	26	28
Series 18	22	24
Series 19	10	17
	123	141

	2012	2011
Series 15	$ -	$ -
Series 16	50,008	50,008
Series 17	22,798	22,798
Series 18	18,554	18,554
Series 19	-	-
	$ 91,360	$ 91,360

During the six months ended September 30, 2012 the Fund disposed of eleven Operating Partnership. A summary of the dispositions by Series for September 30, 2012 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain/(Loss) on Disposition

Series 15	1	-	$	20,737	$	20,737
Series 16	2	-		94,453		94,453
Series 17	1	-		20,937		20,937
Series 18	1	-		20,937		20,937
Series 19	6	-		1,157,325		1,157,325

Total	11	-	$	1,314,389	$	1,314,389

* Fund proceeds from disposition include $73,516 recorded as a receivable as of September 30, 2012, for Series 16.

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain/(Loss) on Disposition

Series 15	1	1	$	-	$	-
Series 16	5	-		146,510		148,294
Series 17	3	1		200,146		200,146
Series 18	-	-		-		-
Series 19	-	-		99,450		99,450

Total	9	2	$	446,106	$	447,890

* Fund proceeds from disposition does not include the following amount which was due to a write-off of capital contributions payable of $1,784 for Series 16.

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the condensed financial statements.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

	2012	2011

Revenues
Rental	$ 14,354,270	$ 16,649,037
Interest and other	396,287	602,931

	14,750,557	17,251,968

Expenses
Interest	2,449,163	2,875,224
Depreciation and amortization	3,724,545	4,572,524
Operating expenses	10,432,742	12,208,099
	16,606,450	19,655,847

NET LOSS	$(1,855,893)	$(2,403,879)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$(1,837,333)	$(2,379,840)


Net loss allocated to other Partners	$ (18,560)	$ (24,039)

* Amounts include $1,837,333 and $2,379,840 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 15

	2012	2011

Revenues
Rental	$ 2,644,505	$ 3,064,681
Interest and other	80,424	61,369

	2,724,929	3,126,050

Expenses
Interest	425,248	481,181
Depreciation and amortization	703,464	823,651
Operating expenses	1,929,404	2,282,260
	3,058,116	3,587,092

NET LOSS	$ (333,187)	$ (461,042)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (329,855)	$ (456,432)


Net loss allocated to other Partners	$ (3,332)	$ (4,610)

* Amounts include $329,855 and $456,432 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 16

	2012	2011

Revenues
Rental	$ 3,566,981	$ 4,657,370
Interest and other	65,424	192,619

	3,632,405	4,849,989

Expenses
Interest	629,677	793,226
Depreciation and amortization	916,417	1,301,137
Operating expenses	2,596,339	3,325,010
	4,142,433	5,419,373

NET LOSS	$ (510,028)	$ (569,384)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (504,928)	$ (563,690)


Net loss allocated to other Partners	$ (5,100)	$ (5,694)

* Amounts include $504,928 and $563,690 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 17

	2012	2011

Revenues
Rental	$ 4,074,193	$ 4,378,511
Interest and other	102,196	113,773

	4,176,389	4,492,284

Expenses
Interest	630,863	719,849
Depreciation and amortization	1,038,799	1,053,910
Operating expenses	3,002,638	3,089,736
	4,672,300	4,863,495

NET LOSS	$ (495,911)	$ (371,211)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (490,951)	$ (367,498)


Net loss allocated to other Partners	$ (4,960)	$ (3,713)

* Amounts include $490,951 and $367,498 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 18

	2012	2011

Revenues
Rental	$ 2,960,275	$ 2,966,360
Interest and other	92,336	176,451

	3,052,611	3,142,811

Expenses
Interest	543,280	526,548
Depreciation and amortization	770,108	941,997
Operating expenses	2,123,419	2,283,611
	3,436,807	3,752,156

NET LOSS	$ (384,196)	$ (609,345)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (380,354)	$ (603,252)


Net loss allocated to other Partners	$ (3,842)	$ (6,093)

* Amounts include $380,354 and $603,252 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 19

	2012	2011

Revenues
Rental	$ 1,108,316	$ 1,582,115
Interest and other	55,907	58,719

	1,164,223	1,640,834

Expenses
Interest	220,095	354,420
Depreciation and amortization	295,757	451,829
Operating expenses	780,942	1,227,482
	1,296,794	2,033,731

NET LOSS	$ (132,571)	$ (392,897)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (131,245)	$ (388,968)


Net loss allocated to other Partners	$ (1,326)	$ (3,929)

* Amounts include $131,245 and $388,968 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References+ Details

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INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) (USD $)	Sep. 30, 2012	Mar. 31, 2012	Sep. 30, 2011
Capital contributions payable	$ 91,360	$ 91,360	$ 91,360
Series Fifteen [Member]
Capital contributions payable	0	0	0
Series Sixteen [Member]
Capital contributions payable	50,008	50,008	50,008
Series Seventeen [Member]
Capital contributions payable	22,798	22,798	22,798
Series Eighteen [Member]
Capital contributions payable	18,554	18,554	18,554
Series Nineteen [Member]
Capital contributions payable	$ 0	$ 0	$ 0