INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

3 Months Ended

Jun. 30, 2011

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2011 and 2010, the Fund had limited partnership interests in 145 and 166 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2011 and 2010 is as follows:

	2011	2010
Series 15	35	40
Series 16	41	45
Series 17	28	38
Series 18	24	25
Series 19	17	18
	145	166

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 June 30, 2011 and 2010 are as follows:

	2011	2010
Series 15	$      -	$      -
Series 16	50,008	51,792
Series 17	22,798	22,798
Series 18	18,554	18,554
Series 19	-	-
	$ 91,360	$ 93,144

During the three months ended June 30, 2011 the Fund disposed of seven Operating Partnerships. A summary of the dispositions by Series for June 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	-	$	-	$	-
Series 16	2	-		78,000		79,784
Series 17	3	1		169,315		169,315
Series 18	-	-		-		-
Series 19	-	-		-		-
Total	6	1	$	247,315	$	249,099

* 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.

During the three months ended June 30, 2010 the Fund disposed of four Operating Partnerships. A summary of the dispositions by Series for June 30, 2010 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain/(Loss) on Disposition
Series 15	-	-	$	-	$	-
Series 16	-	1		132,105		132,105
Series 17	-	1		17,577		105,177
Series 18	1	-		-		-
Series 19	-	1		1,514,380		1,514,380
Total	1	3	$	1,664,062	$	1,751,662

* Fund proceeds from disposition does not include the following amounts recorded as receivable at June 30, 2010, $87,600 for Series 17.

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 three months ended March 31, 2011.

	2011	2010
Revenues
Rental	$  8,689,216	$ 10,191,808
Interest and other	327,475	354,773
	9,016,691	10,546,581
Expenses
Interest	1,545,822	1,842,594
Depreciation and amortization	2,304,752	2,745,179
Operating expenses	6,430,002	7,441,126
	10,280,576	12,028,899
NET LOSS	$(1,263,885)	$(1,482,318)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$(1,251,245)	$(1,467,494)
Net loss allocated to other     Partners	$   (12,640)	$   (14,824)

* Amounts include $1,251,245 and $1,467,494 for 2011 and 2010, 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.

Series 15

	2011	2010
Revenues
Rental	$  1,526,529	$  1,808,916
Interest and other	28,480	47,442
	1,555,009	1,856,358
Expenses
Interest	237,771	324,783
Depreciation and amortization	399,644	468,502
Operating expenses	1,148,263	1,310,886
	1,785,678	2,104,171
NET LOSS	$  (230,669)	$  (247,813)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (228,362)	$  (245,335)
Net loss allocated to other     Partners	$    (2,307)	$    (2,478)

* Amounts include $228,362 and $245,335 for 2011 and 2010, 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.

Series 16

	2011	2010
Revenues
Rental	$  2,725,896	$  2,841,598
Interest and other	133,776	68,643
	2,859,672	2,910,241
Expenses
Interest	500,943	475,363
Depreciation and amortization	744,449	739,813
Operating expenses	1,907,689	2,004,540
	3,153,081	3,219,716
NET LOSS	$  (293,409)	$ (309,475)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (290,475)	$ (306,380)
Net loss allocated to other     Partners	$    (2,934)	$    (3,095)

* Amounts include $290,475 and $306,380 for 2011 and 2010, 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.

Series 17

	2011	2010
Revenues
Rental	$  2,150,766	$  2,864,022
Interest and other	64,445	85,696
	2,215,211	2,949,718
Expenses
Interest	346,629	536,466
Depreciation and amortization	529,546	746,745
Operating expenses	1,591,050	2,178,047
	2,467,225	3,461,258
NET LOSS	$ (252,014)	$ (511,540)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$ (249,493)	$ (506,424)
Net loss allocated to other     Partners	$    (2,521)	$    (5,116)

* Amounts include $249,493 and $506,424 for 2011 and 2010, 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.

Series 18

	2011	2010
Revenues
Rental	$   1,466,749	$   1,475,782
Interest and other	74,028	93,999
	1,540,777	1,569,781
Expenses
Interest	269,490	251,624
Depreciation and amortization	403,306	443,770
Operating expenses	1,134,552	1,181,159
	1,807,348	1,876,553
NET LOSS	$   (266,571)	$  (306,772)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (263,905)	$  (303,704)
Net loss allocated to other     Partners	$     (2,666)	$     (3,068)

* Amounts include $263,905 and $303,704 for 2011 and 2010, 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.

Series 19

	2011	2010
Revenues
Rental	$    819,276	$   1,201,490
Interest and other	26,746	58,993
	846,022	1,260,483
Expenses
Interest	190,989	254,358
Depreciation and amortization	227,807	346,349
Operating expenses	648,448	766,494
	1,067,244	1,367,201
NET LOSS	$   (221,222)	$   (106,718)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (219,010)	$   (105,651)
Net loss allocated to other     Partners	$     (2,212)	$     (1,067)

* Amounts include $219,010 and $105,651 for 2011 and 2010, 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.